Tingsn Technology Completes Angel and Pre-A Funding Rounds to Accelerate Clinical Application of Intracardiac Echocardiography (ICE) Products

VCBeat has learned that TINGSN, recently selected for the 2021 Nanjing Cultivated Unicorn Enterprise List, has completed its Pre-A round of financing. The round was led by Nuoyu Capital, with follow-on investment from existing shareholder Taihe Capital Management Co., Ltd. The funds raised will be used for the pre-clinical small-batch production of Intracardiac Echocardiography (ICE) products and the expansion of its R&D team. Previously, TINGSN completed an angel round of financing in December 2020, which was led by Taihe Capital Management Co., Ltd.

TING SN stated: "The reason we were able to consecutively complete two rounds of financing totaling tens of millions of RMB within nearly half a year is that TING SN possesses a forward-looking R&D strategy, exceptional innovative R&D capabilities, and a strong capacity for rapid product advancement."

In terms of R&D strategy, TINGSN has proactively positioned itself to focus on the R&D of Intracardiac Echocardiography (ICE) products, closely integrating preliminary research and application development with the most pressing market demands of frontline clinicians, while continuously refining and enhancing the products' clinical implementation capabilities.

In terms of innovative R&D capabilities, TINGSN has established strategic partnerships with several top-tier research institutions in China for joint innovative R&D. Several overseas-trained research professors serve as R&D advisors for TINGSN, assisting the company in successfully completing the development and achieving technical breakthroughs for the core technologies of its ICE product.

Regarding rapid product advancement, TINGSN initiated the R&D of intracardiac echocardiography (ICE) products in 2019. Within just two years, the company has completed the development and design finalization of its ICE product, which is expected to enter the clinical market within the next year. TINGSN stated: “As China’s first intracardiac echocardiography (ICE) product with independently developed and controllable technology and clinical-grade performance, the TINGSN ICE will break the foreign monopoly upon its commercial launch, providing patients in China with a more cost-effective, Chinese-produced ICE device.”

TINGSN stated: "Driven by its independent R&D capabilities and original commitment to Chinese-produced substitution, TINGSN is also concurrently developing other cutting-edge clinical application technology products, striving to create a closed-loop ecosystem for intracardiac electrophysiology procedures, establish robust technological barriers, and provide clinicians with full-lifecycle solutions for intracardiac electrophysiology."

Over the past few decades, percutaneous catheter-based interventional techniques have gained widespread clinical application due to their minimally invasive, safe, and effective profile, becoming a primary treatment modality for arrhythmias and structural heart diseases. Currently, as clinical demands for procedural precision in cardiac catheter interventions continue to rise, interventional physicians require higher-resolution intraoperative imaging and navigation tools. Intracardiac echocardiography (ICE) catheter imaging has increasingly gained favor among clinicians for its ability to more intuitively and clearly visualize three-dimensional cardiac anatomy and detailed local anatomical features.

Intracardiac echocardiography (ICE) catheter imaging is an emerging interventional imaging technology. It involves the direct insertion of a bullet-shaped catheter, equipped with a miniature ultrasound transducer probe, into the cardiac chambers via a vascular approach to transmit and receive high-frequency ultrasound signals. This ultimately provides real-time, high-resolution anatomical information regarding cardiac structures, the real-time positioning of intracardiac catheters, and procedural complications (e.g., cardiac tamponade and thrombus formation). Owing to its advantages—including operational simplicity, absence of ionizing radiation, no requirement for additional personnel, and avoidance of general anesthesia—this technology has become an ideal imaging modality for contemporary cardiac interventional procedures.

In fact, intracardiac echocardiography (ICE) catheter imaging has been applied in clinical practice since the early 2000s. Initially, it was primarily used to guide “transseptal puncture”. Later, its application scope gradually expanded owing to its superior imaging performance. Currently, ICE catheter imaging has been utilized in a variety of clinical scenarios, including interventional therapy for various complex arrhythmias, imaging of specialized anatomical structures that cannot be mapped by electroanatomical mapping systems, intra-procedural imaging for structural heart disease interventions, interventional therapy with radiofrequency ablation catheters, and pacemaker lead implantation.

TINGSN stated: "As the technology matures and becomes increasingly widely adopted, China's cardiac interventional field is entering the ICE era. According to data reported by Dr. Zhang Shu of Fuwai Hospital at the National Annual Conference, the number of ablation procedures performed nationwide in 2018 exceeded 230,000, with three-dimensional (3D) ablation procedures reaching 140,000 cases. Moreover, cardiac interventional procedures are being extensively promoted and applied due to their minimally invasive, safe, and effective advantages. The widespread adoption of both ablation and cardiac interventional procedures will bring tremendous development opportunities for intracardiac echocardiography (ICE) catheter imaging technology."

Currently, in China, no mature Intracardiac Echocardiography (ICE) products produced in China have been launched on the market, leaving this sector largely dominated by foreign manufacturers. However, the high cost of imported devices imposes a substantial financial burden on patients' families in China and the medical insurance system. Furthermore, due to these pricing constraints, widespread adoption in the short term remains challenging.

Fortunately, leveraging its rapid product advancement capabilities, TINGSN has completed the R&D and design finalization of its Intracardiac Echocardiography (ICE) product, and plans to launch it to the clinical market within one year. TINGSN stated: “This is China’s first intracardiac echocardiography (ICE) product featuring independent intellectual property rights and independently mastered core technologies.”

Yang Zhiwen, Partner at Nuoyu Capital, stated: "The continuous advancement of interventional technologies has consistently driven improvements in the diagnosis and treatment of cardiovascular diseases. Whether it involves radiofrequency ablation for arrhythmias, thrombus identification and closure of the left atrial appendage, or valve replacement and repair for structural heart diseases, these innovations have all brought new hope to cardiovascular therapeutics. However, all these technologies share a common challenge: the difficulty of achieving clear and precise visualization. Conventional transthoracic echocardiography (TTE) is easily compromised by pulmonary gas, hindering clear visualization of atrial structures; transesophageal echocardiography (TEE) is poorly tolerated by many critically ill patients and carries risks of anesthesia and esophageal perforation; meanwhile, C-arm fluoroscopy offers only indistinct imaging, akin to looking at flowers through fog."

Intracardiac Echocardiography (ICE) is currently the best available solution. It not only provides high-definition images of cardiac structures, but its transvascular interventional approach also significantly reduces treatment risks for patients. This is a field characterized by exceptionally high barriers spanning from technological R&D to manufacturing. By integrating outstanding technological resources from both China and abroad, the TINGSN team has overcome numerous technical bottlenecks in ICE, becoming the first company in China to advance its product to the clinical stage. We are highly optimistic about the TINGSN team's confidence and capability to continuously surpass themselves, and we look forward to their ongoing introduction of more breakthrough technologies in the field of electrophysiology.

Dr. Chu Mingxing, an investor at Taihe Capital, stated: The unhealthy lifestyles of modern individuals and population aging will lead to a year-on-year increase in cardiovascular disease patients, continuously expanding market demand. Advancements in interventional diagnostic and therapeutic technologies can enhance patients' surgical tolerance and postoperative quality of life. In particular, developments in ultrasound imaging technology have "illuminated" physicians' vision, reduced reliance on individual "tactile feedback," and shortened the learning curve for newly practicing physicians. However, the R&D of such products (ICE) entails significant technical challenges and stringent manufacturing process requirements. Integrating multidisciplinary knowledge across materials science, acoustics, structural design, electrical engineering, and image processing has resulted in this market being consistently dominated by foreign products.

TINGSN is a startup that truly caught our attention. With exceptional resource integration capabilities and outstanding team execution, the company exceeded its planned milestones within six months of our initial investment, successfully completing team expansion, product optimization, production facility construction, and capital raising. The team members also share clear objectives and a strong sense of mission for the company's future development. These factors have prompted us to participate in follow-on investments, and we remain highly optimistic about TINGSN’s future prospects. We hope TINGSN will successfully secure the strategic high ground for domestic substitution in the field of cardiovascular interventional ultrasound.

Nuoyu Capital is a specialized investment firm focused on medical devices and digital health. Building on our extensive expertise in medicine and the healthcare industry, we remain committed to understanding the sector through the lens of clinical medicine itself. We deeply cultivate the fertile ground of medical innovation, identifying and partnering with entrepreneurs who truly grasp the essence of medical science. Guided by our collaborative ethos of trust, inclusivity, support, and steadfast partnership, we co-create the future alongside founders.

Over the past decade, the Healthcare Investment Team at Taihe Capital has consistently upheld the philosophy of "discovering value, creating value, and sharing value." Focusing on early-stage equity investments in companies with high technological barriers, strong execution capabilities, and a robust entrepreneurial spirit, the team has invested in multiple enterprises across sectors such as IVD, cardiovascular, and orthopedic high-value consumables, empowering its portfolio companies to deliver high-quality products and services to society.