Intalight (formerly SWIN) Files IPO Prospectus: Swept-Source OCT Powers Breakthrough in China's Premium Ophthalmic Device Market

The high-end ophthalmic equipment market in China is undergoing profound changes. According to the "2022 Ophthalmology Industry Report"重磅 released by VCBeat,In 2021, in China's ultra-high-end OCT market of over 2 million yuan, Intalight's swept-source OCT achieved a market share of 42%, surpassing imported brands to rank first. Among the more than 90 devices sold, 40 Intalight OCT units were installed in leading ophthalmology centers across China or benchmark hospitals in various provinces, with multiple hospitals making repeat purchases.

September 17,The First Affiliated Hospital of Zhengzhou University and Intalight Reach Strategic Cooperation: Intalight Swept-Source OCT "Clinical Training Base" and "Research Cooperation Unit" Grandly Established.At the unveiling ceremony,Professor Xiaofang Zhang, Founder of the Ophthalmology Department of the Hospital, a Leading Figure in Chinese Ophthalmology, at the Age of Nearly 103Delivered a speech expressing admiration, "We used to wonder when our domestically produced products could achieve better quality and better results. Now, we can confidently say,"The era of the rise of Chinese products and their beginning to lead the world has arrived!"

Inauguration Ceremony of the Clinical Research Base and Research Cooperation Unit of the First Affiliated Hospital of Zhengzhou University

Due to the extremely high technical and brand barriers, the domestic high-end ophthalmic medical device market in China has long been monopolized by imported products. In recent years, with the improvement of China's independent innovation capabilities, the wave of domestic substitution has arrived, and many excellent Chinese brands are accelerating their efforts to occupy this high ground.Intalight, with its world-class R&D team boasting a Silicon Valley background, has integrated system engineering from nanoscale semiconductor equipment, optical design concepts, and world-leading algorithm capabilities to create a new generation of swept-source OCT products that comprehensively surpass imported ones. This has made Intalight a "dark horse" in the ophthalmic device industry, leading the way for domestically produced high-end ophthalmic equipment to overtake competitors.

According to Dr. Li Bing, CEO of Intalight, the swept-source OCT developed by Intalight has already achieved scaled sales. Relying solely on this product, the company has reached break-even for three consecutive quarters. Despite the impact of the pandemic, sales performance has continued to grow against the trend, steadily achieving profitability. The top-tier R&D team, excellent product performance, rapidly increasing market share, and robust financial performance have drawn the attention of investment institutions. Intalight has received investments from multiple venture capital firms and secured strategic investment from Aier Medical, a leading company in the ophthalmic services field.

Recently,The China Association of Medical Equipment officially awarded the selection certificates for the eighth batch of outstanding domestically produced medical devices, and Intalight's swept-source OCT received recognition.During the same period, at the ophthalmic industry technology and equipment exposition hosted by the ophthalmology branch of the association,In recognition of the significant value of Intalight's newly developed Ruyi Full-Eye OCT technology for clinical practice, research, and the entire industry, the association has awarded Intalight the two prestigious honorary titles of "Ophthalmology Technology Progress" and "Outstanding Industry Contribution.""Excellent Domestic Medical Device Products" are strictly selected by experts from relevant organizations under the entrustment of the Planning, Development and Information Department of China's National Health Commission. Every year, a group of domestically produced medical devices with advanced technology and excellent quality are selected to provide reference for the equipment configuration of medical and health institutions across China, while significantly accelerating the process of domestic substitution in the medical device industry.

Intalight Receives "Excellent China-Made Medical Device" Certification, "Industry Outstanding Contribution" and "Ophthalmology Technology Progress" Honor Certificates

Looking back at this year, Intalight has frequently received various awards. At the beginning of August, Intalight won the 2022 World Ophthalmology Forum Roadshow Project Competition. In June, it was listed on the "Future Healthcare 100 Strong - China Innovative Medical Device List". In May, it topped the "Top Ten Advances in Chinese Ophthalmology in 2021" and successfully developed a new standardized tool in collaboration with the National Institute of Metrology, participating in the formulation of the "OCT China Standard"… Intalight's swept-source OCT has garnered multiple top industry honors and evaluations, which not only demonstrates the technical strength of domestically produced self-developed OCT but also represents significant breakthroughs in high-end domestic ophthalmic equipment.

Currently, Intalight OCT has assisted multiple ophthalmology experts in China to publish 60 SCI articles in international journals, achieving fruitful scientific research results. Among them,Professor Lei Bo's team, from Henan Provincial Eye Hospital and Henan Eye Institute, publishes multiple significant research achievements.He said in an interview: "Currently, Intalight's OCT is already an internationally leading product, characterized by being wider, deeper, and more precise, offering significant assistance to clinical and research work.For instance, in the past, due to the insufficient penetrability of traditional OCT, it was impossible to observe the complete morphology of optic disc drusen. By utilizing Intalight's swept-source OCT, we have studied the relationship between this disease and fundus structure, proposing a new classification method that is highly beneficial for morphological observation of the disease. Another example is that previously, it was unknown how the crystalline lens of myopic patients changed. However, with Intalight’s swept-source OCT, which enables observation of the anterior segment, the entire morphology of the crystalline lens can now be seen. Through comparative studies, we discovered that the crystalline lens in myopic patients becomes thinner and the anterior chamber depth increases. This research provides substantial and reliable evidence for a deeper understanding of myopia!

Professor Lei Bo's Comments on Intalight OCT

Multiple provincial benchmark hospitals have vied to introduce it, earning the trust and口碑 of numerous renowned experts. How has Intalight's swept-source OCT managed to dominate China's ultra-high-end OCT market? In fact, this is determined by the advanced technological barriers inherent in the Intalight swept-source OCT product itself.This technical barrier is based on Intalight's three comprehensive capabilities, including nanoscale semiconductor equipment system engineering capability, complex optical design capability, and top-tier algorithm development capability; this technical barrier has also been forged through Intalight's continuous clinical practice, market accumulation, and ongoing innovation and upgrading.

Intalight was founded in Silicon Valley, USA, in 2014.Founder and Chairman Mr. Peng XianzhaoHe is the top scorer of the Chinese Physics Olympiad in Henan Province, and holds a Ph.D. in Laser Spectroscopy from Oregon State University in the U.S. With 21 years of R&D experience in lasers and precision optics in Silicon Valley, he has worked on the research and design of tunable lasers, which can serve as the core technology for third-generation swept-source OCT, at New Focus, a Silicon Valley optics company. He also engaged in the R&D and design of optical systems at KLA, a Silicon Valley semiconductor equipment company.Co-founder and CEO, Dr. Bing LiOnce the top science student in Fuzhou City, Fujian Province's college entrance examination, earned a Ph.D. in Electrical Engineering from the University of Virginia, USA, and served as the head of the algorithm team in China for the former Silicon Valley semiconductor equipment company KLA. Published 23 papers on image processing algorithms, cited over 1,000 times. The defect detection algorithms for multi-chip and single-chip 16nm semiconductor processes led by him are currently running on equipment in mainstream chip foundries.

With its inherent "Silicon Valley gene" attribute, Intalight has attracted a group of top engineers graduated from prestigious universities both domestically and internationally. Each of them possesses over 20 years of experience in system engineering, optics, algorithms, and other fields, forming an excellent R&D team for high-end ophthalmic optical equipment.

At the 2022 World Ophthalmology Forum not long ago, Intalight launchedIntalight's New Full-Eye OCT Technology: The world's first integration of full-eye axial visualized biometry, anterior segment OCT, anterior segment OCTA, posterior segment OCT, and posterior segment OCTA, with all functional parameters far surpassing traditional OCT standards.Achieved another comprehensive upgrade of swept-source OCT technology, significantly broadened the clinical and research application scope of OCT, redefined OCT products, and ushered in a new era of full-eye OCT.

During the past entrepreneurship phase 1.0, Intalight focused on and deeply cultivated the swept-source OCT technology field, transforming its entrepreneurial vision into designs, prototypes, and eventually stable mass-produced products. It established a quality control system for product mass production, perfected the supply chain and sales network, and honed an elite team integrating technology R&D, clinical application and product design, market sales and technical services, and lean production. Swept-source OCT is just the beginning; Intalight is now advancing into the 2.0 era of brand enhancement, product expansion, internationalization, and platform construction.

Building on its experience in the productization and mass production of high-end OCT equipment, Intalight is comprehensively expanding its presence in the field of advanced ophthalmic diagnostic and therapeutic devices.Intalight is about to launch a new generation of swept-source biometer, increasing the cataract detection rate to over 99%, thereby solving the problem of insufficient detection rates in existing products on the market; next year, Intalight will introduce China's first domestically produced ultra-widefield true color fundus camera, which will surpass current foreign brand products in both "ultra-widefield" and "true color" dimensions.Intalight's high-end ophthalmic product line continues to expand, bringing China's ophthalmologists world-leading, first-class diagnostic equipment, enhancing the level of ophthalmic research and clinical medicine, and also creating greater market opportunities for Intalight itself.

At the same time, Intalight will continue to expand its capabilities in empowering ophthalmic diagnosis through AI technology. Intalight's OCT technology and products have already incorporated numerous advanced AI-based algorithms, including 3D recognition algorithms for AI-based retina, anterior segment, choroid and choroidal vessels, and subretinal fluid. In mid-January this year, during the 2021 Asia-Pacific Academy of Ophthalmology Big Data Competition, two of Intalight’s algorithm teams stood out among thousands of participating teams, achieving third and tenth place respectively, and ranking within the top ten alongside leading AI research groups from prestigious universities.Intalight is set to launch AI-assisted diagnostic technology for retinal diseases, comprehensively upgrading the functional boundaries of Intalight OCT. It aims to enrich the usage scenarios of ophthalmic OCT and transform the business model of ophthalmic OCT in the near future.

Intalight AI Algorithm Lesion Recognition

In the field of high-end ophthalmic treatment instruments, Intalight will integrate the latest OCT technology to launch a new OCT navigation surgical microscope. Relying on the R&D experience of semiconductor optical equipment possessed by Intalight's research and development team,Intalight Will Build the World's Leading SMILE Refractive Surgery System.Unlike the technical path of small numerical aperture (less than 0.25) in femtosecond refractive surgery equipment, Intalight will adopt a technological route featuring large numerical aperture optical design, high pulse frequency, and personalized all-femtosecond surgical design. This approach truly achieves the accumulation of key core technologies in the all-femtosecond domain, fundamentally breaking the monopoly of foreign brands and further enhancing the safety, convenience, and applicability of all-femtosecond refractive surgeries.Currently, Intalight has completed the optical lens design for the full femtosecond refractive surgery system.

Currently, Intalight is expanding globally and entering the core markets of Europe and the United States. Intalight now has a Silicon Valley R&D center, a Shanghai R&D center, and a Luoyang manufacturing center. Its OCT products are in the process of applying for U.S. FDA and EU CE certifications.The company will also continue to expand its overseas elite talent team, with heavyweight marketing executives already on board. It will further upgrade the Silicon Valley R&D center into a U.S. R&D and operations center and establish a new European R&D and operations center in Germany.

Intalight U.S. R&D and Operations Center Exterior

As Dr. Peng Xianzhao, Chairman of Intalight, said, "Our next goal is,Let China's high-end ophthalmic equipment go global and serve users worldwide.”