Tianhong Shengjie Secures Nearly RMB 1 Billion in Series B Funding to Advance Comprehensive Venous Disease Solutions

VCBeat (WeChat ID: vcbeat) has learned that Tianhong Shengjie, the first one-stop comprehensive product platform in the field of intravenous therapy in China, has completed a Series B financing round of nearly RMB 100 million. The investment was led by Wuxi Guolian, Hetang Venture Capital, Ziniu Fund, and Ningbo Kangtuo, among others. Existing shareholders, including Su Gaoxin Venture Capital and Lvhe Investment, continued to increase their stakes in this round. Sanjiang Capital served as the exclusive financial advisor for this financing.Established in March 2016, Tianhong Shengjie is the first high-tech innovative medical device enterprise in China dedicated to the development of products in the field of intravenous therapy, possessing independent intellectual property rights. Over the past five years, Tianhong Shengjie has remained focused on clinical needs, developing and laying out its product portfolio based on urgent clinical demands. With senior experts in both clinical practice and R&D, the company has accumulated significant expertise in intravenous disease treatment technologies and product development. By comprehensively deploying full-spectrum solutions for intravenous therapy, Tianhong Shengjie has emerged as a leading enterprise in the domestic field of intravenous disease product development.

Wang Yonggang, Chairman of Venmedtech, stated that the proceeds from this financing will primarily be used to accelerate the clinical approval of products under development, such as iliac vein stents, continue R&D of the product pipeline, and expand production and market promotion.

Venmedtech has currently obtained four NMPA product registration certificates. Its plan for obtaining registration certificates over the next three years includes a series of products such as the iliac vein stent system, vena cava filters, thrombectomy catheters, thrombolysis catheters, high-pressure balloons, and thrombus aspiration catheters. Among these, Venmedtech’s iliac vein stent has already completed clinical enrollment and follow-up for 256 cases.

Venous disease is one of the major conditions affecting people's quality of life and生命安全. Clinically, venous diseases account for approximately 60% of vascular surgical cases, commonly occurring in the lower extremities, with an incidence rate about six times that of arterial diseases. Early detection and treatment can prevent heart disease, stroke, mini-stroke (or transient ischemic attack, i.e., cerebral hypoxia), leg ischemia, and potential amputation.

Venous diseases are categorized into two types: chronic venous insufficiency and venous thromboembolism. Chronic venous insufficiency primarily includes venous valve incompetence, varicose veins, and post-thrombotic syndrome. Venous thromboembolism mainly comprises deep vein thrombosis (DVT) and pulmonary embolism (PE), with PE predominantly caused by DVT.

Driven by rising living standards and an aging population, the market for venous disease treatment is expanding rapidly. Venous intervention represents a key subsector within peripheral vascular intervention. According to Frost & Sullivan, the market size of peripheral vascular interventional medical devices in China grew from RMB 1.7 billion in 2013 to RMB 3.01 billion in 2017, representing a compound annual growth rate (CAGR) of 15.4%. The market is projected to reach RMB 7.12 billion by 2022, with a CAGR of 18.8% from 2018 to 2022, indicating a phase of rapid development.

Currently, there are limited types of device products available on the market in the field of peripheral vascular interventional therapy. Clinicians even need to use them off-label. The currently marketed venous interventional therapy products are mainly imported products. Venmedtech is a major force in the research and development and localization of high-end devices for peripheral vascular interventional therapy.

In the rapidly growing yet under-penetrated sector of venous intervention, Venmedtech is currently positioned as a one-stop comprehensive product platform for venous vascular diseases in China, focusing on obstructive diseases, arteriovenous thrombotic disorders, reflux diseases, VTE prevention and treatment, lower extremity arterial diseases, and vascular access maintenance within the field of venous interventional therapy.

Currently, the key products in Phase I include the iliac vein stent system, peripheral balloon dilation catheter, endovascular foreign body retrieval device, and great saphenous vein stripping catheter. The subsequent product pipeline also includes thrombolysis catheters, mechanical thrombectomy catheters, balloon thrombectomy catheters, and inferior vena cava filters for the treatment of venous thromboembolic diseases.

The company has filed 50 domestic patent applications, of which 7 invention patents have been granted; it has also filed 6 international patent applications, with one granted in the United States and another published in Europe. In October 2018, the iliac vein stent system was approved to enter the National Special Approval Procedure for Innovative Medical Devices.

In the future, Venmedtech will gradually evolve into a comprehensive platform for the treatment of vascular diseases, focusing on minimally invasive endovascular interventions. Its main products will cover screening and diagnosis of endovascular diseases, vessel lumen preparation, intravascular thrombus management, implantation and interventional therapy for endovascular diseases, as well as post-treatment patient management, thereby providing a full-range product portfolio that covers the entire process of minimally invasive endovascular intervention.

Dr. Xue Zhifeng, head of the medical and healthcare investment team at Wuxi Guolian Investment, stated, “Venmedtech has demonstrated robust project management capabilities and strong team execution during the R&D and clinical trial phases of its core products, shortening the clinical trial timeline far beyond our expectations. Coupled with the team’s extensive industry network, we are highly confident in the company’s future product commercialization efforts. It is a great honor to be part of this project.”

Dong Min, General Manager of Suzhou New District Venture Capital Group, stated, “Venmedtech is a leading enterprise in the field of venous therapy, with a portfolio of multiple products in this area. Its products and technologies are at the forefront domestically, and its iliac vein stent system, developed by the company, is a first-of-its-kind innovation in China, having been included in the special approval process. The market potential for venous disease treatment in China is immense; it is projected that over the next decade, China’s venous intervention industry will grow into a massive industry valued at tens of billions of yuan. Venmedtech has assembled senior experts in operations, clinical practice, and R&D within this field. We highly appreciate the overall strength of the Venmedtech team and are honored to have accompanied and witnessed Venmedtech’s growth throughout its journey.”

Zhao Fuqiang, Vice President of Investment at Hetang International Health Fund, stated, “As a fund consistently focused on investing in domestically produced innovative medical devices, Hetang International Health Fund has closely monitored the development of minimally invasive technologies for venous disease treatment. With the continuous advancement of domestic medical technology, treatments for venous-related diseases, particularly minimally invasive systems, are gaining increasing clinical recognition. Since 2019, the U.S. FDA has approved multiple Premarket Approval (PMA) applications for iliac vein stents. As a company dedicated to product development in the field of venous therapy, Venmedtech’s core product philosophy and design are closely aligned with clinical needs. Rigorous controlled clinical trials have demonstrated the superior clinical efficacy of its flagship product, the iliac vein stent system. We believe it will gain broader recognition among physicians in the future, thereby benefiting patients in China. We look forward to collaborating with Venmedtech to advance innovative treatment technologies for comprehensive vascular diseases, promote the upgrading of diagnostic and therapeutic techniques in vascular surgery, and benefit more patients.”

Dr. Yu Bo, Executive Director and Head of Healthcare Investment at Ziniu Fund, stated, “It is a great honor to have the opportunity to participate in the development of Venmedtech. Driven by favorable factors such as the massive patient base of over 100 million individuals with venous diseases, the active development of vascular surgery in China in recent years, clinical patient and physician education on disease management, and the vigorous adoption of interventional clinical techniques, the venous intervention industry has experienced rapid growth. However, product maturity in the industry remains low, and no leading companies with comprehensive portfolios of venous intervention products have yet emerged. The competitive landscape is far from consolidated, leaving ample room for growth for early-stage startups. The founding team’s clear strategic planning and efficient execution have left a deep impression on us. Under the leadership of Mr. Wang Yonggang, the founder, the company will gradually refine its product portfolio in the field of venous therapy within three to five years. At that time, the company will become a leader in the treatment of venous diseases in China, generating significant spillover and synergistic benefits across the upstream and downstream sectors of the industry. We hope that, with the support of both new and existing shareholders, the company can rapidly grow into a frontrunner in this sector.”

Dr. Miao Lü, Managing Partner at Su Gaoxin Venture Capital Rongsheng, stated: “With this additional investment in Venmedtech’s Series B financing round, we remain firmly confident in Venmedtech’s comprehensive product portfolio in the field of intravenous therapy. We aim to propel the company to become a leader in intravenous therapy while gradually expanding into a comprehensive vascular treatment platform.”

Yang Jianxing, a partner at Green River Investment, stated, “The peripheral vascular intervention sector, particularly the vein intervention therapy track, is poised for dual acceleration in market size and domestic substitution. As a pioneer in this field, Venmedtech boasts a comprehensive product portfolio in this direction, with its core product, the iliac vein stent,即将 submitting for marketing approval. We believe that Venmedtech is not only poised to become the leader in the domestic vein intervention track in the coming years but also has the potential to emerge as a leading enterprise in the entire peripheral vascular intervention sector. We are committed to supporting Venmedtech in achieving this vision.”

Chai Yanpeng, Managing Partner at Ningbo Kangtuo Huichuang, stated, “Currently, the field of venous disease treatment presents higher R&D barriers compared to other areas of vascular interventional therapy. There are few mature domestically produced products and even fewer manufacturers, with the market still dominated by imported products. The Venmedtech Iliac Vein Stent System is the first vein-specific stent in China to receive special approval for innovative medical devices. It has been granted multiple Chinese invention patents. Its working principle and mechanism of action are pioneering in China, and its performance and safety represent a fundamental improvement over similar products. Technologically, it is at an internationally leading level and demonstrates significant clinical application value. Venmedtech has additional product pipelines planned for the future. We aim to accompany and support the company’s further development, helping it become a leading enterprise in the domestic venous treatment sector.”