Watch: Where is smart money really flowing in Asian medtech? | LSI Asia 2026

Vertex Growth was pleased to participate in a panel discussion at the LSI Asia '26 Emerging Medtech Summit in Singapore, examining where venture capital is concentrating across APAC medtech.

The panel, moderated by Henry Peck (Chief Business Officer, LSI), brought together Elia Stupka (Managing Director, Angelini Ventures), Anselm Tan (Medtech Lead, ClavystBio), and Shelby Zhang (Executive Director, Vertex Growth Fund) for a discussion on technology subsectors, market dynamics, and deal structures shaping the region’s investment landscape.

The full panel recording is available below.

Key takeaways from Shelby Zhang

Across the discussion, Shelby Zhang set out Vertex Growth's read on the sectors, market forces, and founder qualities shaping medtech investment in Asia and China in 2026.

Where capital is concentrating

Zhang pointed to brain-computer interfaces and surgical robots as the most attractive segments in 2026, noting that both command strong valuation multiples relative to more distressed corners of the market.

The early-stage conundrum

Growth-stage investors rely on the heavy lifting done by early-stage firms, but that pipeline is under pressure as medtech competes for capital with the AI and semiconductor sectors, where returns come faster. The result, Zhang observed, is an industry actively searching for new models to improve capital efficiency and shorten clinical-trial and go-to-market timelines.

AI has to be more than a buzzword

Zhang was clear that AI needs to mean more than a label. As an investor, she looks for AI applications built on unique data inputs that are not easily accessible to the major tech giants. In China, she noted, AI agents used for regulatory review or payer reimbursement are particularly valuable precisely because they draw on proprietary data that is hard to source elsewhere.

China market dynamics

Zhang highlighted three forces shaping the Chinese market. First, government policy: Chinese capital is heavily concentrated in "deep tech" because that is where the government favours IPO opportunities. Second, volume-based procurement (VBP), which she described as a disruptive force pushing large domestic companies to expand internationally as the home market becomes hyper-competitive with thin margins. Third, a cost-oriented mindset: unlike US startups that often pursue innovation at any cost, Asian startups tend to be cost-oriented from the outset, designing products to a target end-price and working backward, at times making strategic design compromises to ensure market feasibility.

What she looks for in founders

For late-stage investors, Zhang said, access certainty matters. She prefers founders who bring a clear strategy and a well-defined view of what their ultimate exit pathway looks like.