Wushuang Medical Completes Hundreds of Millions RMB Series B+ Financing to Build a World-Class Cardiac Rhythm and Heart Failure Therapeutics Platform

Recently, Singular Medical announced the completion of a B+ round of financing worth hundreds of millions of RMB. This round of financing was invested by TusPark Ventures, HWealth Capital and other institutions, with existing shareholder Qiming Venture Partners continuing to support. DSC Advisory served as the exclusive financial advisor. The funds raised from this round of financing will be used for the advancement of clinical trials, the expansion of the product pipeline, and the establishment of a market team, among other purposes.

Singular Medical was founded in 2017 and is a high-tech medical device company in China with proprietary intellectual property in cardiac rhythm and heart failure treatment technology platforms. The headquarters of Singular Medical is located in the Suzhou New District Medical Device Industrial Park, with research and development centers in Beijing and California, USA, as well as a key process R&D and small batch production center in Minnesota, USA.

Singular Medical started with the technological pinnacle of ICD (Implantable Cardioverter Defibrillator) in the field of cardiac rhythm management, establishing a technical platform for heart rhythm and heart failure treatment. Focusing on heart health, it provides comprehensive products and services to doctors and patients from four aspects: prevention, diagnosis, treatment, and monitoring. Singular Medical's product lines include: ICD systems, new pacemaker systems, implantable and wearable cardiac monitoring systems, and a digital arrhythmia cloud platform. To date, Singular Medical has filed 120 patent applications in China and 5 in the United States, covering all aspects of its product lines with proprietary intellectual property rights.

Singular Medical's first domestically produced ICD product, which was independently developed, has completed type inspection and undergone animal experiments with the participation of multiple senior experts in China. In December 2022, the establishment of a high-quality domestic ICD clinical expert working group marked that the only domestically produced Singular ICD product will enter clinical trials. Additionally, other products from Singular Medical are also advancing rapidly.

Company Products: Complete ICD System

With the update and release of the "Chinese Expert Consensus on the Clinical Application of Implantable Cardioverter Defibrillators" (2021), the concept of ICD "1.5-level prevention" has been further clarified. However, in the CRM (Cardiac Rhythm Management) field, the Chinese market is almost monopolized by foreign capital. Singular Medical’s ICD, with independent Chinese intellectual property rights, already possesses basic functions consistent with imported mainstream ICDs, such as automatic sensing pacing, 40J energy charge/discharge within 10 seconds, synchronized/asynchronized defibrillation, anti-tachycardia pacing, supraventricular tachycardia discrimination, and DF-4 interface. It also features a streamlined design with smooth curves and Bluetooth telemetry functionality.

During the product development process, Singular Medical continuously innovates, building a world-class chip R&D team. It possesses a comprehensive chip matrix in China's CRM industry, achieving self-developed and China-produced chips, and will realize subsequent product iterations based on these chips. The development of Singular Medical’s second-generation ICD is currently underway, with performance metrics that will fully match the latest imported products.

In the last week of 2022, Singular Medical was named "China's Best Medtech Company of 2022" by U.S.-based Medtech Outlook magazine for its outstanding innovation capabilities.

Singular Medical stated: "We thank our new and old shareholders for their recognition and support of Singular Medical. Singular Medical has been committed to in-depth research and development, focusing on the pinnacle of CRM technology in the ICD field for many years. Our products have reached the level of top overseas manufacturers' competitive products, filling the gap in domestically produced cutting-edge technology. After undergoing type inspection and animal experiments, our product foundation has been solidified. We are now working closely with domestic clinical experts to meet the final litmus test, and we look forward to our ICD products benefiting the public and saving as many people as possible from sudden cardiac death."

Dai Chen, Managing Director of TusPark Ventures, stated: "TusPark Ventures insists on investing in innovative technologies, namely products with internationally or domestically leading levels, high barriers, strong demand, and technology-driven growth logic, adhering to the 'two firsts'—the first and the only one in China. Cardiovascular is the most significant focus area for medical devices, which has been comprehensively covered. The ICD and other products developed by Singular Medical possess extremely high technological barriers, and subsequent product iterations and chip R&D have endowed the company with a high level of technological attributes. TusPark Ventures firmly believes in the Singular Medical team, which, through continuous technological innovation, data application innovation, and business model innovation, will become China's only platform for cardiac rhythm and heart failure treatment technology with independent intellectual property rights."

HWealth Capital's founding partner, Wang Hongwei, stated: "China has over ten million patients with arrhythmia and heart failure, but the size of China’s CRM market is still less than 5% of the global market, indicating long-term growth potential. In recent years, with the formation of expert consensus in specific clinical CRM diagnostic and treatment areas, China’s CRM sector will have opportunities for high growth in promising product fields. Singular Medical has been deeply engaged in the CRM field, leveraging ICD R&D technology as a foundation to expand into globally leading products like novel pacemakers, providing integrated solutions for heart failure and CRM management and treatment. At the same time, they are actively developing external defibrillators, heart failure monitoring products, and digital healthcare, which will eventually form a complete business loop. HWealth Capital will continue to have strong confidence in Singular Medical's team, products, and business model, particularly in their data-driven approach to individualized cardiac care for Chinese heart patients. We will fully support the company’s independent innovation to meet the growing demand for cardiac rhythm management among Chinese patients."

Zhang Ao, Executive Director of Qiming Venture Partners, stated: "In recent years, the competition in China's cardiovascular medical device field has been fierce. However, there are still untapped opportunities in the cardiac rhythm management segment, and the acceleration of localization is imperative. Since 2020, Qiming Venture Partners has invested in Singular Medical three times consecutively. We continue to have confidence in the team’s innovative capabilities and the company’s strategic layout. We also believe that Singular Medical’s clinical trials in 2023 will be successfully completed. We hope that in the near future, Singular Medical will continue to launch globally innovative products such as novel pacemaker systems, benefiting patients worldwide."

TusPark Ventures was reorganized and established in 2014 under the strategic background of Tsinghua University promoting the transformation of scientific and technological achievements. It focuses on investing in enterprises with high barriers, core hard technologies, and original innovation capabilities, while also featuring the incubation and investment of university scientific and technological achievements. Concentrating on major fields such as life sciences, medical devices, information technology, and modern manufacturing, it pays particular attention to the biopharmaceutical and medical device sectors infused with "hard tech." It adheres to investing in innovative technologies—products that possess internationally or domestically leading standards, high entry barriers, strong demand, and are driven by technological growth logic—to build competitive advantages through high barriers and seize the momentum of China's medical product innovation and technological upgrading. Among nearly 70 investment projects, nearly 50 are healthcare innovation projects, and the vast majority have grown into leaders in niche markets.

HWealth Capital was established by senior healthcare investors with outstanding track records, shareholders of large listed pharmaceutical companies, and leading industrial players in specialized medical fields both globally and within China. It is committed to building an "industry-driven healthcare fund deeply powered by research, scientific innovation, and operational expertise." The core team originates from leading medical industry institutions and scientific research institutes both in China and abroad, having previously invested in and incubated numerous technology and market leaders across various specialized fields worldwide. HWealth Capital focuses on major disease treatment areas such as neurology, oncology, autoimmune diseases, and other critical therapeutic departments. It emphasizes investments in best-in-class or innovative diagnostic and therapeutic products supported by rigorous mechanisms and data, with significant potential market capacity.

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages 11 USD funds and 7 RMB funds, with total managed assets under management reaching 9.4 billion USD. Since its inception, it has focused on investing in outstanding early-stage and growth-stage enterprises in sectors such as Technology and Consumer (T&C) and Healthcare. To date, Qiming Venture Partners has invested in more than 480 rapidly growing innovative companies, of which over 180 have gone public or exited through mergers on exchanges such as the New York Stock Exchange, NASDAQ, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange. More than 70 of these companies have become unicorns or super unicorns recognized within their industries.