LAGUNA HILLS, CA and SHANGHAI - November, 24th, 2020 - Wallaby Medical, a medical device company dedicated to treating stroke, announced it has recently closed Series C funding round. This round was led by GL Ventures, venture capital arm of Hillhouse Capital with participation by Sinovation Ventures.
The company plans to use the funds to support further development of its product portfolio as well as commercialization in its key market, China.
"The speed and caliber of our Series C investors speaks to the China stroke opportunity, the success we have had to date, as well as our vision and strategy to win," said Michael Alper, CEO and founder, Wallaby Medical. "We are excited to have Hillhouse and Sinovation on board and we are confident their support will help ensure the realization of our vision: To become the medical technology company which saves the most lives affected by stroke."
About Wallaby Medical
Wallaby Medical focuses on developing and commercializing medical device products for treating stroke. Wallaby's first product, the Wallaby Avenir® Coil System is a technically differentiated neuro embolic coil system for treating intracranial aneurysms and other neurovascular abnormalities. Avenir® is now FDA 510K cleared, CE marked, and Japan PMDA approved and is commercialized in over 15 countries.
About GL Ventures
GL Ventures focuses on early-stage innovative companies in healthcare, software services, consumer Internet, emerging consumer brands and services. The GL Ventures team is passionate about partnering with visionary entrepreneurs to create industry leaders that stand the test of time. GL Ventures is the early-stage affiliate of Hillhouse Capital, and we have been investing with innovators across the world since 2005. We were one of the earliest investors into some of the largest global companies today, including BeiGene, Zoom, Meituan, JD, Woowa Brothers and many more.
About Sinovation Ventures
Sinovation Ventures is a leading Chinese technology venture capital with presence in Beijing, Shanghai, Nanjing, Guangzhou and Shenzhen. Sinovation Ventures currently manages over 350 portfolio companies across artificial intelligence, automation & robotics, education, healthcare, enterprise and consumer Internet spectrum in China.