Xinmai Medical Completes Nearly $100 Million Financing as a Global Leader in Renal Denervation from China

VCBeat learned at the first time,Recently, SyMap announced the completion of nearly 100 million US dollars in financing. This round of financing was jointly led by VMS Group and Primavera Capital with equal funding, and additional investments were made by existing investors Smo Capital and Sequoia China. CEC Capital served as the exclusive financial advisor for this transaction.

"With the completion of a new round of financing, Professor Wang Jie, co-founder, Chairman, and CEO of SyMap, stated: 'SyMap is built on years of academic dedication, industry connections, network accumulation, entrepreneurial experience, industry foresight, clinical expertise, and a robust and meticulous patent system in both China and the U.S. Focusing on developing disruptive therapies/innovative devices for major diseases in the cardiovascular/respiratory fields, we have a truly First-In-Class product pipeline. Regarding the RDN pipeline product, there is no longer any doubt whether this therapy can become a clinical option for treating hypertension. RDN has evolved from a concept and lecture topic in academic conferences to a clinical practice now being implemented in the cardiovascular discipline. We are extremely fortunate to have the support of renowned institutions like VMS/PAG, the trust of Sequoia Capital/Simiao shareholders, the full participation of well-known domestic and international clinical expert teams, and guidance from regulatory authorities. After this round of financing, SyMap will reach an even higher level.'"

As the world's RDN (Renal Denervation) to date (Renal Artery Denervation Ablation) The largest single financing in the field. This round of financing will be mainly used to accelerate the global clinical registration trials of SyMap's multiple innovative medical device products, research and develop the next generation of RDN and disruptive innovations in respiratory intervention products, and acquire overseas innovative technologies and product lines. The company will build a uniquely innovative active technology platform in the chronic disease fields of hypertension, heart failure, arrhythmia, asthma, and early-stage lung cancer, becoming a global leader in interventional treatments within the cardiovascular and respiratory fields.

SyMap is an innovative medical device enterprise based in China, with a global perspective and operational capabilities. It was co-founded by Professor Wang Jie, a top expert in the global cardiovascular field, former Dean of Nanjing University Medical School, former Executive Vice Dean of Jiangsu Provincial Academy of Clinical Medicine, cardiology department of Jiangsu Provincial People's Hospital and Columbia University Medical School, along with Jin Kewen, a senior figure in the medical industry; Jinjiang Electronics became deeply involved and provided long-term support from an early stage. SyMap has previously received investments from well-known investment institutions including SoftBank China Capital, Sequoia Capital China, Juming Venture Capital, Yipu Capital, PuHua Capital, Simiao Capital, and Yuandian Venture.

SyMap has a complete product pipeline, with two ongoing clinical registration trials: the SMART Study, which is the world's only renal nerve mapping/selective ablation system for treating hypertension, and the BATA Study, featuring an innovative bronchial radiofrequency ablation system for treating severe asthma. Both products have entered the National Medical Products Administration’s special review process for innovative medical devices (Green Channel).

Professor Wang Jie, Founder of SyMap

Renal Denervation (RDN) is a novel interventional device-based treatment for hypertension. Over the past 30 years, the number of adults aged 30–79 with hypertension globally has increased from 650 million to 1.28 billion (Lancet 2021; 398: 957–80). In China, nearly 50% of adults aged 35–75 suffer from hypertension, with awareness, treatment, and control rates at only 45%, 30%, and 10%, respectively (Lancet 2017; 390: 2549–58). RDN for treating hypertension is supported by extensive and robust foundational research. In recent years, with sustained and firm investment in RDN by international medical giants such as Medtronic, Philips, and Otsuka, several large-scale clinical trials on RDN have yielded convincing and excellent data. Establishing clinical hypertension intervention clinics/centers based on RDN as a treatment method is entering the practical implementation stage and is expected to transform the overall landscape of cardiovascular medicine in the coming years.

SyMap's Renal Denervation Mapping/Ablation System is the world's only product capable of precisely mapping and locating renal nerve distribution, enabling selective removal of renal sympathetic nerves while avoiding the drawbacks of indiscriminate ablation. It boasts a robust global intellectual property portfolio comprising dozens of patents. The clinical registration trial, SMART Study, is led by numerous renowned domestic and international experts in the cardiovascular field, including Professor Yong Huo, Academician Junbo Ge, Professor Ningling Sun, Professor Yuehui Yin, Professor Hong Jiang, Professor Minglong Chen, Professor Chengzhi Lu, Professor Wei Ma, Professor Kaijun Cui, and Professor Chengzong Li. The trial also benefits from an International Expert Advisory Board composed of well-known overseas experts such as Drs. Felix Mahfoud, Murray Esler, Michael Böhm, Paul Sobotka, Howard Levin, and Mark Gelfand.

The world's only renal nerve mapping/selective ablation system from SyMap

Bronchial Thermoplasty is an interventional procedure that uses a bronchoscope to deliver controlled radiofrequency thermal energy to the walls of the third/fourth level airways. By removing pathologically proliferated bronchial smooth muscle, it blocks related nerve-mediated and inflammatory/immune responses, maintaining airway patency to treat severe asthma. This therapy is the only non-pharmacological treatment method recommended by the Global Initiative for Asthma (GINA) for treating severe asthma. China has more than 45 million asthma patients, of which 3.6%–10% are severe asthma patients with poor drug control.

SyMap's Bronchial Radiofrequency Ablation System employs an innovative, proprietary, and patented fine-tuning progressive radiofrequency energy delivery/feedback control strategy. This optimizes the fitting of key ablation parameters, making it more suitable for the pulmonary anatomical characteristics of the Chinese population. It also enhances the smoothness of surgical operations through more effective human-machine interaction, further improving the safety and efficacy of the procedure. The clinical registration trial, the BATA Study, is being conducted by renowned experts in the field of respiratory medicine, both domestically and internationally, including Professors Li Shiyue, Long Fa, Song Xiaolian, Yan Xixin, Shi Hanbing, Yao Xin, Wang Changhui, Chen Liang'an, Cai Zhigang, Ma Zhuang, Chen Bi, and Xu Xingxiang. Esteemed experts Drs. Felix Herth and Daniel Steinford are also members of SyMap’s International Expert Advisory Committee for its early lung cancer treatment products.

SyMap's Bronchial Ablation System

SyMap always focuses on addressing significant unmet clinical needs. In addition to the aforementioned products, SyMap pursues both independent research and development and acquisition/cooperative development, while maintaining close collaborations with renowned U.S. and Israeli think tank incubators. Several innovative devices have already entered the human validation trial phase.

With a company management team that has a global vision and operational capabilities, the strong support of top experts in the medical field worldwide, internationally leading pipeline development capabilities, and solid progress in clinical trials, SyMap has attracted recognition and investment from numerous first-tier funds and well-known investors.

Mr. Zheng Jiaqi, Managing Director of Spring Hill Capital, stated: "Due to poor medication control and low drug adherence, there remains a significant unmet medical need in hypertension. Interventional therapies represented by RDN hold the potential to become a novel treatment that fills this clinical gap. Professor Wang, with his solid academic expertise and extensive industry experience, enjoys extremely high prestige within the industry. He has led SyMap in independently developing the world’s only First-in-Class dual-function solution for selective renal artery ablation and mapping, which is nearing completion of its registrational clinical trial. We look forward to deepening our cooperation with Professor Wang's team and will fully support SyMap in bringing new hope to patients in China and around the world."

Mr. Wu Zhaowei, Managing Director of Dingpei Group, stated: "SyMap's product pipeline addresses unmet clinical needs in major disease areas such as cardiovascular and respiratory conditions. Through years of technological accumulation and protection under the global intellectual property system, the company’s product technology and pipeline clinical progress are at the leading level within the industry. We are highly honored to co-lead this round of financing. Under the leadership of the founding team and with the support of top global expert resources, we look forward to the company bringing more clinically beneficial innovative products to healthcare providers and patients. We firmly believe that the company will continue to create value for society and become a global leader in innovative device-based treatments for cardiovascular and pulmonary diseases."

Partner of Simiao Capital, Ms. Zhiying Chai, stated: "For many years, there has been no new treatment method in the field of hypertension treatment, whether for drugs or devices. Only 33% of patients in China have achieved reasonable control with existing treatment methods, so there is still an urgent need for new approaches in clinical hypertension treatment. Compared with drug treatment, novel interventional device treatments represented by RDN (Renal Denervation) offer the advantage of long-term benefits from a single procedure and are expected to become the preferred treatment method for hypertension in the future. Professor Jie Wang, combining renal artery anatomy, physiology, and histology, independently developed the world's first mapping and selective renal artery ablation dual-function solution. Feedback from doctors participating in SyMap’s clinical trials indicates that SyMap's selective mapping approach can more precisely ablate sympathetic nerves around the renal arteries while avoiding damage to parasympathetic nerve points. It also features intraoperative verification of ablation effects, making RDN treatment more effective and safer. We highly anticipate that SyMap's globally innovative mapping and selective ablation system will demonstrate superior clinical data, gain regulatory approval soon, and benefit a large number of patients in China and worldwide."

Mr. Xu Qiang, Managing Director of Sequoia China, stated: "Disruptive innovative medical technology has always been our focus. We are optimistic about the RDN technology and the significant value it will bring to patients in the field of hypertension in the future. Sequoia China invested in SyMap at an early stage. Today, RDN technology has been confirmed by numerous clinical trials abroad. We look forward to SyMap representing China on the global competitive stage and making China's voice heard."

As the investment bank advisor for this transaction, Dr. Zhang Xiao, Partner of CEC Capital, stated: "SyMap is one of the few Chinese innovative medical device companies whose product technology surpasses that of multinational competitors. Its technical level and clinical progress are significantly ahead of other domestic competitors. This round of financing by SyMap has set the record for the largest financing in the RDN field to date. We are highly honored to assist the company in completing this round of financing and look forward to the company's growth into a global leader in device-based treatments for chronic diseases."

V-Partners Group is a leading diversified financial group providing services such as asset management (private equity, real estate investment, and structured financing), securities brokerage, and corporate financial advisory. In private equity investment, the focus is on innovative and growth opportunities in key areas such as healthcare, technology, media and telecommunications (TMT), and consumer sectors. The V-Partners healthcare team specializes in identifying top global innovators that address unmet clinical needs, with investment areas covering therapeutics, diagnostics, and comprehensive health management services. To date, V-Partners Group has successfully completed over a hundred investments both within and outside of China, with total assets under management exceeding $3.8 billion.

Primavera Capital, founded in 2010 by renowned economist Dr. Zulu Hu, is a global professional investment management firm rooted in China, with offices currently located in Beijing, Hong Kong, Singapore, and Silicon Valley. Primavera Capital manages multiple RMB and USD funds, serving top-tier institutional, corporate, and family office investors globally, with total assets under management exceeding 100 billion RMB. The firm focuses on identifying the best investment opportunities amid China's historic transformation from a "middle-income country" to a "developed economy," concentrating on industries such as consumer goods, technology, healthcare, financial services, and carbon neutrality.

Simiao Capital is a venture capital fund focused on the healthcare sector in China. Guided by the principle of "passion for innovation, creating value," it has invested in several outstanding companies such as Venus Medtech, Zhiyun Health, and Rejoin Medical. In the future, Simiao Capital will continue to maintain its focus, looking forward to creating value for more enterprises and growing together with entrepreneurs.

Sequoia Capital has always been committed to helping entrepreneurs build enduring great companies, bringing global resources and valuable historical experience to its portfolio companies. Over the past 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders of industry trends. As the "entrepreneur behind entrepreneurs," Sequoia Capital China Fund focuses on investment opportunities in three areas: TMT, healthcare, and consumer goods/services. Over the past 16 years, Sequoia Capital China Fund has invested in more than 900 companies characterized by distinct technological features, innovative business models, and high growth and development potential.

CEC Capital is a leading investment bank in China's new economy, focusing on three major industries globally: TMT, consumer, and healthcare. In addition to its investment banking business, CEC Capital manages both a RMB fund and a USD fund. The company has branches in Beijing, Shanghai, Los Angeles, and San Francisco, and holds a U.S. securities market license. The healthcare industry is a key focus for CEC Capital and an area where it has significant advantages. Moreover, CEC Capital boasts the largest, most professional, and most comprehensively covered healthcare investment banking team in China.