Build an intravascular imaging platform for vascular intervention, and "Hengyu Medical" has once again received over 100 million yuan in financing | 36Kr exclusive.
36Kr has learned that Tianjin Hengyu Medical Technology Co., Ltd. (hereinafter referred to as "Hengyu Medical") has recently completed a new round of financing of over 100 million yuan. This round of financing is jointly invested by Xin Gong Chan Tou, Huatai Zijin, Beiyang Haitang Fund, Jiuan Medical (002432.SZ), and Yuansheng Venture Capital. Xingqiao Capital serves as the exclusive financial advisor. The funds raised will be used for product research and development, production, registration, and to accelerate the commercialization of the listed products.
Hengyu Medical was established in 2016, focusing on the research of optical and ultrasound medical imaging technology and laser ablation technology, providing a pan-vascular integrated solution based on imaging products. The company's core experts have been engaged in research in related fields for nearly 20 years; it has now applied for 174 patents, including 106 inventions, and 37 invention patents have been authorized.
From the perspective of product layout, Hengyu Medical has the intracavitary imaging tools that are currently commonly used in the clinic, including intravascular ultrasound (IVUS) and optical coherence tomography (OCT). These two provide cross-sectional images of the coronary arteries for precise percutaneous coronary intervention (PCI), including the lumen, vessel wall, plaque burden, plaque composition and distribution.
In 2024, the application recommendation level of intracavitary imaging technology (IVUS and OCT) in PCI treatment has reached the highest Ia recommendation.
However, from the perspective of clinical treatment, the penetration rate of OCT in China is still very low, only 6% in 2023, far lower than 30% in Japan. The reason for this is that there are not many enterprises in China that master the core equipment and consumables technology of OCT and have the ability to carry out large-scale production. Hengyu Medical introduced that in this regard, the company is one of the "few Chinese manufacturers with these capabilities". Especially after the stent centralized procurement, it is expected to further promote the popularization of the company's OCT products.
In June last year, Hengyu Medical's optical interference tomography imaging system HS200 was officially approved for listing, with comprehensive advantages in multiple aspects such as calcium identification, corticalization evaluation, a new three-dimensional mode, compatibility with multiple flushing media, and AI algorithm reserves.
Source: Hengyu Medical
In terms of IVUS technology, this surgical method has been internationally recognized, with a penetration rate of up to 90% in the Japanese market. Currently, the application of IVUS in the Chinese market is in a period of rapid growth, and the penetration rate has reached 20% in 2023. However, in terms of proportion, the products in the domestic market are basically monopolized by European, American and foreign brands.
It is reported that currently, Hengyu Medical has independently developed and mass-produced core components such as IVUS ultrasound transducers. At the same time, the company integrates OCT & IVUS technology and is equipped with a dual-motor and dual-catheter system, inheriting the excellent parameters of a single OCT and IVUS in effect, so that it can flexibly switch to deal with various lesions and meet clinical individualized needs without sacrificing their respective parameters and performance.
It is also understood that in the direction of intracardiac ultrasound, Hengyu Medical has also made relevant product layouts.
Investor Views:
Gao Chao, Investment Director of Xin Gong Chan Tou, said, In recent years, the domestic vascular intervention precision diagnosis and treatment technology has developed rapidly. Hengyu Medical focuses on the research and development, production and sales of equipment and consumables such as cardiovascular IVUS, OCT, IVUS/OCT all-in-one machine, and is a leading domestic enterprise that simultaneously possesses ultrasound, optical and other technical platforms and continuously develops innovative products based on them. The company's independently developed all-in-one machine has the characteristics of high integration, conservation and diversified application scenarios, and has been increasingly recognized and used by medical institutions. In the future, it is hoped that Hengyu Medical will empower clinicians by continuously launching more innovative products for vascular intervention precision diagnosis and treatment and professional and systematic academic promotion, ultimately benefiting more patients undergoing PCI surgery.
Wang Qi, Investment Director of Huatai Zijin, said, In the interventional treatment process of complex and high-risk cardiovascular diseases, intracavitary imaging technology is playing an increasingly important guiding role. A series of technologies including IVUS and OCT can bring excellent clinical benefits to patients. After years of research and development accumulation, Hengyu Medical has overcome numerous difficulties and successfully broken the monopoly of foreign intracavitary imaging technology, developing a series of excellent IVUS/OCT products. The company adheres to the combination of medicine and engineering, is determined to innovate, and its products are highly praised by the clinic. We are optimistic about the company's team and technical platform, and are pleased to continue to support the company's growth and contribute to the long-term development of China's medical device industry.
Wang Renda, Investment Director of Beiyang Haitang Fund, said, OCT and IVUS are two key technologies in intracavitary imaging. Hengyu Medical is an innovative enterprise in the industry that simultaneously possesses the above two technologies and has achieved the integration of the two technologies in its products. Since the Haitang Fund's last investment in Hengyu, Hengyu Medical has launched new products such as the portable version and the dual-catheter all-in-one machine, increasing the convenience for surgeons, reducing the cost of following the operating table, and expanding multi-scenario applications; the Hengyu team seized the opportunity of centralized procurement to quickly bring the brand into hundreds of major hospitals across the country, achieving the fastest growth among domestic brands with an appropriate strategy and efficient execution, and accelerating the process of domestic substitution. The Haitang Fund believes that Hengyu Medical will continue to expand its leading position in the direction of intracavitary imaging in China and layout the cutting-edge laser ablation technology, and is continuously optimistic about the project.
In the future, the Haitang Fund will continue to pay attention to and promote the entrepreneurship and innovation of alumni of Tianjin University, assist the development of Hengyu Medical, and contribute to the development of precise cardiovascular medical treatment in China.
Gu Leimin, Partner of Yuansheng Venture Capital, said, Cardiovascular intracavitary imaging technology is a key support for the development of precision medicine, representing an important trend in the diagnosis and treatment of cardiovascular diseases in the future. As an important part of precision medicine, cardiovascular intracavitary imaging equipment is not only an essential tool for complex cardiovascular surgeries, but also a highly potential multi-billion-dollar market segment in the global medical market. With its keen market insight, Yuansheng Venture Capital has already laid out many cutting-edge market segments in the field of cardiovascular medicine, among which cardiovascular intracavitary imaging technology is particularly concerned.
In this field, Hengyu Medical has become a highly anticipated star with its forward-looking vision and deep technical accumulation. This team not only has an advanced intracavitary imaging technology research and development platform, but also builds a rich product pipeline, and formulates a unique commercialization strategy. In the highly competitive cardiovascular intracavitary imaging market segment, Hengyu Medical can stand out, which not only benefits from the team's strategic vision and excellent execution ability, but also lies in their persistent pursuit of technological innovation and sense of mission. We are extremely honored to be able to work hand in hand with the team led by Mr. Liu Zhiyong and Dr. Zhao Shiyong, and look forward to jointly promoting the research and development of more innovative products in the future, accelerating the promotion of these products in the global market, and bringing new breakthroughs to the precise diagnosis and treatment of cardiovascular diseases worldwide.
Wu Zhipeng of Xingqiao Capital said, In recent years, driven by the commercialization of IVUS and OCT products, Hengyu Medical has achieved a leapfrog growth in sales revenue. The pipeline layout has extended from diagnostic technology to treatment technology, gradually forming an overall solution for vascular interventional imaging. It is a great honor to serve Hengyu Medical in this round of financing. We believe that this financing will accelerate the improvement of Hengyu Medical's R & D, production and sales capabilities, and lay a solid foundation for the company's continuous rapid development.