InnoMed Secures Over RMB 100 Million in Series C+ Financing to Accelerate Launch of Endovascular Implant Products

VCBeat learned第一时间 that Innomed will complete over 100 million yuanC+ round of financing led by INNOVAL CAPITAL, with the first batch of funds already in place.

Innomed, established in January 2013, is a national high-tech enterprise specializing in the development and manufacturing of endovascular implant and interventional medical devices, committed to creating globally leading endovascular implant and interventional products.

VCBeat previously learned that Innomed mainly focuses on three细分fields: peripheral vascular, structural heart disease, and access-related high-value medical devices. Its product portfolio includes fatigue-resistant lower limb arterial stent systems, iliac vein stents, heart valves, guidewires, angiographic wires, dedicated stiff wires for large vessels and interventional valves, vein stripping catheters, and trigeminal nerve balloons.

Among them, as of now, Innomed's anti-fatigue stent system Inno-Spring has obtained EU CE certification; the venous stent Inno-Xmart has completed clinical follow-up; the angiographic guidewire Inno-Hydrowire, guiding guidewire Inno-Pathwire, super-hard guidewire Inno-Taviwire, and venous stripping catheter Veno-Bright have received NMPA approval, with the angiographic guidewire and guiding guidewire also obtaining U.S. FDA certification…

As an innovative enterprise with a unique layout in three细分fields and rapid product progress, why has Innomed garnered the favor of many well-known investment institutions?

Nowadays, investment institutions generally agree with the view of Lei Jun, the founder of Xiaomi Technology: a large market can create big enterprises, but a small pond cannot raise big fish.

The three major fields laid out by Innomed—peripheral vascular, structural heart disease, and access-related high-value consumables—all belong to blue ocean markets with a potential space exceeding billions of yuan.

Among them, the "2021 Internet Health Insight Report on Varicose Veins" shows that China has 120 million patients with lower limb varicose vein disease. Research reports released by CICC show that the total number of patients with pulmonary embolism, deep vein thrombosis, and peripheral arterial embolism in China exceeds 3 million.

In response to the severe situation of vascular disease prevention and control, the country is strengthening the construction of grassroots vascular surgery departments. All primary and secondary hospitals are beginning to establish vascular surgery departments, and peripheral interventional treatments will become an important service provided by grassroots medical institutions.

With the increase in the number of patients and peripheral interventional procedures, Frost & Sullivan predictsThe Scale of China's Peripheral Vascular Intervention MarketToBy 2030DáTo 30 billion yuan。

Structural heart disease includes valvular heart disease, cardiomyopathy, congenital heart disease, and other conditions. Data released in the "China Cardiovascular Report 2019" shows that the number of patients with valvular heart disease in China has reached 36.3 million.

Data released by Frost & Sullivan shows that the global market for mitral valve interventions alone is expected to reach $17.4 billion (or 117 billion yuan) by 2030. Including the markets for tricuspid valve and pulmonary valve interventions, the market potential will be even greater.。

Access-related high-value consumables include guidewires, contrast wires, catheters, etc., which are essential high-value consumables for every interventional surgery.

For example, in vascular interventional surgery, whether it is stent implantation, interventional endovascular embolization, or balloon angioplasty, high-value access devices are essential. Whether implanting cardiac stents, drug-coated balloons, or other therapeutic devices, vascular interventional surgery requires access devices to establish the surgical pathway.

Therefore, the frequency of use of high-value consumables in the access category is higher than that of therapeutic devices. With the significant increase in the number of vascular interventional surgeries such as peripheral interventions and mitral valve interventions, the application of high-value consumables in the access category will become more widespread, and their market potential will be even greater.。

In fact, a promising blue ocean market alone cannot attract sharp-eyed investors. After all, in the blue ocean market, there are still multiple companies simultaneously vying for position.

Gong Xiaoyan, founder of Innomed, stated: "Investment institutions are optimistic about Innomed because it has a rich product line, competitive products, a good product reputation, and a long-accumulated industrial foundation."

First, in terms of product linesInnomed has laid out a portfolio of high-value consumables for access procedures, including peripheral guidewires, peripheral microcatheters, intracranial guidewires, and second-generation coronary guidewires. For peripheral vascular diseases, it has developed innovative products made in China, such as the peripheral venous stent system, peripheral arterial stent system, thrombectomy system, and ascending aortic stent graft system. For structural heart disease, it has developed products such as the mitral valve repair system and tricuspid annuloplasty system.

As an innovative company with a rich product line, Innomed is able to provide comprehensive solutions through its range of access products and therapeutic devices, such as the "angiographic guidewire + working guidewire + thrombectomy balloon + venous thrombus removal system + venous balloon + peripheral venous stent system," which serves as a one-stop solution for addressing iliac and femoral vein stenosis and occlusion.

At the same time, relying on a one-stop solution, Innomed is able to build its brand reputation through its star products and promote the adoption of more products in hospitals. Additionally, Innomed can adjust the pricing of individual products by leveraging its comprehensive product portfolio, allowing it to gain a competitive edge over companies focused on single products through strategic market positioning.

It should be noted that the reason why Innomed is able to widely cover the three major细分 fields and possess a rich product line is due to its strong research and development team and technical capabilities.。

In terms of the R&D team, Innomed's founder Gong Xiaoyan is a senior researcher at Harvard University and an expert in the national major talent introduction project (entrepreneurship category). He has served as the chief engineer at Johnson & Johnson in the United States, leading the R&D work for peripheral interventional devices. The chief technology officer of Innomed holds a Ph.D. from the University of Houston and has previously served as the director of R&D and process engineering at IDEV Technologies, responsible for the development of the SUPERA peripheral stent system. The overseas technical advisory team of Innomed collectively possesses over hundreds of years of experience in medical device R&D, including senior industry R&D personnel who have served as technical leaders in both startups and industry giants.

In addition, the core team of Innomed also includes six doctors and 12 masters, whose core members have a combined experience of over a hundred years in the field of peripheral vascular devices and high-end consumables.

In terms of technology, after nearly 10 years of efforts, Innomed has built three major technological platforms: a vascular intervention platform, a vascular implant platform, and a structural heart disease platform.

Gong Xiaoyan exemplified: "Relying on the vascular interventional technology platform, the guidewires and catheters developed by Innomed not only possess excellent pushability and torque control but also offer better imaging effects. Meanwhile, with the help of the vascular interventional technology platform, Innomed is able to develop more guidewires and catheters that meet clinical needs."

Second, in terms of product competitiveness, all products from Innomed possess unique advantages.For example, the peripheral artery stent system Inno-Spring, developed based on its braided stent technology, is an anti-fatigue stent system. It not only possesses high compliance and kink resistance but also overcomes the shortcomings of weak radial force at both ends of laser-cut peripheral vascular stents and poor fatigue resistance in the human body.

At the same time, the Inno-Spring arterial stent system is ergonomically designed for one-handed operation, allowing for gradual pushing and releasing of the stent. It also features an anti-fatigue design, capable of withstanding large deformations caused by limb movements such as twisting, bending, and compression without breaking or falling off.

Innomed's peripheral venous stent system Inno-Xmart, developed based on the vascular implant technology platform, features a unique self-compensating structure that ensures stable and precise stent deployment, while its resilience meets the radial force requirements of the iliac and femoral veins.

In addition, the Inno-Xmart venous stent system is designed with a unique repositioning feature, allowing for the repositioning and deployment of the stent, which enhances the safety and precision of the procedure.

Not only does Innomed's innovative product have obvious functional advantages, but it also possesses strong clinical competitiveness. For instance, the one-year follow-up for the Inno-Xmart venous stent system clinical trial has been completed, with patients showing a primary patency rate exceeding 90%.

Third, in terms of product reputationInnomed has engaged in in-depth exchanges with renowned clinical experts such as Director Zhang Xiaoming from Peking University People's Hospital during the R&D process. From a clinical perspective, they have developed innovative products that meet clinical needs and created unique functions favored by medical experts based on those needs.

The innovative products launched by Innomed not only safely and effectively address clinical pain points but also allow doctors to perform surgeries more conveniently and effortlessly through unique functional designs, ultimately gaining widespread recognition from doctors.

Fourth, in terms of industry depth, Innomed has completed the accumulation in R&D technology, production technology and other aspects, and is moving towards the product market promotion stage.From 2013 to the present, Innomed has grown for 10 years. During these 10 years, Innomed Medical has continuously developed innovative products that meet clinical needs through the combination of medical and engineering, and completed the construction of R&D technology platform and production platform, achieving accumulation from "0" to "1".

Next, Innomed will enter the market promotion phase. In the future, Innomed will promote the wider clinical application of innovative products that address clinical pain points, helping doctors benefit more patients and achieve a breakthrough from "1" to "100".

INNOVAL CAPITAL stated: "Innomed has strong R&D and innovation capabilities, with hundreds of patented technologies already accumulated. It has laid out three major细分fields each with a market potential exceeding tens of billions of yuan. Moreover, Innomed's products have significant competitiveness; for example, its peripheral vascular stent product uses seamless weaving technology, which is unique in China. We are optimistic about the track that Innomed is in, as well as its competitive advantages in the market. We also hope that Innomed’s products can be applied more quickly and widely in clinical settings to benefit more patients."

INNOVAL CAPITAL was established in January 2018 and is a market-oriented equity investment fund management company under the Anhui Investment Group. INNOVAL CAPITAL focuses on key industries such as healthcare, TMT, intelligent equipment, and new materials, building a full life-cycle fund cluster system ranging from angel, VC, PE, to M&A. To date, it manages 21 funds with an AUM exceeding 8.7 billion yuan. In the healthcare sector, it has invested in companies including Bloomage Bio, Yifan Pharmaceutical, Forerunner Healthcare, SciTech TopRidge, Shandong Medicine Partner, Lepu Biotech, PharmOne, Qihao Healthcare, Innomed, and Happy Factory.