Shenzhen CoreHeart Medical Completes Hundreds of Millions CNY Series C Financing to Build Comprehensive Heart Failure Solutions

VCBeat (WeChat ID: vcbeat) learned第一时间 that recently, Shenzhen Core Medical Technology Co., Ltd. ("Core Medical" for short) announced the completion of a C-round financing worth several hundred million yuan. After completing a nearly 200-million-yuan B-round financing in 2021 led by Hillhouse Ventures with participation from CICC Capital, Lianxin Capital, and Puhua Capital, Core Medical continued to be favored by primary market investors despite a cooling private equity financing environment in 2022, successfully closing a C-round financing worth several hundred million yuan. This C-round financing was jointly invested by well-known private equity firms and industrial capital such as Yuanheng Lizhen Capital, Cornerstone Capital, Salubris Medical Devices, Nanshan Zhanxin Investment, and Beihang Capital. Existing shareholders Lianxin Capital, Hillhouse Ventures, and others continued to increase their investments, continuously supporting and expressing confidence in the company's development.

This round of financing will be mainly used to accelerate the R&D, clinical, and commercialization layout of the product line, and build an innovative active implantation and intervention platform.

Heart failure (HF) is the severe and terminal stage of various heart diseases, and also one of the most significant diseases in the 21st century. The progression of heart failure is characterized by fluctuating relapses during the course and continuous deterioration in the terminal stage. With high prevalence, high mortality, and high readmission rates, it has become a critical public health issue that severely impacts the health of residents in China.

With the aging population and population growth, the number of patients with end-stage heart disease continues to increase. In 2017, there were 64.3 million heart failure patients globally. The latest results from the epidemiological survey of heart failure in China show that there are approximately 13.7 million heart failure patients. Among these patients, cardiac function progressively worsens as the disease advances. Driven by various causes or contributing factors, high-risk symptoms such as decompensation may occur, necessitating significant improvement in hemodynamics to alleviate symptoms or preserve end-organ function.The number of patients requiring mechanical circulatory support to assist cardiac pumping function exceeds 1 million each year.

Mechanical Circulatory Support (MCS), as an artificial device that replaces or assists cardiac function, provides blood perfusion outside the heart, improves the body's hypoxic state, and promotes organ function recovery, is commonly known as "Artificial Heart". As a technological highland for cardiovascular devices, it is known as the 'jewel in the crown of medical devices' due to its high R&D difficulty, and the technology poses a significant challenge for companies both domestically and internationally."

Core Medical was founded in 2016 and is committed to providing globally leading solutions for heart failure patients.Comprehensive Solution for Mechanical Circulatory Support.

Core Medical inBreakthrough in the Miniaturization of Artificial Hearts Pushes the Boundaries of Industry Technology, breaking the limitations of weight and performance in existing products within the artificial heart field, effectively addressing key technical issues such as hemolysis, thrombosis, anti-infection, and stroke, and further improving long-term reliability and stability. This brings a new generation of ultra-smallFully Magnetically Levitated Artificial Heart; At the same time, based on the implantable artificial heart technology platform and fully independent intellectual property rights in miniaturized motor technology, successfully breaking international technical monopolies, a new generation ofInterventional Artificial Heart Series Products`, filling the gap in China;`Become the only company in the global implantable and interventional artificial heart field to achieve a comprehensive layout.。

Dr. Yu Shunzhou, founder of Core Medical, stated, "In the field of mechanical circulatory support for heart failure, there is no single product that can meet all the needs of different patients. Based on the progression of the patient's disease, the required flow support, and the duration of support, a comprehensive evaluation of each patient’s condition and clinical needs is conducted in clinical practice before selecting different types of artificial hearts for treatment."

Core Medical inWith over 200 self-developed patented technologies globallyAccumulation andFive Major Basic R&D Technology PlatformsSupport, with strong R&D capabilities. Starting from actual clinical needs, the company has built a coverageProduct Pipeline for Comprehensive Mechanical Circulatory Support in Acute and Chronic Heart Failure, covering different support times, different surgical methods, different departments, and different flow rates; with the expectation of creating high-end medical device products that better meet patient needs.

In the field of implantable artificial hearts (LVAD, Left Ventricular Assist Device), Core Medical independently developed from clinical needs,The World's Smallest, Lightest, and Longest Battery LifeThe New Generation Fully Magnetically Levitated Centrifugal Left Ventricular Assist SystemCorheart 6, achieving a comprehensive improvement in performance compared to similar products, leading the global LVAD into the era of miniaturization.

It is reported that the Core Medical implantable artificial heart productCorheart 6, the product innovatively adopts axial full magnetic levitation and integrated control technology, not only in product design, but also in achievingSmall size, lightweight, excellent blood compatibility, low power consumption, long battery lifeAdvantages such as less invasiveness in implantation, infection prevention, system reliability, and system portability are even more prominent.Achieve a comprehensive improvement in performance; In clinical applications, it also brings practical clinical value; the product further expands the applicable population and can be applied to high-risk patient groups such as children and overweight individuals. Meanwhile, the lightweight design of the Corheart 6 device reduces gravitational traction on the myocardium and minimizes mechanical interference with reverse myocardial remodeling, making it more conducive to cardiac recovery treatment.

It is reported that, as of now, Core Medical's implantable artificial heart product Corheart 6 has broken several industry records:

The Largest · The First in China for LVAD Implants: Achieving the Most Clinical Applications in China

Fastest·The Fastest Clinical Trial Speed in the Industry: Completed clinical enrollment in 159 days, breaking the industry's clinical speed record

Best·Clinical Trial：Achieving in the LVAD industryHighestClinical Trial Success Rate,MinimumIncidence of Clinical Adverse Events

The Most Comprehensive · Clinical TrialsTest: Achieving broader population application, small weight & large weight, children & elderly

0 Breakthrough·Children：Achieving the First Pediatric LVAD Implantation in China

0 Breakthrough·Children：Achieving the First Case of LVAD Pump Removal and Recovery Treatment in Children in China

In the field of percutaneous ventricular assist devices (pVAD), for the treatment of high-risk PCI, cardiogenic shock, and other conditions with short-to-medium term risks of circulatory failure, Core Medical, based on its R&D technology accumulation in the miniaturization of implantable artificial hearts, has expanded its layout to include interventional artificial hearts. The product has been successfully implemented.Generate flow beyond similar products with minimal interventional size., which not only results in low trauma and a lower risk of bleeding but also provides a sufficiently large flow; the independently designed micro motor and control technology further reduce hemolysis, enhance product stability, and improve long-term operational reliability, enabling the product to achieveBetter blood compatibility and longer clinical usage time, with significant advantages over similar products.。

The company believes,Better blood compatibility, wider flow coverage, higher reliability and durabilityThe interventional artificial heart product is expected to fill the gap in this technology field in China and achieve a breakthrough "from zero" for domestically produced interventional ventricular assist devices.

Dr. Shunzhou Yu, Founder of Core MedicalStated: "Thank you to new and existing shareholders for their recognition and confidence in the company's commitment to a comprehensive strategic direction focused on heart failure circulatory support. Since its establishment, Core Medical has...Adhere to innovation as the primary driving force for enterprise development, uphold the basic principles of clinical quality, product quality, and innovation quality, and are committed to creating higher clinical value for heart failure patients worldwide.Heart failure, as the final battlefield of cardiovascular diseases, does not have a single product that can meet all the needs of different patients. To address the actual clinical needs of more than ten million heart failure patients in China, the company has developed implantable and interventional artificial hearts with complete independent intellectual property rights, making a comprehensive layout in the field of ventricular assist devices. It hopes to benefit heart failure patients worldwide in the future and will also strive to promote the overall development of the artificial heart industry. This round of financing has been oversubscribed, which will accelerate the commercialization of Corheart 6 and the research, development, and clinical progress of interventional ventricular assist devices."

Yuan Heng Li Zhen Capital was founded in January 2018. The founding team started with their own funds, gathered industry resources, and formed long-term partnerships with industry leaders. Focused on precision investments in the two major fields of "Intelligent Manufacturing" and "Life Science." Currently, it has strategically invested in ten science and technology innovation companies, all of which are unicorns or quasi-unicorns. Among them, Jiehua Microelectronics has been listed on the STAR Market, Himalaya FM is about to be issued on the Hong Kong Stock Exchange, and other projects are in the coaching phase. It plans to maintain an average of two to three IPO filings per year over the next three years.

Cornerstone Capital has over 20 years of investment management experience and is one of the earliest venture capital institutions in China. It has long been committed to equity investments in growth-stage enterprises native to China, adhering to the investment philosophy of "focused investment, key services." It has successively nurtured and created a group of industry leaders and leading companies in niche markets. The types of assets it manages cover angel, VC, PE, M&A, PIPE, and private secondary securities, with investment stages spanning the entire lifecycle of enterprises. By the end of 2021, the scale of assets under management exceeded 60 billion yuan.

Shenzhen Xinpeng Medical Technology Co., Ltd. is a wholly-owned subsidiary of Shenzhen Salubris Medical Devices Co., Ltd. (hereinafter referred to as Salubris Medical Devices). Salubris Medical Devices is an innovative cardiovascular medical device platform under the listed company Salubris. In the fields of cardiovascular, peripheral vascular, structural heart disease, electrophysiology, and hypertension, it has developed multiple globally and China-first vascular implantation and interventional device products through self-research, investment and mergers, and product rights acquisition. It aims to provide comprehensive solutions covering diagnosis, prevention, treatment, and rehabilitation for the aforementioned cardiovascular diseases.

Shenzhen Nanshan Strategic Emerging Industry Investment Co., Ltd. is a state-owned limited liability company established by the Nanshan District Government of Shenzhen. The company positions itself as the strategic direct investment platform for Nanshan District, focusing on strategic emerging industries and future-oriented sectors. It emphasizes investment in Nanshan's advantageous industries such as next-generation information technology, high-end equipment manufacturing, biomedicine, and the digital economy, while systematically expanding into future industry fields to provide new momentum for the high-quality economic development of Nanshan. The company’s current registered capital is 10.45 billion yuan, with two wholly-owned subsidiaries: Huirong Investment and Zhirong Guarantee. Huirong Investment serves as the company’s equity investment business platform, while Zhirong Guarantee functions as the financing guarantee business platform. The company will fully utilize equity investment and financing guarantee tools to support the development of the real economy.

Lianxin Capital was founded in August 2008 and is a fund management company focused on private equity and venture capital investments. Lianxin Capital currently manages multiple funds, with total assets under management exceeding 10 billion RMB.

The main investment areas of Lianxin Capital include technology, media, and healthcare, covering all stages from early-stage, growth-stage to maturity-stage. To date, it has completed over 160 investments, among which nearly 40 companies have gone public or listed in domestic and overseas markets, nurturing a group of industry leaders.

GL Ventures is one of the most active venture capital platforms in China, focusing on the value discovery and value creation of innovative companies, with particular attention to key areas such as new technologies, new energy, new materials, and new consumption. Since its independent launch in 2020, we have been committed to supporting the long-term development of early-stage innovative enterprises through systematic DVC (Deep Value Creation) services.

Beihang Investment is a high-tech investment company jointly initiated by Beihang University (Beijing University of Aeronautics and Astronautics) and some entrepreneurs from the Beihang community. Located in the core area of Beijing's Zhongguan Village National Independent Innovation Demonstration Zone, the company has a registered capital of 1 billion RMB. Beihang Investment fully commits to public entrepreneurship and innovation initiatives, actively participating in the development of national strategic emerging industries. The company primarily focuses on future aerospace technologies, medical-engineering integration, new energy, advanced manufacturing, and next-generation information technology—areas where Beihang University excels. With technology investment at its core, Beihang Investment aims to build a full-chain innovation ecosystem, pursuing both economic benefits and positive social impact. It aspires to become a benchmark enterprise supporting the construction of science and technology innovation centers and leading the development of entrepreneurship and innovation.