Dongna Investment makes strategic investment in Mirosight to boost China-developed innovation in brain science devices

Recently, Dongna Investment has completed a tens of millions of yuan equity investment in Mirosight.

Dongna Investment, founded in 2023, was established by a group of seasoned investment professionals and industry veterans. Its founding shareholders comprise senior partners from prominent investment institutions across Southern and Eastern China, major shareholders and executives of several Chinese listed companies, senior management from large financial institutions, and founders of leading digital technology enterprises. The core management team brings over fifteen years of extensive experience in the investment and financing sector, boasting a solid reputation and demonstrating rigorous, efficient investment capabilities coupled with strong resource integration competencies.

The Dongna Healthcare Fund primarily focuses on technological innovations that address unmet medical needs and transform conventional clinical practices. Its investment scope encompasses domestically developed medical devices poised for import substitution in China, cell therapy and related regenerative medicine, chronic and degenerative diseases, as well as AI-driven drug discovery. Limited partners (LPs) in the fund include government-guided funds and multiple listed companies. The fund manager has progressively built a comprehensive industrial network spanning clinical channels—including top hospitals and grassroots medical institutions in China—retail (OTC) pharmacies, online sales platforms, and global market access. This ecosystem provides direct, tangible support to portfolio companies both pre- and post-investment, particularly in validating clinical needs, commercializing products, and strategic planning. Furthermore, the fund manager delivers all-encompassing post-investment support to its portfolio companies, aiding in cutting-edge technology incubation, accelerating R&D cycles, expanding sales channels, and facilitating financing and M&A activities.

Mirosight, founded in April 2023, is a research-driven enterprise focused on developing innovative medical devices in the field of brain science. The company is dedicated to establishing China's first integrated cerebrospinal fluid (CSF) management solution while simultaneously advancing cutting-edge products such as novel liquid embolic agents. Its core pipeline includes intracranial pressure (ICP) monitoring systems, hydrophilic coating/drug-integrated external cranial drainage systems, and adjustable shunt valves, all designed to deliver smarter, more precise, and safer device-supported solutions for the diagnosis and treatment of neurological disorders.

Supported by three core technology platforms—active medical devices, advanced materials, and sensing technologies—Mirosight has built a comprehensive in-house R&D system. Currently, its hydrophilic coating external ventricular drainage catheter has already received market approval in China. Other key products, including the ICP monitoring system, drug-eluting external drainage catheter, and adjustable pressure shunt valve, are expected to obtain Chinese regulatory certification between 2026 and 2027.

■ The technology platform demonstrates dual potential for import substitution within the Chinese market and for global expansion.

Mirosight has achieved breakthroughs in core technologies such as biosensor packaging, drug loading and controlled release, and polymer material synthesis. Several of its products are expected to be among the first to obtain regulatory approval in China. These products demonstrate performance comparable to leading international brands (e.g., Integra, Medtronic), while offering advantages in intelligence, customizable specifications, and cost-effectiveness. The company has initiated the FDA application process, laying the foundation for its expansion into international markets.

■ The core team, with backgrounds in listed companies, brings substantial industry and commercialization experience.

The core team possesses years of hands-on experience across the entire value chain of high-value neurosurgical consumables, including R&D, regulatory registration, production, and commercialization. The company's controlling shareholder further provides strong strategic support to Mirosight, contributing deep strategic vision and proven resource integration capabilities within the medical device sector.

■ Clear channel synergies and a well-defined sales roadmap are in place.

Mirosight has entered into a global exclusive agency agreement with a listed company, which will be responsible for product marketing and sales. The listed partner possesses an established channel network covering over 1,700 hospitals across China and nearly 90 countries and territories worldwide, providing a solid foundation for Mirosight's rapid market penetration and sales scaling.

China's intracranial pressure (ICP) monitoring market is growing at an annual rate of over 20% and is projected to reach RMB 1.5 billion by 2025. However, its current penetration rate is only about 11%, significantly lagging behind the 36%-55% range seen in markets outside China. Meanwhile, the market for cerebrospinal fluid (CSF) external drainage systems is expanding at roughly 10% per year, with a rising share of high-value-added products like specially coated and drug-eluting catheters—a segment where Chinese companies are still in the early stages. In specialized areas such as adjustable pressure shunt valves and liquid embolic agents, foreign players continue to dominate. That said, Chinese manufacturers hold a triple advantage consisting of first-to-market regulatory approvals, cost competitiveness, and well-established distribution networks.