Intalight Saiwei (Formerly Shiwei Imaging) Files IPO Prospectus Following Strategic Investment from Huaxia Eye Hospital

VCBeat learned exclusively,Following the completion of a Series C financing round exceeding 300 million yuan in March this year, Intalight (hereinafter referred to as "Intalight") has once again attracted industrial investment from a listed company.Huaxia Ophthalmology Tens of Millions Strategic Investment, and the funds raised will be mainly used for continuous investment in R&D and the expansion of overseas markets.

Huaxia Ophthalmology Investment DirectorStated: "Intalight, as a leading dark horse in China-produced ophthalmic equipment, boasts a world-class founding team along with their technology and experience. During the challenging three years of the pandemic, the company's team, through relentless perseverance, focused efforts, and insightful development strategies, continuously advanced, overcoming difficulties and making breakthroughs, which has led to..."The OCT independently developed by the company has reached a world-class level and is gradually being applied, gaining recognition from numerous top medical institutions in China and even in Europe and the U.S.The company is committed to technological iteration and reserves, and its rapid development allows us to see the epitome of the technological progress of medical devices produced in China!”

Intalight Completes Over 300 Million Yuan in Series C FinancingThe investors include well-known institutions such as Guoshou Equity, Qianhai Ark, CD Capital, Shenzhen Venture Capital, CICC Fusion, and Lingang Blue Bay. This time, the company received additional investment from industry players in less than half a year, which sufficiently demonstrates that Intalight has been highly recognized by both the capital market and the ophthalmology industry.

Since its establishment in Silicon Valley in 2014 by Peng Xianzhao and Li Bing, two PhDs returning from the United States, Intalight has continuously innovated and expanded its capabilities. Now,Intalight is transforming from an ophthalmic imaging company into a full-platform enterprise covering the fields of ophthalmic diagnosis and treatment.At the recently held 24th China Retinal Diseases Forum, based on a new stage of growth for the company, Intalight underwent a brand upgrade.From the brand name "Intalight" to the new brand name "Intalight赛炜", demonstrating its confidence and ambition to gradually advance towards becoming a global high-end ophthalmology platform enterprise. Ophthalmology experts from China and abroad have sent messages of congratulations, celebrating Intalight's new journey in internationalization.

Ophthalmology Experts in China Gather to Witness the Rebranding and Upgrade of "Intalight" from "Shiwei Imaging"

Not only that, but Intalight was also present at the China Retina Forum.Intalight Launches Heavyweight New Product —— 150-Degree Ultra-Wide Angle Blood Flow OCT, the release of this product once again brings new surprises and imagination to the ophthalmology industry.

Why has Intalight achieved rapid development? What strategic new thinking is revealed behind the brand renewal? What possibilities will it bring to the industry in the future? Regarding these questions, VCBeat had an in-depth discussion with Intalight.

Before this round of financing, Intalight had completed multiple rounds of funding, gaining backing from numerous well-known investment institutions as well as strong support from industry giants including Aier Healthcare. This time, receiving substantial investment from the industry giant Huaxia Eye demonstrates the high level of attention and continued recognition that the ophthalmology industry has for Intalight.

The frequent favor from capital is attributed to Intalight's excellent product innovation and commercialization capabilities, as well as its world-class team.Since its establishment, Intalight has always focused on innovation in the ophthalmology field, bringing more disruptive products to the industry through continuous technological iteration, as follows:

It is not difficult to find that,In terms of product iteration, Intalight maintains an ultra-high speed of innovation, and with each upgrade, it reaches world-leading levels. It has achieved multiple surpasses in breadth, depth, and speed, continuously breaking new records it has set for itself. All of this has been made possible by Intalight's team structure.

Specifically, Intalight has brought together an international research team led by Dr. Peng Xianzhao, an optical systems expert, and Dr. Li Bing, a medical imaging algorithms expert. This team combines expertise in optical semiconductor development, Silicon Valley engineering experience, and high-end medical device R&D. By integrating cutting-edge optical design, imaging algorithms, artificial intelligence, and cloud platforms, Intalight provides advanced ophthalmic diagnostic and treatment products to users worldwide.

It needs to be emphasized that,Intalight's core team members have worked in Silicon Valley for over a decade., so the R&D philosophy and methodology both follow the mature innovation model of Silicon Valley, which also determines the high standards and excellent quality of Intalight's products.

Good products are driving Intalight's rapid commercial progress.Currently, Intalight's full-eye OCT installations continue to lead the industry, with terminal sales reaching nearly 200 million yuan in 2022.In the first half of 2023, revenue has already exceeded the total revenue of last year. According to publicly available data from public hospitals, Intalight's OCT products hold a leading market share and overall winning bid price among similar imported and domestically produced brands in China.Currently,More than 200 units have been sold and installed., among which, inMore than 75 units installed in benchmark hospitals across China and at the provincial level.，More than 80% of the devices are used as the main equipment in benchmark hospitals., and help experts and professors in China publishExceed90 SCI papers in international journals。

 Intalight OCT Installation Representative Hospitals in China

In addition,In terms of overseas market expansion, Intalight has currently completed the installation of 4 devices and established academic cooperation with more than 7 of the world's top ophthalmology centers.

In order to tap into a larger market space and from a commercial perspective, Intalight is also focusing on the下沉市场 (lower-tier markets) and advancing into county-level hospitals, as well as launching relevant products.

In summary, it is precisely due to its hardcore core team, excellent product innovation, and commercialization capabilities that Intalight has secured a new round of financing in less than half a year, attracting bets from a number of well-known institutions.

At the 24th China Retinal Diseases Forum held on August 4, Intalight underwent a brand upgrade, changing its name from "Shiwei" to the new brand name "Intalight Saiwei."

"Intalight" has two meanings: one is "intelligent light," symbolizing the light of intelligence, representing AI-empowered modern optical technology; the other is "into light," signifying our goal of moving towards brightness. "赛炜" also has a dual meaning: first, "赛" stands for "Mr. Science," and "炜" represents radiance; second, "赛" means surpassing, and "炜" means illuminating. In summary, it refers toModern optics empowered by AI, continuously surpassing limits, illuminating more paths. Light every sight, using the light of technology to illuminate every pair of eyes globally and brighten every corner of the "visual world."

“This brand renewal is to meet the needs of strategic upgrade, product line expansion, and global development."Intalight Co-Founder/CEO Dr. Li Bing told VCBeat,The company's strategy will shift from being a high-end ophthalmic imaging device R&D enterprise to becoming a globally leading ophthalmic platform company, meaning that in addition to imaging equipment, it will gradually expand into the treatment sector.

Currently, related imaging equipment has accelerated commercialization and achieved good results, while the treatment side is in a critical stage of research and development. The two have formed a complementary and interactive product line. Specifically,In the direction of imaging equipmentIntalight's full-eye OCT platform technology and applications continue to expand, from the fundus to refraction, and further achieve significant breakthroughs in the field of optometry, with the latest release of a 150-degree ultra-wide-angle blood flow OCT.

Dr. Li Bing Launches Intalight and 150° Ultra-Wide Angle Blood Flow OCT

In addition,Intalight Released a New Generation of Swept-Source Biometry Technology in China This Year, increasing the cataract detection rate to over 99%, thereby solving the problem of insufficient transmittance and detection rate for cataracts in Asians with existing products on the market, and setting a new high for biometry functions.In the treatment direction, Intalight is fully committed to building the world's leading SMILE refractive surgery system and has currently completed the optical system design of the SMILE refractive surgery system.

It can be seen that after the brand's complete upgrade, Intalight has gained greater room for imagination and is driving the implementation of its strategy.

As a hardcore ophthalmic platform innovation company, Intalight always prioritizes research and development, continuously increasing investment in the introduction of global talents and product R&D.

As mentioned earlier, in the construction of the talent team, Intalight has always beenWith the Initial Intention of Attracting the World's Top TalentsIn progress。Currently, Intalight has established a laboratory in the United States, and its European lab is in preparation.

It is revealed that Intalight invests more than half of its annual revenue into R&D. This commitment to innovation has allowed Intalight to accelerate advancements and continuously iterate on its products. For instance, the newly launched 150-degree ultra-wide angle blood flow OCT genuinely achieves contrast-free imaging and real blood flow monitoring, revolutionizing the industry.

Moreover, the outstanding performance has enabled the product to win numerous awards, includingReceived the National Ministry of Science and Technology's Evaluation of Scientific and Technological Achievements: Fully reaching international advanced levels, topping the 2021 "Top Ten Advances in Chinese Ophthalmology," being selected for the 2022 Eighth List of Excellent Domestic Medical Devices, and ranking among the "Top 100 Innovative Medical Device Companies in the 2023 Future Healthcare 100 Strong List," etc.

Despite achieving industry-leading results, Intalight continues to innovate and advance deeply towards the direction of an ophthalmic platform.Centered on the "Intalight Full-Eye OCT" technology, and combining advanced AI algorithms with big data capabilities, Intalight will continue to develop along the path of full-eye digital empowerment. It is currently researching and developing high-end ophthalmic products covering areas such as retinal diseases, cataracts, glaucoma, corneal diseases, and refractive conditions, spanning both diagnosis and treatment in ophthalmology.

At the same time, Intalight will also make progress in the field of adolescent myopia prevention and control, including axial length monitoring, choroid monitoring, intelligent rigid lens fitting, etc., and launch a lower-cost full-eye digital platform. On this basis, and considering the situation where the supply chain may be restricted by overseas suppliers, Intalight is conducting independent research on some key components.

"We started with ophthalmic OCT, but as we accumulate more resources in the ophthalmology field, our team becomes more diversified, and after achieving a certain level with ophthalmic OCT, we will begin to expand into other product directions within ophthalmology," said Dr. Li Bing, co-founder and CEO of Intalight. "We have this technical capability."On the one hand, the team has crossed over from the semiconductor industry to ophthalmology, transitioning from nanoscale precision in semiconductors to micrometer-scale precision in ophthalmology, and is fully capable; on the other hand, the ophthalmology market is receiving a lot of attention and has high market recognition."There is no need for us to conduct market education anymore, which will save a lot of costs. Therefore, accelerating innovation and rapidly expanding at this moment is economically beneficial and also a significant opportunity."

After this brand upgrade and financing, Intalight will continue to accelerate its global layout.

As an innovative enterprise with global genes from its inception, Intalight frequently makes appearances and presentations at major international ophthalmology conferences (such as the Rome OCT International Conference, ARVO 2023 in the United States, etc.)., its product Intalight Full-Eye OCT (DREAM OCT) has received attention and praise from many experts abroad.

Currently, Intalight has installed four devices overseas and established academic cooperation with more than seven of the world's top ophthalmic centers. Among them,DREAM OCT has been installed and used by Professor Ricky Wang's team at the University of Washington, Professor Adil EL Maftouhi's team in France, Professor David Huang, a member of the US National Academy of Engineering and inventor of OCT, along with Professor Yali Jia, a leader in OCT/OCTA, and Professor Robert Chang's team at Stanford University., as an investor from the capital circle commented, "Setting Sail to Reach the Peak"`. In addition to being well-received in normal market promotion, the active pursuit of use by top overseas experts has also become one of the important signs of its recognition.

Top left: The team of Professor David Huang, member of the National Academy of Engineering / inventor of OCT; Top right: The team of Professor Ricky Wang from the University of Washington; Bottom left: Members of Professor Robert Chang's team from Stanford University; Bottom right: Adil EL Maftouhi, a master of ophthalmic imaging from France.

Next, Intalight will continuously enrich its ophthalmic product line and achieve ongoing breakthroughs, thereby launching more world-leading core technology products. It will constantly provide advanced technologies and solutions for ophthalmic doctors and patients worldwide, meeting peers at the summit on the global stage.

In this process, innovations in the ophthalmology industry are giving rise to more possibilities.

First, with the continuous breakthroughs of domestic innovative enterprises, the substitution of high-end ophthalmic devices produced in China is accelerating. It should be noted that as optical precision instruments, high-end ophthalmic devices require extremely high optical design and system engineering capabilities. For those involving imaging equipment, very advanced algorithm capabilities are also necessary. Traditional Chinese ophthalmic device manufacturers have long struggled in this field, and the market has been monopolized by foreign brands for a long time. The substitution with Chinese-produced alternatives is breaking this situation, which is of great significance for reducing the cost of ophthalmic disease treatment in China and improving the treatment rate of ophthalmic diseases.

Secondly, providing patients and doctors with a complete ophthalmic solution from examination to treatment will become a trend, which will undoubtedly bring more opportunities for the development of supply-side platform enterprises.

We believe that with the joint efforts of outstanding innovative companies represented by Intalight, China's ophthalmology industry will definitely give birth to world-class platform enterprises., and completely reverse the history of imported high-end equipment dominating China's ophthalmology field.

As the investment director of Huaxia Ophthalmology expressed: "Today, we are fortunate to participate and work hand in hand with many strong shareholders to support the development of Intalight. In the future, we will continue to witness the historical progress of China's domestically produced ophthalmic medical equipment, especially the milestones achieved by all members of the company’s team. We believe that Intalight will contribute to the global ophthalmic medical cause and make its own contribution to the healthcare and well-being of society and the people!"”