MID Labs Ltd., a San Leandro, CA-based medical device company, closed a $51m financing.
The round was led by OrbiMed and Frontline BioVentures with participation from Softbank China Venture Capital (SBCVC), Allen Chao, and Sungent BioVenture.
The company intends to use the funds to expand its development and production capacity both in the US and China.
Founded by Dr. Carl Wang in 1981 and led by Dr. Kai Chen, Chief Executive Officer, MID Labs focuses on developing novel products for vitreoretinal surgery which are supplied to more than 30 countries around the world.
The company also serves its corporate customers with products and contract manufacturing services.