On May 23, 2021 Genesis MedTech Group ("Genesis"), a leading medical device company, reported it has completed its Series B round, raising significant growth financing (Press release, Genesis Pharma, MAY 23, 2021, View Source [SID1234580469]). General Atlantic, a leading global growth equity firm, led the funding with participation from CITIC Capital and others. The majority of shareholders from Series A followed up with additional investments. Lefei Sun, Managing Director and Head of Healthcare for China at General Atlantic, will join the Genesis Board of Directors.
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The funds will be used to drive the research and development of new products and the commercialization of existing products, as well as enable business expansion in emerging markets around the world. This acceleration in Genesis’ model is expected to enable patients and healthcare practitioners in emerging markets to access innovative medtech products that can address unmet needs faced day-to-day-Genesis’ mission since its inception in 2019.
Meeting Needs Where They Are
Genesis’ purpose was born to solve a growing healthcare issue within emerging markets, where increased health problems and demand for medtech solutions are not proportionally addressed by accessible products currently on the market. Despite rapid developments in medtech innovation globally, many of these products remain out of reach for patients and practitioners in these markets.
Genesis seeks to address this issue and has received significant support from innovators worldwide. Its vertically integrated business model, complete with a wide hospital and clinic network, allows for a deep understanding of patients’ and practitioners’ needs on the ground. Armed with this knowledge, Genesis collaborates with innovators worldwide through an open medtech platform that accelerates meaningful innovations that are cost-effective to meet healthcare needs in these markets.
Warren Wang, Chairman and CEO of Genesis Medtech Group, outlined the importance of collaboration with leading global partners and putting market needs first and foremost: "Our open platform is quintessential in enabling us to bring the world’s leading products and technologies to doctors and patients. We will also invest in adding premier talent, consolidating our R&D capabilities, incubating new technologies, and continuing to pursue solutions that answer the real needs of patients and healthcare practitioners – delivering impact where it is needed most."
Lefei Sun, Managing Director and Head of Healthcare for China at General Atlantic, added, "We are excited to help propel the work that Genesis is doing to advance access to healthcare and innovative medical solutions in emerging markets. We believe Genesis’ capability set is highly differentiated through the combination of its technology, product and team, with a comprehensive portfolio underpinned by a scalable and integrated platform. This latest round of funding will enable Genesis to continue to tackle disparities in medtech accessibility across global markets. We look forward to partnering with Genesis in this next chapter of its growth."
To date, Genesis’ product portfolio includes surgical, neurovascular, peripheral vascular and cardiovascular products. Genesis collaborated with medtech leaders in bringing multiple innovations into China as part of its commitment to making quality healthcare more affordable and accessible for emerging markets.