(Yicai Global) Oct. 19 -- MagAssist, a Chinese startup that specializes in artificial heart research and development, said it has secured CNY500 million (USD78 million) in a Series C financing round.

Investors including Sequoia China and CDH VGC took part in the fundraiser, the Suzhou-based firm announced yesterday. The proceeds will be mainly used for R&D, clinical trials, and industrialization of existing and future product lines, magAssist said.

This is the second fundraiser the firm has completed this year, having earlier wrapped up a Series B that raised CNY100 million.

Founded in 2017, magAssist develops first-aid equipment for patients with acute attacks of chronic heart failure. The devices can help patients’ blood circulation and flow, and maintain the normal function of the body’s organs when drug treatments fail.

The global market for heart treatment devices is expected to reach USD14 billion by 2025, according to market data research firm ReportLinker. No products have entered the Chinese market yet, giving magAssist a big opportunity to develop domestically.

MagAssist has unveiled four emergency and rescue equipment products for patients with heart failure, of which the extracorporeal artificial heart has gone into clinical trials.

Editors: Tang Shihua, Futura Costaglione