March 22, 2019
Shanghai Smartee Denti-Technology Co., Ltd. completed Series C funding of hundreds of millions of yuan against the capital winter in March 2019. Co-led by Zhongjin Qichen Industry Equity Investment Fund and Neovision Capital, invested continuously by bioVENTURE which led Series B funding and co-invested by Co-Stone Venture Capital, Qianhai FOF and other well-known organizations, Series C funding was another milestone event of Smartee following Series B funding in 2017.
Introduction to the funds
CICC Capital - Zhongjin Qichen Industry Equity Investment Fund is managed by CICC Capital. It focuses on investment in expansion-stage companies of the medical technology field, and is committed to finding relatively certain investment opportunities in high-growth industries. As one of the most leading management platforms for private equity fund, CICC Capital is the only private investment fund platform under China International Capital Corporation Limited managing overall assets of approximately RMB 300 billion with an investment management team of more than 200 professionals. China International Capital Corporation Limited is the first Sino-foreign joint stock bank in China, with Central Huijin Investment Ltd., GIC and TPG, etc. as its shareholders.
Neovision Capital - Focus on minority equity investment in growth enterprises, and primarily invest in healthcare and high technology. The team of Neovision Capital helps excellent companies build a growing resource ecology through an international investment perspective and investment management model.
Co-Stone Venture Capital - As one of the pioneering venture capital institutions in China, it currently manages more than 60 investment funds including the types of VC, PE, private placements and mergers and acquisitions, and assets of more than RMB 50 billion, ranking among the top in China. Upholding the concept of “concentrated investment and key services”, Co-Stone Venture Capital has cultivated and created a group of industry leaders in the fields of advanced manufacturing, TMT, healthcare, consumption and services, and leads in the subdivided industries.
Qianhai FOF - As the largest commercialized Fund of Fund (FOF) in China currently, Qianhai FOF was established at the end of 2015 with a size of fund raising of RMB 28.5 billion. With the government, banks and insurance companies, listed companies and large private enterprises, etc. as its investors, it adopts the model of combining capital investment and direct investment. Its current investment cooperation covers mainstream fund managers in the market, and it primarily invests in information technology, the Internet and life sciences.
bioVENTURE - As an investor in startups and expansion-stage companies in the heathcare field, bioVENTURE currently manages funds of about RMB 3 billion, and has invested in more than 60 high-quality projects, which mainly involve the fields of new drug innovation and development, medical devices, in vitro diagnostics and medical service, with attractive return on investment. bioVENTURE has been repeatedly rated as Top 10 VC Investors in the Healthcare Sector, and China's most active investor in the healthcare sector. It brings together a team of senior investment professionals and the world’s best science advisors, and has rich experience in entrepreneurship, risk investment and corporate operations in biomedicine and other industries. With dedicated and rich industry resources, bioVENTURE aspires to developing into one of the most successful VC investors in medical and pharmacy in China.
Series C funding of Smartee is mainly used to expand its automated production line and upgrade the "Smartee" brand logo. Taking talents and technological innovation as its cornerstone, it will spare no effort to usher in a new era of digital orthodontics and continue to lead the invisible orthodontics market of China.
Message from investors
Zhongjin Qichen Industry Equity Investment Fund is managed by CICC Capital. It primarily makes direct investment in medical, technology and consumer sectors. Ms. Xu Yi, managing director of CICC Capital and general manager of Zhongjin Qichen Industry Equity Investment Fund, said bluntly: "Invisible orthodontics is a fast-growing racetrack with dual attributes of medical treatment and consumption but low penetration rate. Smartee has worked in the healthcare field for many years, and has its own unique advantages. I believe that, with the help of capitals, Smartee can seize opportunities in rapid development of invisible orthodontics, and achieve breakthrough growth. "
Neovision Capital is an equity investor in growing companies, and primarily invests in the healthcare and technology fields. Mr. Qin Yangwen, managing partner of Neovision Capital, said: "Invisible orthodontics is in line with the future development of Smartee, and features technology drive, vast room for growth and good competitive structure. We are highly optimistic about this field. Smartee team is full of life, formulates a clear competitive strategy and shapes a healthy management structure, I believe that Smartee will stand out in the future competition and become an industry leader. "
Co-Stone Venture Capital is one of the earliest VC investors in startups in China. It currently manages more than 60 investment funds and assets of more than RMB 50 billion. Ms. Huang Yiling, executive director of Co-Stone Venture Capital, said, "Invisible orthodontics is dental product and service with health benefits, and has great investment potential. As a leader among domestic brands, Smartee is rapidly growing into a strong competitor in the international market. We are very happy to join hands with Smartee to create a brighter future. "
As the largest commercialized FOF in China currently, Qianhai FOF adopts the model of combining capital investment and direct investment, with its current investment cooperation covering mainstream fund managers in the market. It is optimistic about the potential for the invisible orthodontics industry. As a new means of treatment, invisible orthodontics has replaced some of traditional ones. The Chinese invisible orthodontics market is seeing explosive growth. As a domestic leader, Smartee is sure to usher in rapid development with its own efforts and capital support.
bioVENTURE, which leads Series B funding of Smartee, concentrates on the field of life sciences. It has been repeatedly rated as Top 10 VC Investors in the healthcare sector of China, and continues to invest in Smartee in this round. Mr. Chen Jie, founding partner of bioVENTURE, affirmed Smartee' s performance in recent years: "The invisible orthodontics industry is booming in China. Smartee, as an industry leader, continues to make breakthroughs and technological innovations, and has delivered outstanding performance. I believe it will develop better and faster after this round of funding. "
Looking back over the past and looking into the future, the orthodontics market in China develops rapidly each year. Earnestly and assiduously seeking technological innovation and shaping their management culture, Smartee people bravely undertake their mission and responsibility conferred by the capital wave. As the market size continuously expands and the importance of social responsibilities increases, I believe that Smartee will usher in new round of transformation and development, and lead China's orthodontics industry to step forward.
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