Mag Assist Received A Few Million Dollars In Series A Financing

According to PE Daily, Mag Assist just received a few million dollars in Series A financing, this round of financing was led by MF Capital and followed by Huatai Zijing Investment, QS Capital and Guoqian VC. The funds will be used for R&D of external magnetic suspension artificial heart and production lines build up.

The in vitro artificial heart can be used for acute heart failure support treatment caused by various causes, transitional therapy for patients with end-stage heart failure, and can be applied to the treatment of critically ill patients in the perioperative period of cardiac surgery. In vitro artificial heart is a first-aid and treatment method that can improve the patient's survival rate by 50%. At present, the demand for artificial hearts in the Chinese market exceeds 1 million units per year.

Mag Assist was founded in 2017, and it’s committed to creating medium and short-term extracorporeal circulation auxiliary equipment to serve cardiovascular patients worldwide. At present, the team at home and abroad led by Dr. Xu is working to build the Chinese first extracorporeal magnetic suspension artificial heart.

Founded in 2014, MF Capital is a Chinese investment firm.

Huatai Securities, a Chinese securities group with brokerage and investment services.

QS Capital makes early-stage investments in biotechnology, medical equipment, and new consumer areas.

Guoqian Venture Capital focuses on the equity investment in the early and middle stage of start-ups in the medical devices.