Sphere Medical Ltd has launched a fund-raising drive with shareholders as it prepares to open the facility by 2016.
The Wales Fund - a £100m scheme set up to boost hi-tech medical and pharmaceutical industries in Wales - has pledged £4m toward the plan.
The Cambridge-based firm said the site's location is yet to be decided.
Wolfgang Rencken, Sphere Medical's CEO, said: "We are very excited about the opportunity that we have. We know that Wales has been good for med-tech companies."
Brenig Preest, investment director at Arthurian Life Sciences, which runs the Wales Life Sciences Investment Fund, said it was a "huge opportunity".
"This is fantastic news for Wales. It really plays to Wales' strengths. It's a serious group of international investors who know exactly what they are doing."
A medical equipment developer has announced a £12m plan to open a new production centre in Wales.