VC investment in medtech fell across 2022, and the downward trend in deal value continued in the first quarter of 2023. The second quarter brought potential signs that a recovery is starting. Deal value ticked up from $2.5 billion to $2.8 billion between the first and second quarters, and the number of deals rose from 183 to 189.
In March 2023, Cygnus received another round of Series C+ financing of hundreds of millions of RMB, led by Source Capital, and followed by Jianxin Equity, Yizhuang State Investment, Fangzhenghesheng, and Hetang Venture Capital.
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