Wallaby Medical, a medical device company focused on stroke treatment, has announced the closing of a US$45 million Series C funding.
This round of funding was led by GL Ventures, the venture capital arm of Hillhouse Capital with participation from Sinovation Ventures.
According to their press release, Wallaby Medical intends to use this funding to further develop their product portfolio, as well as commercialization in China, which they see as a key market.
Wallaby Medical’s first product, the Avenir Coil System, has clearance from the US Food and Drug Administration (FDA), a CE Mark, and Japan PMDA approved, as well as being commercialised in over 15 countries, according to the company. The Avenir Coil System is a technically differentiated neuro embolic coil system for the treatment intracranial aneurysms and other neurovascular abnormalities.