Pinnacles

Focusing on wisdom and testing new tracks, Pinnacles Medical completed 300 million yuan in Series A financing

In October 2021, the company announced the completion of 300 million yuan in Series A financing. This round of financing was led by Lilly Asia Ventures (LAV). Important new investors included Qingsong Capital and Vertex Investment. The original shareholders Dongfang Fuhai and ZhenFund continued to increase their investment. Shengshan Capital and Chende Capital also participated in the investment.

 

Pinnacles Medical, as an innovative enterprise of smart testing and in vitro diagnostics in China, has been favored and recognized by well-known investment institutions at home and abroad for its forward-looking strategic layout, multi-center open R&D model and efficient operation capabilities. This round of financing will be used to help new product development and promote the national commercialization strategy.

 

 

Founded in 2020, Pinnacles Medical is committed to creating a new generation of leading in vitro diagnostic companies for smart testing. Its positioning is to start from clinical needs, integrate traditional diagnosis and cross-border technology, and provide an overall solution for future diagnosis.

 

Pinnacles innovation is an open research and development model. Independent research and development is the source of Pinnacles medical vitality, and external cooperation promotes the upgrading of products and capabilities. Use the Build-Buy-Collaborate model to quickly establish an in vitro diagnostic platform company. Pinnacles Medical stated that it will continue to focus on building an efficient smart laboratory and provide core products for a broader smart testing ecosystem.

 

Mr. Ding Wei, the founder of the company, said: We are very honored to have received investment from well-known domestic and foreign investment institutions Lilly Asia Fund (LAV), Qingsong Capital, Vertex Investment, Shengshan Assets, and Chende Capital, and we are very grateful to the company's original investor Dongfang Fuhai and ZhenFund continue to increase their holdings. This is a high recognition by investors of Pinnacles Medical's management team, execution ability and innovative strategy.

 

China's in vitro diagnostic industry is changing with each passing day, and local innovative platform companies will enter a golden period of development. Pinnacles Medical is also born in response to the situation and follows the trend. Through this round of financing, the company will accelerate the development of new products and the expansion of market channels. Our goal is to transform future advanced technologies into today's diagnostic solutions. Smart healthcare is the goal, and future technology is the tool.

 

Gao Yun, vice president of Lilly Asia Fund, said: The inspection industry is undergoing a process of upgrading from traditional to integrated, high-throughput, intelligent and automated. This process of structural adjustment will give birth to huge market opportunities and is expected to give birth to new platform companies.

 

In the past year, under the leadership of the founder, Mr. Ding Wei, Pinnacles Medical has achieved many milestones since its establishment, and established the core advantage of combining independent research and development with resource integration. The team's fast execution and rich resource network are impressive. We are very pleased to reach a cooperation with the company to jointly help the promotion and development of Wisdom Test in China.

 

Dr. Zhang Song, founder of Qingsong Capital, said: We are very pleased to participate in the A round of financing of Pinnacles Medical. China's in vitro diagnostic industry is a field with great potential. Based on clinical needs, Pinnacles Medical has made great strides on the road of enterprise development with its professional technical team and superior execution capabilities.

 

We expect that with the support of this round of financing, the company can continue to strengthen the company's forward-looking industrial layout, quickly introduce intelligent overall solutions to the market, and become a leading enterprise in the diagnosis platform of intelligent inspection in China and even in the world.

 

Dongfang Fuhai said: IVD is a relatively large segment of the medical device industry, but it still maintains a good industry growth rate. New treatment options such as disease prevention, tumor classification, personalized treatment, and dynamic monitoring all urgently require the application of new diagnostic technologies, and the incremental market for IVD is huge.

 

In addition, China's IVD market will usher in a new development trend. In order to meet the shortage of high-quality laboratory and pathology personnel in primary medical care, the miniature automatic laboratory, the application of artificial intelligence interpretation, and the new high-sensitivity molecular diagnosis wait.

 

Pinnacles Medical, founded by Mr. Ding and a number of senior executives from multinational IVD companies, has an international vision, grasps domestic and international IVD development trends, gathers domestic and foreign R&D personnel, and launches system solutions with strong clinical systems. It is expected that Pinnacles Medical can make its own contribution to the development of China's IVD industry and the accessibility of high-quality medical diagnosis in China.

 

 

Liu Tianran, partner of Vertex Investment, said: In the field of diagnostics, China is facing global competition. Vertex Investment has always adhered to the investment philosophy of "global vision, Chinese perspective", and strives to find truly internationally competitive technologies and teams in China. We are very optimistic about Pinnacles Medical's innovative spirit and forward-looking strategic layout. We are honored to be a partner with Pinnacles Medical. We look forward to the company's ability to promote the vigorous and orderly development of China's diagnostic industry, help realize the good wishes of a healthy China, and run faster.

 

ZhenFund said: We highly recognize Mr. Ding Wei and his team's experience, vision and execution ability. ZhenFund is honored to lead the angel round of Pinnacles and has witnessed the company's rapid development and gratifying achievements in just a few months . We are also grateful for the recognition of this round of investors. I wish Pinnacles to bring high-quality diagnostic solutions to patients and medical institutions as soon as possible.