Balt Medical Completes Nearly RMB 100 Million Series C1 Financing to Advance High-Performance Vascular Interventional Platform

VCBeat learned at the first time,Zhejiang Barty Medical Technology Co., Ltd. (referred to as "Barty Medical")Recently completed nearly 100 million yuan in C1 round financing, this round of financing was led bySinowisdomLed by, old shareholdersSUNZ FUNDContinuous Investment. This round of funding will mainly be used to advance the clinical registration and commercialization of the innovative products in the constrained balloon series. Meanwhile, the company has initiated its C2 round of financing, aiming to further expand its scaled manufacturing capabilities to accommodate the rapid growth of future products and revenue, comprehensively enhancing the company's integrated advantages as a high-performance vascular interventional device platform enterprise.

Barty Medical was founded in August 2015, with its headquarters located in Hangzhou Biomedical Port, China. It is a national high-tech enterprise and a Zhejiang Province "Specialized, Refined, Unique, and Innovative" small and medium-sized enterprise dedicated to the research, development, manufacturing, and operation of devices in the vascular intervention field. As the Zhejiang High-Performance Vascular Intervention Device Enterprise Research Institute, the company has accumulated and mastered domestically leading interventional device technology and craftsmanship, developed multiple innovative globally leading products, and participated in and undertaken several provincial and ministerial-level projects, including the Zhejiang Province Key Research and Development Plan, the Zhejiang Province Key Research and Development Plan Preferred Projects, and the first batch of the National Ministry of Industry and Information Technology/National Medical Products Administration’s Biomedical Materials Innovation Task Announcement.

With the acceleration of population aging, the increasing proportion of risk factors such as hypertension and obesity, and the prominence of unhealthy lifestyles due to urbanization, the incidence of vascular diseases and the volume of surgeries are rising, leading to a strong demand for vascular interventional medical devices. Compared with developed countries in Europe and America, China’s vascular intervention industry is characterized by a late start, large existing demand, and high growth.

According to the "Report on Cardiovascular Health and Diseases in China" released in 2022 and research by Frost & Sullivan, there were 71.61 million existing patients with vascular diseases such as coronary, peripheral, and neurological conditions in China in 2022. In contrast, the number of vascular interventional surgeries in 2021 was approximately 2 million, with a surgical penetration rate of less than 3%, indicating significant market growth potential.

Since its establishment, Barty Medical has always adhered to lean manufacturing and continuous innovation as dual drivers, focusing on providing minimally invasive interventional solutions for cardiovascular diseases.The founder of the company, Mr. Yan Yuqiang, and the core team members all have senior industry backgrounds and rich experience in the research, development, and manufacturing of vascular interventional consumables. Relying on solid precision catheter/balloon manufacturing technology, the company has gradually built up the clinical reputation and market share of disposable catheter sheath sets, regular/high-pressure balloons, and other vascular interventional consumables. Notably,The company's peripheral vascular catheter sheath group is far ahead in the market share among domestically produced manufacturers and is gradually achieving the substitution of imports with domestically produced products.

Barty Medical Peripheral Intervention Product Portfolio

Barty Medical Coronary Intervention Product Portfolio

The company's product quality and manufacturing system have also been recognized by international medical device giants. In November 2023,Global Dialysis Giant Baxter Medical and Barty Medical Officially Sign Hemodialysis Access Strategic Cooperation Agreement During the Sixth China International Import Expo。Barty Medical's high-pressure balloons, disposable catheter sheath sets, and other existing products, along with multiple innovative products that will be launched in the future, can effectively be used for maintaining hemodialysis access in hemodialysis patients. This collaboration will leverage Baxter Healthcare’s extensive experience and resources in the hemodialysis field to promote Barty Medical's high-quality device products and therapies. Together, they will safeguard the lifeline of hemodialysis for nearly a million hemodialysis access patients in China, providing better health and life assurance for these patients.

Barty Medical and Baxter Healthcare Strategic Signing

Building on lean manufacturing, Barty Medical adheres to independent innovation and high-intensity R&D investment. It has independently developed world-leading core technologies such as constrained shape-memory metal alloy design and processing technology, and drug-coating technology without excipients, among others.Three products have obtained the designation under the National Innovative Medical Device Special Review Procedure.

The company's first innovative product——Fengtai^®Flowty^®Drug-Coated Balloon Catheters with Nanoneedle Coating and No Excipients Launched in May 2021. As the currentThe only national innovative medical device product with a drug coating and no excipients among similar products already on the market.Since its launch, it has continuously increased its market share due to its excellent clinical advantages. In December 2023, the first product from the company's constrained balloon technology platform——Matrix Super^TM Peripheral Constrained Balloon Launches with a Bang. The product isChina's First Domestically Produced Peripheral Constrained Balloon Product，It can achieve uniform and controllable vascular dilation during the vessel preparation and pre-dilation stages, effectively reducing vascular elastic recoil and avoiding uncontrollable tears and flow-limiting dissections, providing doctors and patients with a vascular dilation device that offers more clinical advantages.

Barty Medical's Self-Developed Matrix Super^TMThe first domestically produced constraining balloon in China, which took into account localized clinical needs such as late patient visits and longer vascular lesions from the initial stages of design and development.The product specifications and models are more comprehensive, being the only one in its category that can provide lengths of 150mm and 200mm, better meeting the treatment needs of Chinese patients.

 Matrix Super ^TMFeatures of Peripheral Constrained Balloon Products

In the upcoming 2024, two other national innovative medical device products under the company's constrained balloon technology platform will also achieve milestone breakthrough progress.The peripherally constrained drug-coated balloon has completed clinical trials and submitted for registration, and is expected to become the world's second and China's first approved constrained drug-coated balloon within 2024.. AnotherCoronary Constrained Drug-Coated Balloon, as the world's first "intervention without implant" device combining pharmaceuticals and medical devices for in-situ lesions of large coronary vessels,The world's first human clinical trial (FIM trial) has been completed, and the registration clinical trial will be launched in 2024. The R&D journey of these two constrained drug-coated balloons is the best interpretation of Barty Medical's innovative evolution from "incremental innovation where others have presence" to "pioneering innovation where no one else exists."

Peripheral Constrained Drug-Coated Balloon

Coronary Constrained Drug-Coated Balloon

Barty Medical's vision is to become an international enterprise with continuous innovation capabilities, intelligent manufacturing capabilities, and professional service capabilities in the medical and health field. To further realize this vision, the company, on one hand, maintains an open mindset and actively introduces core team members with rich industry experience and international perspectives. For instance, in 2022, the company invited Mr. Hu Chao, the former head of Edwards Medical’s Greater China sales operations, to serve as the general manager. Mr. Hu Chao has nearly 10 years of clinical experience in cardiothoracic surgery and over 20 years of experience in promoting cardiovascular interventional technologies and marketing management. His joining has enhanced the company’s operational capabilities and international outlook. On the other hand, the company is actively expanding overseas.The product has been exported to more than 20 countries and regions, achieving a sales scale of tens of millions overseas.The company will further strengthen the development and cooperation in the international market in the future, and is currently actively deploying potential markets such as the United States, Japan, and Southeast Asia.

Founder/Chairman of Barty Medical, Mr. Yan YuqiangExpressed: "Thanks to new and old shareholders for their recognition and support of Barty Medical's original intention and mission in entrepreneurship. Since its establishment, the company has been continuously focusing on the field of vascular intervention. With a solid manufacturing system and unique innovative technology, it is gradually evolving into a platform-type enterprise in the vascular interventional medical device industry. It has been eight years since the start of our entrepreneurial journey. In the next eight years, Barty Medical will remain true to its original aspiration, further explore its accumulation in passive device materials and technologies, and actively expand into the field of active medical devices. We strive to provide better products for doctors and patients worldwide, allowing medical technology to shine with the light of life."

Sinowisdom Biomedical Investment TeamSaid: "Cardiovascular disease is one of the biggest risk factors threatening the health of our people in China. Minimally invasive interventional surgeries are short in duration, less invasive, cause minimal trauma, and allow for quick postoperative recovery. In recent years, minimally invasive interventional devices have been widely used in various types of vascular disease interventions, making it a track with clear clinical demand, rapid growth, and huge market potential. Barty Medical adheres to the leading concept of 'intervention without implantation' and relies on its platform-based technology accumulated over many years. Starting from clinical needs, it has built a gradient and progressive interventional product matrix, providing complete and innovative solutions in coronary and peripheral intervention fields. Over the past three years, the team has focused on refining product performance and accumulating extensive sales channels. Their core products have gained widespread clinical recognition, achieving nearly 200% compound sales growth. We believe that under the efforts of Barty Medical's professional and diligent core team, the company will be able to comprehensively enhance the integrated advantages of a high-performance vascular interventional device platform enterprise, create more innovative products suitable for the Chinese people, and quickly promote them to clinical applications, benefiting patients."

SUNZ FUND Founding Partner Wenbing ZengSUNZ FUND stated: "Since the A-round, SUNZ FUND has continuously invested in Barty Medical. We are optimistic about the company's team, which, based on a profound understanding of clinical needs, has consistently developed multiple outstanding products. This has enabled the company’s product line to evolve from single-function to multi-function and extend from passive to active applications. The company's rich portfolio of innovative products and excellent product quality have not only gained high recognition from major hospitals in China, better benefiting patients, but also attracted the attention of international giants, paving the way for broader market expansion. SUNZ FUND will continue to support Barty Medical in its development into a globally leading innovative platform enterprise in the interventional field."

Sinowisdom, founded in 2002, is one of the earliest private venture capital investment institutions established in China. Over the past two decades, Sinowisdom has firmly believed that industry is the mother of wealth, adhered to an industry chain investment strategy, and persisted in an "investment + service" model. Faithfully fulfilling its mission of venture capital investment—focusing on early-stage, small-scale, and technology-driven investments—it has continuously sought out unique opportunities with a particular emphasis on hard technology fields such as electronic information (including integrated circuits), energy technology, material technology, advanced equipment, and biomedicine. Rooted in Zhejiang, Sinowisdom has deeply cultivated the Yangtze River Delta region. The company manages more than 50 venture capital funds, with cumulative investments exceeding 15 billion yuan. Over 30 of its portfolio companies have achieved IPO listings, and more than 20 others have gone public through mergers and acquisitions. It has also made a strategic investment in Hu Qing Yu Tang, aiming to build it into a leader in the new traditional Chinese medicine industry. Additionally, Sinowisdom closely monitors regional economic transformation and upgrading, using funds to promote local economic investment attraction while actively implementing a cultivation plan for future industrial leaders in regional economies. Sinowisdom has consistently been recognized over the years, including being named among China's Top 50 Best Venture Capital Institutions by CVSource (ranked 28th), Top 50 Best Venture Capital Institutions by Zero2IPO (ranked 31st), Top 50 Best Venture Capital Institutions by China Venture (ranked 31st), and one of the Top 10 Hard Technology Investment Institutions on the STAR Market in 2023.

SUNZ FUND, established in 2008, is a standing member of the Venture Capital Committee of the China Investment Association, a standing member of the National Federation of Medicinal Industry Chamber of Commerce, and a vice president unit of the Guangdong Venture Capital Promotion Association and the Hunan Equity Investment Association. The company focuses on investing in forward-looking industrial fields such as healthcare, clean environment, and technological innovation, covering multiple stages including startups, growth, and development phases. It has built a complete investment operation management ecosystem and has been rated as one of the TOP50 Best Venture Capital Funds in China, TOP30 Best Healthcare Investment Institutions in China, and TOP10 Most Influential Private Equity Institutions in Hunan.