36Kr Exclusive: Wuyou Jump Secures Nearly RMB 10 Million in Angel Funding Led by Tsinghua-Linked Capital Lihe Qingtong

Text | Zhang Zhuoqian

Editor | Pan Xiaoyu

36Kr learned that WYTD MEDICAL TECHNOLOGY (SHENZHEN) CO., LTD. ("WYTD") has announced the completion of an angel round of financing worth nearly RMB 10 million. The investor in this round is Tsinghua-affiliated capital Hainan Lihe Qingtong Private Fund Management Co., Ltd. The funds from this round of financing will mainly be used for product development, talent acquisition, and the renovation of the No. 2 new factory.

"WYTD" was founded in 2021 as an innovative enterprise focusing on the field of heart disease, particularly interventional treatment for structural heart disease. The current product line mainly revolves around Patent Foramen Ovale (PFO), including five self-developed innovative products such as fully automatic cardiac shunt diagnostic equipment, hyper-compliant balloons, and bioabsorbable occlusion systems. The goal of these products is to provide a complete set of comprehensive PFO diagnosis and treatment solutions. According to the current registration progress, the products will begin to be launched successively from the end of this year.

Cardiac Occluder

The foramen ovale is a normal physiological channel for blood exchange at the fossa ovalis of the atrial septum during the embryonic period, which usually fuses about two months after birth. If it does not close after the age of three, it results in patent foramen ovale (PFO). According to data from the "Chinese Expert Consensus on Preventive Closure of Patent Foramen Ovale," the incidence of PFO in adults is approximately 25%. In populations with patent foramen ovale, the risks of cardioembolic stroke, migraine, and arterial embolism are significantly higher than in normal populations.

When patent foramen ovale (PFO) presents no obvious symptoms and no complications, treatment measures are generally not taken. However, if patients with PFO develop complications such as cryptogenic ischemic stroke, transient ischemic attack, or intractable or chronic migraine, clinical practice often involves symptomatic treatment with medications. For cryptogenic ischemic stroke, the primary treatment according to guidelines is percutaneous closure of the PFO through interventional procedures. In recent years, there has been a significant annual increase in the number of PFO closure procedures performed.

Foramen Ovale

WYTD Founder Kang Libiao told 36Kr that the company conducted extensive research at its inception and found that patent foramen ovale (PFO) not only presents significant diagnostic challenges, but also that 15-30% of patients still experience residual shunting after interventional closure. Additionally, the implantation of metal occluders can affect other surgeries requiring transseptal puncture, such as left atrial appendage closure, mitral valve clipping, and other cardiac interventional procedures. Some patients may also experience complications such as nickel-titanium allergies or tissue abrasion caused by metal occluders.

Therefore, the use of degradable occluders has become an inevitable trend. However, due to the particularity of the materials, the occluders may not form ideally and residual shunts can still occur. There is even a risk of thrombosis or embolism caused by incomplete endothelialization.

Targeting the current market pain points of patent foramen ovale (PFO) from diagnosis to treatment, WYTD has deeply explored the characteristics of the disease, combining clinical expert insights with the company’s R&D experience to develop a full series of products covering the entire process from diagnosis to treatment. Among these, the active diagnostic device—an automatic cardiac shunt diagnostic system—is an international first. It is expected to completely resolve the current challenges in PFO diagnosis after its anticipated launch by the end of 2024.

Its core product, the biodegradable occluder, features a uniquely innovative design that not only simplifies operation but also achieves controllable degradation rates, tight fitting, rapid and complete endothelialization, greatly enhancing the safety of the biodegradable material as well as the effectiveness of the product.

WYTD has more than 30 independent core patents in product core principles, product structural design, material preparation, and product appearance. In terms of the team, over 70% of WYTD's staff are R&D personnel. Core members have more than 10 years of experience in the medical device and cardiology fields. Additionally, with the help of transformation platforms from well-known universities and research institutes inside and outside the province, they maintain close cooperation with clinical experts from multiple Class III, Grade A hospitals.

According to incomplete statistics, the number of PFO treatments (interventional and surgical) in China reached approximately 40,000 cases in 2022, making it the largest number of interventional procedures for structural heart disease. Currently, more than 200 hospitals are conducting PFO interventional treatments, with over 300 doctors participating in PFO interventional treatment work. The technique for PFO occlusion is relatively simple, and secondary hospitals will gradually begin performing interventional occlusion procedures in the future, indicating significant market growth potential. Founder Kang Libiao stated that WYTD is projected to achieve sales of 30 million yuan in 2024, and by 2027, it plans to have at least five major products on the market, generating revenue of 320 million yuan.

Investor's Perspective:

As the investor in this round, Hu Yang, General Manager of Hainan Lihe Qingtong Private Fund Management Co., Ltd., stated: "The patient population with PFO is substantial. In recent years, as guidelines from various countries have been successively issued, the bioabsorbable PFO occluder technology, as an innovative cardiac treatment method, has broad commercial prospects. Devices related to PFO are emerging like mushrooms after rain, and bioabsorbable occluders have become the new favorite. WYTD's competitiveness lies not only in numerous innovations in bioabsorbable occluders but more importantly in providing a comprehensive diagnosis and treatment solution for this disease. It is evident that the founder aims not just to create a product but to address a specific condition. This entrepreneurial spirit, along with the company’s pragmatic approach, undoubtedly lays a strong foundation for WYTD's future market expansion."