Intalight (Shiwei Imaging) Files IPO Prospectus: Leading China's High-End Ophthalmic Equipment Innovation with Breakthrough OCT Technology

The ophthalmology sector is becoming a "hot commodity" in the capital market.

VCBeat statistics found that since 2021, more than 40 ophthalmic companies have received financing, with a total amount exceeding 8 billion RMB, setting a new historical high. 90% of them are concentrated in the field of ophthalmic pharmaceuticals and devices. Multiple industry investors have all expressed,With the boost of policies and technological innovation in recent years, investment opportunities have emerged in the upstream of the ophthalmology industry: good technology and good products have become the focus.

Recently, at the 7th Annual Meeting of Medical Scientists (2022) and the 2nd Physician Career Development Forum, the 2021 "Top Ten Advances in Chinese Ophthalmology," symbolizing the technological trend in ophthalmology, was officially released. Among them,Intalight's Self-Developed China-Made First True Blood Flow OCTA Device Ranks No.1 Among "Top Ten New Diagnostic and Treatment Devices and Popular Science Works", which has drawn industry attention.Special Report by The Physician Newspaper: "Intalight's Ultra-Widefield True Blood Flow OCTA surpasses imported brands in product performance and achieves a breakthrough in ophthalmic OCT technology."

"The most commonly used OCT technology in China's ophthalmology field has already surpassed international standards, reaching a level that exceeds many global devices," said Professor Wang Ningli, President of the Ophthalmology Physicians Branch of the Chinese Medical Doctor Association and a professor at Beijing Tongren Hospital, while announcing the list on site.

(Intalight OCT Device Selected as One of the Top Ten Advances in Chinese Ophthalmology in 2021)

As a leader in high-end ophthalmic equipment in China, Intalight's product received an evaluation of scientific and technological achievements from the Ministry of Science and Technology in 2021: reaching international advanced levels in all aspects.The advanced nature of the equipment has been affirmed by experts from many top domestic ophthalmology centers and chief experts of top international competitors, and it has participated in the formulation of national and international standards.This year, Intalight was also selected for the 2022 Eighth List of Excellent Domestically-Produced Medical Devices in China.Excellent performance has attracted the attention of investment institutions: Intalight completed two rounds of financing last year, with a total financing amount reaching hundreds of millions of yuan. Notably, the investors include Aier Medical, the leading enterprise in the ophthalmic services field, which means that in addition to financial support, it will also facilitate strategic synergy of industry resources.

According to Dr. Li Bing, CEO of Intalight, the high-end equipment from Intalight has already achieved scale sales. In 2021, the average winning bid price of the product (publicly listed winning bid prices in public hospitals) exceeded that of high-end imported products, and it has repeatedly stood out in competition, earning recognition from clinical experts.Relying solely on this product, Intalight has been self-sufficient for three consecutive quarters. Despite the negative impact of the pandemic, sales performance has grown against the trend and is gradually achieving stable profitability.

Currently, across China,Nearly 400 ophthalmic institutions have used Intalight's equipment. In over 80% of the TOP 30 ophthalmology centers, this device has become a mainstay for clinical and research purposes, with more than 60 units officially installed, including installations in over 20 high-end leading hospitals. This marks a new era for domestically produced high-end ophthalmic devices in China. Meanwhile, through collaboration with experts from leading hospitals in China, Intalight has contributed to the publication of 38 SCI research papers in international journals.

Behind Intalight's product being ranked in the "Top Ten Advances in Chinese Ophthalmology in 2021," receiving high recognition from top hospitals and experts in China, as well as gaining significant attention from the industry, what are the advantages of this product? How is Intalight able to lead the development of high-end ophthalmic equipment in China? Next, VCBeat will conduct an analysis.

At present, the development of ophthalmic devices is the fastest, with an annual compound growth rate of 22.7%. It is the fastest-growing sector in the ophthalmology industry chain, offering broad opportunities. However, it is important to realize that,The field of ophthalmic instruments also faces significant challenges, for two reasons.

Nowadays, innovative companies represented by Intalight are reversing this situation: as a leader in China's high-end ophthalmic equipment industry, Intalight's first swept-source OCT product obtained registration certification as early as 2019, pioneering the way for domestically produced high-end ophthalmic devices to surpass imported ones., and then relying on its own "hardcore" advantage of integrated software and hardware, Intalight's products are still in continuous research and development and technological iteration.

What are the breakthrough highlights of Intalight's product?Take the latest upgraded Intalight "Ruyi Full-Eye OCT" as an example. This globally first-released full-eye OCT product is equipped with the Ruyi swept-source engine, successfully integrating different functions such as anterior and posterior structural OCT, anterior and posterior blood flow OCT, and more into a single device., thereby optimizing the diagnosis and treatment process, improving work efficiency and patient satisfaction, while integrating full-eye examination results for convenient clinical and research data management.This ushers in a new era of full-eye OCT and is a groundbreaking ophthalmic diagnostic product.

In terms of product parameters,Intalight's OCT products can reach a maximum scanning speed of 400,000 scans per second, with a single scan range of up to 26 mm for ultra-widefield posterior segment OCT/OCTA. Automatic seamless stitching exceeds 200° (intraocular angle), with a maximum scanning depth of 12 mm for the posterior segment and 16.2 mm for the anterior segment.In contrast, traditional frequency-domain OCT generally has a scanning range of only 8-12 mm and a scanning depth of 2-3 mm. Compared with similar products domestically and internationally, its core parameters have improved 3-5 times, surpassing in scanning speed, penetration, imaging depth, imaging range, and blood flow algorithm.

With its excellent product performance, Intalight continues to gain favor in the industry: In addition to topping the 2021 "Top Ten Advances in Chinese Ophthalmology," it has also attracted numerous top hospitals and leading experts to participate in collaborations.

As of now,Beijing Tongren Hospital, Peking Union Medical College Hospital, Eye & ENT Hospital of Fudan University, Wenzhou Medical University Eye Hospital, Henan Eye Institute, West China Hospital of Sichuan University, the First Affiliated Hospital of Zhengzhou University, and other institutions have collaborated with Intalight to publish 38 SCI papers., several of which were top journal papers with impact factors ranging from 5 to 11. In addition, Peng Xianzhao, Ph.D., founder of Intalight, collaborated with Professor Chen Youxin of Peking Union Medical College to publish the first ocular disease atlas based on domestically produced OCT in China — "Atlas of Swept-Source Optical Coherence Tomography and Angiography."

As an academic tool in ophthalmology,Intalight's OCT products feature advanced functions such as choroidal vessel quantification, ultra-widefield blood flow imaging mosaics, and AI-driven precise layer segmentation., providing high-quality images for various complex lesions and offering reliable evidence for clinical research, effectively promoting new progress in ophthalmic academic studies.

It is worth mentioning that Intalight's OCT equipment has been installed in more than 60 units, including over 20 leading national and regional ophthalmic centers in China, and its presence across China’s “map” is rapidly expanding, among which are...Eye & ENT Hospital of Fudan University, Shanghai; Eye Hospital of Wenzhou Medical University; West China Hospital of Sichuan University; Shanghai Ninth People's Hospital; First Affiliated Hospital of Zhengzhou University; Tongji Hospital Affiliated to Huazhong University of Science and TechnologyWell-known ophthalmology institutions in China, such as the Eye Hospital of Wenzhou Medical University, have received widespread acclaim and are highly reputed in the industry.Multiple leading hospitals in China continue to repurchase., which is the greatest affirmation of Intalight's OCT product performance and quality.

Why Can Intalight Make Excellent Products in the High-End Ophthalmic Equipment Field?

This is related to Intalight's strategic choices and steadfastness: since its establishment, Intalight has been committed to building the Tesla of the ophthalmology field.And this goal requires two key elements: one is excellent hardware, and the other is powerful AI algorithm capabilities.

From the hardware level, Intalight has a world-class R&D team:The three founders are all Ph.D. graduates from the U.S., and the team members have more than 10 years of experience in Silicon Valley engineering, semiconductor optics, and high-end medical device development. Led by the Silicon Valley founding team, Intalight, with its inherent advantage in high-tech product R&D, has also attracted top R&D talents from several prestigious universities both in China and abroad.Currently, the core R&D team of Intalight consists of members from internationally renowned universities, covering specialties such as precision optics, electronics, precision mechanics, medical image processing, and algorithms. The composition of the entire team facilitates the integration of cutting-edge technologies in optical design, imaging algorithms, artificial intelligence, and cloud platforms.

From the perspective of AI algorithms, Intalight's advanced AI algorithms have gained recognition in international competitions. In mid-January this year, a competition lasting more than three months concluded on the Tianchi platform.In the 2021 Asia-Pacific Academy of Ophthalmology Big Data Competition, Intalight's algorithm team stood out from over ten thousand participating teams, securing third and tenth place, and jointly entering the top ten with top AI research groups from prestigious universities., not only showcasing its strong AI technical capabilities to the world, but also the world-leading AI algorithms used in the competition will drive product updates and iterations, thereby better serving users worldwide.

It is reported that Intalight's OCT product is equipped with artificial intelligence, incorporating a large number of advanced AI-based algorithms, including AI-based 3D retina recognition algorithm, 3D anterior segment recognition algorithm, 3D choroid and choroidal vessel recognition algorithm, and 3D subretinal fluid recognition algorithm. The empowerment of AI further enhances the intelligence, precision, and clarity of Intalight’s OCT product.

It is worth mentioning that on the road of technological innovation, Intalight continues to move forward without stopping.Currently, Intalight is accelerating the independent research and development of advanced technologies such as biometry and femtosecond lasers.

As the gold standard for axial length measurement,Optical BiometerWidely used in cataract surgery and adolescent myopia prevention and control, and compared with traditional optical biometers, swept-source optical biometers have a higher detection rate, thus driving a wave of equipment upgrades. It is reported that Intalight's swept-source optical biometer boasts the world’s leading signal-to-noise ratio and detection rate and is expected to complete certification by 2022.

Femtosecond LaserDue to its ability to achieve micron-level cutting precision, it is widely used in high-end surgical fields such as myopia and cataract surgeries, with extremely high technical and productization barriers. Intalight will rely on a world-class R&D team and experience in semiconductor optics with nanometer-level precision to create a globally leading femtosecond laser surgical device. The initial system and optical design of this product have been completed.

In summary, with the advanced hardware and leading AI algorithms developed by the R&D team, Intalight is continuously advancing towards its goal of becoming the "Tesla of ophthalmology."

China's high-end ophthalmic equipment is about to enter a golden period of development.

From a policy perspective, the country continues to promote the development of the ophthalmology industry. For instance, in January this year, the National Health Commission issued the "14th Five-Year Plan for National Eye Health in China (2021-2025)." The plan emphasizes establishing and improving a five-level ophthalmic medical service system at the national, regional, provincial, municipal, and county levels, optimizing the allocation of medical resources. It also calls for strengthening the establishment and construction of ophthalmology departments in secondary-level hospitals and above, addressing gaps in ophthalmology and its supporting disciplines. This implies that the industry will place greater emphasis on and procurement of ophthalmic-related equipment, benefiting import substitution and accelerating commercialization.

Facing a vast market, Intalight has started with ophthalmic diagnostic products like OCT. The team is currently developing diagnostic-grade artificial intelligence products that far exceed the performance of fundus photo recognition, based on core technologies such as advanced AI algorithms, high-performance computing, and precision optical imaging. These include an ultra-wide-field fundus camera, microscope OCT, and other full-range ophthalmic product lines, providing ophthalmologists with powerful diagnostic tools.These forward-looking layouts undoubtedly broaden the imagination of Intalight's future market.

In addition to positioning itself in the high-end market, Intalight has also launched the OCT product model S.Targeting the下沉market below one million yuan. It is reported that the series of products significantly reduced costs while maintaining the image quality of swept-source laser OCT, and obtained certification in April this year. The core coverage includes tertiary and secondary public hospitals, as well as private hospitals and physical examination institutions.This is consistent with Tesla's approach, which starts from the high-end market and gradually moves down to capture the affordable market, achieving a dimensional reduction attack.

On the other hand, with outstanding innovation capabilities, the export of high-end ophthalmic equipment is also a major commercial trend. To this end, Intalight is actively expanding into overseas markets, establishing itself in China while advancing internationally, providing advanced high-end ophthalmic equipment to users worldwide.

Intalight Continues to Expand its Overseas Elite Talent Team, Upgrading the Silicon Valley R&D Center into the U.S. R&D and Operations Center, and Plans to Establish a New European R&D and Operations Center in Germany. Intalight's OCT Products Have Passed the U.S. FDA and EU CE Type Inspection.

Next,With the upgrading of consumption and the intensification of population aging, the demand in the ophthalmology field, which combines both medical and consumer attributes, will become even stronger.We believe that, with the continuous breakthroughs of Intalight and other Chinese high-end ophthalmic equipment enterprises, the full replacement of imported high-end ophthalmic examination equipment by domestically produced ones is only a matter of time.