EnChannel Medical Files IPO Prospectus: Pioneering the World's Only 5D Cardiac Electrophysiology Mapping Platform
“If you can’t be the best doctor, provide the best services to doctors.” This philosophy has consistently defined the career of Feng Jun, Founder and CEO of EnChannel Medical.
Reflecting on his transition from clinician to entrepreneur, Feng Jun remarked, “After ten years in clinical practice, I never imagined stepping into the corporate world. Yet since making the switch, I have gradually discovered new avenues for realizing my professional value within the business sector.” His career path has taken him from a clinical engineer at a multinational corporation, to an executive at a foreign enterprise, to launching a venture as a distributor, and finally to foundingEnChannel: Focusing on Next-Generation Diagnosis and Treatment of Atrial FibrillationOver the past two decades, Feng Jun has consistently adhered to the core philosophy of “serving physicians,” striving to provide simpler, safer, and more efficient personalized treatment solutions for both doctors and patients.
In May 2025, under the leadership of Feng Jun, EnChannel Medical successfully completed an oversubscribed Series B financing round of RMB 600 million. This round was co-led by Meituan Longzhu Fund and existing shareholder Lilly Asia Ventures, with Longpan Investment participating as a follow-on investor. Previously, in 2023, EnChannel Medical had also completed an oversubscribed Series A financing round of RMB 195 million.
Amidst the cyclical turbulence in global capital markets, EnChannel Medical has successfully broken through against the tide twice in a row,Its underlying logic lies in the company’s unwavering commitment to being guided by the needs of clinicians, namely the “DO” (Doctor’s Orientation) principle.Feng Jun emphasized, “This principle should be common sense, but it is commendable for enterprises or founders to adhere to this common sense over a period of 5 years, 10 years, or even longer. Since its establishment in 2020, all decisions made by EnChannel Medical have been based on the ‘DO Principle,’ namely, how to provide higher-quality services to physicians. This original aspiration has never changed.”
Likewise, it is precisely this original aspiration and steadfast commitment that have enabled EnChannel Medical to stand out in the global electrophysiology arena, a sector characterized by the presence of industry giants and intense competition.
The sinoatrial node is the heart’s natural pacemaker, initiating depolarization and repolarization of cardiomyocytes through its automatic electrical discharges, thereby driving the heart’s regular rhythm. However, in atrial fibrillation, electrical signals in the atria become rapid, chaotic, and uncoordinated. This abnormal electrical conduction can cause symptoms such as palpitations, shortness of breath, and chest tightness, while significantly increasing the risk of serious complications, including stroke and heart failure.
Clinical studies have confirmed that catheter ablation is currently the only treatment modality with the potential to cure atrial fibrillation. As a veteran electrophysiologist with two decades of experience, Feng Jun points out, “Currently, catheter ablation for atrial fibrillation primarily employs two techniques: radiofrequency ablation and cryoablation. However, both technologies, which are based on the principles of thermal conduction or cold conduction, have certain limitations. Although the new generation of pulsed field ablation technology has achieved breakthroughs in performance, it still faces technical bottlenecks such as the risk of hemolysis and thermal effects. Nevertheless, both issues are solvable.”Therefore, the focal point of future technological competition will center on the development of next-generation products for atrial fibrillation ablation therapy.”
Evolution of Electrophysiological Mechanism Mapping Techniques for Atrial Fibrillation
Image provided by EnChannel Medical
From the perspective of the therapeutic mechanism of atrial fibrillation (AF) ablation, its core lies in the precise intervention of abnormal electrical conduction foci. Traditional contact-based AF mapping techniques primarily involve maneuvering a catheter to make point-by-point contact with the endocardium, acquiring electrical signals at different spatial and temporal points within the same cardiac rhythm, and then stitching and integrating them into a three-dimensional static map based on a common reference time. However, during an AF episode, endocardial electrical activity is rapid and disorganized, akin to a dynamically changing fountain in real time. In such scenarios, the resulting stitched static images are often distorted, making it difficult to accurately reflect the true cardiac electrical activity.
Therefore, next-generation products for atrial fibrillation ablation therapyofThe core of R&D lies inDynamically, in real time, and accurately map the regions of abnormal electrical activity in different patients.Feng Jun drew an analogy, stating, “Just like viewing Earth’s satellite cloud imagery, to clearly visualize the electrical waves of atrial fibrillation, one must move away from the heart and employ non-contact mapping, thereby enabling a more comprehensive understanding of the mechanisms underlying atrial fibrillation.”
Since its inception, EnChannel Medical has focused on mapping the electrophysiological mechanisms of atrial fibrillation, striving to break through the limitations of traditional “standard procedures.”, promote personalized ablation strategies centered on patient-specific electrophysiological characteristics。Leveraging the Action Potential mapping technology patents developed by its algorithm team, EnChannel Medical has achieved the industry’s first deep correlation between the spatial and temporal dimensions of electrocardiographic signals., by introducing two “time axes” (depolarization time and repolarization time), successfully pioneered the “five-dimensional cardiac electrophysiological mapping technology.” This technologyIt not only captures the fountain—presenting a comprehensive view of cardiac electrical activity—but also tracks the complete trajectory of each water droplet from ejection to its return to the pool—illustrating the origin, propagation, and disappearance of cardiac electrical signals (from depolarization to repolarization).，Truly Achieving "Visualization" of the Electrophysiological Mechanisms of Atrial Fibrillation,Helps physicians precisely locate the source of arrhythmias.
“Just as tumor treatment has evolved from a ‘one-size-fits-all’ approach to personalized therapy based on genetic testing, atrial fibrillation (AF) management similarly needs to shift from a generic model to individualized treatment that precisely targets the pathological focus,” explained Feng Jun.
Specifically, DePolar, independently developed by EnChannel Medical®Five-Dimensional Cardiac Electrophysiological Mapping System, with LibStar®High-Density Contact Mapping Catheter and DipperStar®The combination of non-contact mapping catheters, on the one hand, provides a comprehensive, whole-chamber overview of cardiac electrical activity; on the other hand, DePolar®It can precisely map the cardiac "depolarization" process while simultaneously tracking the "repolarization" process, thereby fully visualizing the entire course of electrical signal origination, propagation, and dissipation.
This “world-first” technological achievement provides robust support for physicians in precisely locating the sources of arrhythmias, enabling them to tailor individualized ablation strategies based on each patient’s specific condition, thereby significantly improving the success rate of ablation for persistent atrial fibrillation.
DipperStar®Ultra-High-Density Non-Contact Mapping Catheter (Left), DePolar®Cardiac Mapping System (China), LibStar®High-Density Contact Mapping Catheter (Right)
Photo by EnChannel Medical
Specifically, EnChannel Medical utilizes electromagnetic dual-positioning technology to achieve real-time dynamic tracking of basket diameter changes, LibStar®The mapping catheter is equipped with an ultra-high-density array of 96 electrodes, primarily for contact mapping, Dipperstar®The mapping catheter is equipped with 176 electrodes and primarily performs non-contact mapping. Leveraging EnChannel Medical’s “Co-Map Mapping Technology,” clinicians can select contact mapping, non-contact mapping, or both simultaneously based on clinical needs. This enables DePolar®Capable of achieving higher signal resolution,Rapidly and comprehensively acquire information on cardiac electrical activity,Accurately reconstruct the action potential of cardiomyocytes.
It is reported that DePolar®Cardiac Mapping Systems and LibStar®Ultra-high-density mapping catheters have initiated multicenter clinical trials. In the FIH study, LibStar®Mapping of 74,096 signal acquisition points was completed in just 9 minutes, reducing mapping time by approximately 40% compared with conventional mapping catheters. In addition, the next-generation DipperStar®Non-contact mapping catheters are also scheduled to officially launch their first-in-human clinical studies in 2025, promising to deliver more efficient and precise solutions for clinical practice.
Centered on the technological promise of “making atrial fibrillation ablation safer and simpler,” EnChannel Medical’s innovative achievements have formed a closed-loop chain for clinical translation, successfully establishing a one-stop treatment solution for atrial fibrillation that integrates “magnetic-electrical navigation + five-dimensional mapping + three-dimensional pulsed field ablation (PFA).”
In terms of ablation technology, EnChannel Medical has innovatively introduced a 3D balloon catheter, achieving a transition from point-based ablation to volumetric ablation.Feng Jun pointed out: “Traditional spot-ablation catheters suffer from issues such as uneven and discontinuous ablation, whereas our developed PFBalloon®The balloon-shaped PFA ablation catheter adopts a structure of “ultra-compliant balloon + flexible circuit,” which can closely conform to the anatomical configurations of various pulmonary vein ostia and antra, achieving circumferential contact. This successfully addresses the clinical technical challenge faced by electrophysiologists due to the variability in pulmonary vein anatomy, which often necessitates catheter adjustment or replacement, thereby improving ablation efficiency while reducing the incidence of complications.
In addition, EnChannel Medical has also introduced innovations in its PFA generator. Its developedNanoAblate®The Pulsed Field Ablation System adopts the world’s first “Medium-Voltage Pulsed Field Ablation” and “Unidirectional Vector Pulsed Field Technology.”, thereby confining energy delivery exclusively to the myocardial tissue and preventing direct electrical discharge into the blood. This enables physicians to precisely control ablation depth, thus effectively reducing the risk of complications such as atrio-esophageal fistula associated with conventional radiofrequency ablation.
PFBalloon®Balloon-shaped PFA Ablation Catheter (Left), NanoAblate®Pulsed Field Ablation System (Medium), PFApple®Small Balloon-Shaped PFA Ablation Catheter (Right)
Photo by EnChannel Medical
PFBalloon®Ablation Catheter Combined with NanoAblate®The combination of pulsed field ablation systems ensures that pulmonary vein isolation efficacy remains unaffected, enabling physicians to perform treatments across different pulmonary veins and ablation modes more simply and safely, thereby improving procedural efficiency, uniformity, and flexibility.
As the world’s first balloon-shaped pulsed field ablation catheter, PFBalloon®Enrollment of 139 patients with paroxysmal atrial fibrillation has been completed in a multicenter, registry-based clinical study across seven centers in China. The study demonstrated that acute-phase treatment outcomes for atrial fibrillation met expectations. All cases have completed interim follow-up, with safety and efficacy data exceeding expectations.
Leveraging the advantages of its underlying technology platform, EnChannel Medical has successively developedAdvanced Magnetic-Electric Dual-Positioning PF Balloon®Nav 3D Balloon-Shaped PFA Ablation Catheter, andPFLine®Linear Pulsed Field Ablation Catheter, PFApple®Small-Balloon-Shaped PFA Ablation Catheterand other innovative products. These offerings further enrich EnChannel Medical’s comprehensive electrophysiology solutions, providing clinicians with a more diverse range of options.
Atrial fibrillation is a progressive disease characterized by a prolonged clinical course and a high rate of postoperative recurrence. This not only severely impacts patients' quality of life but also poses significant challenges to clinical treatment. In response to these difficulties, EnChannel Medical, with the mission of "technology accessibility," is committed to developing solutions that align with "innovative technological products based on the “DO Principle,”Reshaping the Landscape of Atrial Fibrillation Treatment.
First, current ablation procedures are technically challenging and have a steep learning curve, while young physicians and those at primary care institutions often lack experience and standardized guidance. To address this issue, EnChannel Medical has developed a data intelligence platform—OpenAF™ Digital Twin Heart AI Model,By aggregating cardiac electrophysiological data, a digital heart model capable of visualizing micro-currents is constructed to assist physicians in simulating ablation strategies and precisely identifying the optimal treatment pathway for individual atrial fibrillation patients. Meanwhile, based on EnChannel Medical’sAF-Hub®Cloud Platform, enabling physicians anywhere to access AI-analyzed personalized surgical blueprints in real time, thereby further breaking down geographical and resource barriers with cutting-edge technology.
Secondly, the current global electrophysiology giants are adopting a strategy of sealing off their technology platforms, which not only limits the possibility of technical cooperation but also restricts the potential for more innovative products to serve clinical practice. In response, Feng Jun stated, “Just as Google broke down knowledge barriers through information integration, EnChannel Medical is bridging the treatment gap with an open ecosystem.” For example,DePolar®The cardiac mapping system adopts an open architecture, enabling compatibility with catheters from multiple brands. By fully integrating the advantages of products from different manufacturers, it provides clinicians and patients with more choices and a better treatment experience, while simultaneously promoting the healthy development of the entire industry ecosystem.
As an innovative enterprise co-founded by senior electrophysiology experts from China and the United States, EnChannel Medical has adopted a “depth before breadth” strategy in its market layout. In the concluding remarks of the interview, Feng Jun stated,“2026 will mark the inaugural year of EnChannel Medical’s commercialization. Empowered by capital, we will accelerate the registration, clinical trials, and commercialization processes in both China and the United States, ensuring the successful market entry of our core electrophysiology products in these two key markets, and leveraging our innovation advantages and brand reputation,”Step-by-step"Expand into other countries and regions, providing global clinicians with cutting-edge technologies and products under the labels of 'Chinese Innovation' and 'Made in China,' thereby redefining the global landscape of atrial fibrillation treatment."