(Yicai) Feb. 3 -- Cashim, a medical equipment startup backed by the Chinese Academy of Sciences, has raised CNY800 million (USD115.2 million) in its first financing round to accelerate the development and application of ion radiotherapy technology.

The fundraiser was led by the Zhongguancun Independent Innovation Special Fund under China’s National Social Security Fund and Legend Capital, the investment arm of Chinese tech giant Legend Holdings, Beijing-based Cashim announced yesterday. Existing shareholder Xiamen ITG Group, a state-owned supply chain management company, also took part.

The new investors will help Cashim enhance its core technological advantages and expand its footprint into international markets, the company noted, adding that it will strive to build an inclusive and precise ion radiotherapy platform by connecting nationwide medical resources with its digital and intelligent technology.

Founded in 2018, Cashim was initiated by Chinese Academy of Sciences Holdings, the asset management entity of the Chinese Academy of Sciences, based on the scientific research accumulation of the Institute of Modern Physics, Chinese Academy of Sciences.

Cashim developed China’s first heavy ion medical machine in 2019 and put it into clinical application the following year, making China the fourth country in the world to possess the heavy ion cancer treatment technology after the US, Japan, and Germany.

Heavy ion treatment is more efficient and safer than traditional radiotherapy as it can shoot most of the ions precisely to the targeted cancer area while causing little damage to the passing and surrounding normal body tissues.

After six years of technological iteration and clinical practice, Cashim has developed a complete set of ion radiotherapy products covering heavy ions, protons, and neutrons. It now has four equipment units in use for clinic treatment, providing service to more than 3,500 patients with over 50 kinds of diseases.

Editor: Futura Costaglione