HyUS Meditec Completes New Round of Financing Led by Nanshan Venture Capital with Shanghai TechVenture Co-Investment

VCBeat has learned that Huanying Medical, an ultrasound platform company with in-house capabilities for core components, recently announced the completion of a new round of financing.This round of financing was led by Nanshan Venture Capital, with follow-on investment from existing shareholder Shanghai Science and Technology Investment Co., Ltd. HAOYUE CAPITAL served as the exclusive financial advisor for this round.

Huanying Medical, established in 2020 and headquartered in Shenzhen, was incubated by the Shenzhen Institutes of Advanced Technology, Chinese Academy of Sciences. The company possesses independent intellectual property rights in ultrasound transducer technology, active interventional catheter technology, and high-frequency ultrasound imaging system technology.Centered on the ultrasound platform, expanding into multiple fields including interventional imaging, high-frequency imaging, ultrasonic liquid handling, and therapeutic ultrasound.One of the few companies in the industry capable of mastering core ultrasound technologies across the entire value chain。

Backed by the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences, and the State Key Laboratory of Medical Imaging Science and Technology Systems, Huanying Medical was founded by Dr. Qiu, an expert in ultrasound engineering with nearly 15 years of deep involvement in cutting-edge ultrasound technology R&D. With a background from top-tier global ultrasound laboratories, he has participated in the R&D and commercialization of multiple successful ultrasound products in China. The core team hails from renowned ultrasound research groups at the Chinese Academy of Sciences and leading industry enterprises, boasting mature talent across active and passive components as well as software and hardware domains, and possesses extensive experience in technology development and product commercialization.

Huanying Medical has undertaken numerous major national and regional research initiatives focused on ultrasound, boasting robust technical expertise in innovative application areas such as ultrasound catheter imaging, high-resolution imaging, ultrasonic liquid handling, and ultrasound therapy.

With the continuous advancement of interventional therapies for cardiovascular diseases and the growing adoption of precision medicine, the clinical value of intracardiac echocardiography (ICE) in atrial fibrillation and structural heart procedures has gained widespread global recognition. Currently, the penetration rate of ICE in China remains below 10%, indicating that it is still in a phase of significant growth potential, especially when compared with intravascular ultrasound (IVUS), whose usage has doubled year over year in recent years.

We believe that in the ICE (Intracardiac Echocardiography) sector, which resembles the consumables market, the key success factors are 1) image quality and 2) cost control. Huanying Medical possesses full-chain technology for ultrasound transducers, enabling material upgrades, structural improvements, and process optimization. This has allowed the company to achieve domestic substitution of miniature ultrasound transducers through independent R&D and manufacturing, significantly reducing costs while ensuring stability. As a result, it is well-positioned to gain a competitive advantage in future volume-based procurement programs for high-value medical consumables.

Regarding 4D-ICE, Huanying Medical has completed product development. Building upon 2D imaging, 4D-ICE incorporates real-time three-dimensional imaging, significantly enhancing visualization for structural heart procedures, lowering the technical barrier for physicians, and representing a critical competitive frontier in the future of intracardiac echocardiography (ICE). Huanying Medical has mastered the full suite of core 4D-ICE technologies, including imaging probes, multi-directional steerable catheters, 4D imaging algorithms, and imaging consoles, and is committed to providing global users with the most cost-effective 4D intracardiac imaging solutions.

As a non-invasive energy source, ultrasound has seen expanding applications in recent years beyond its well-established use in diagnostic imaging, particularly in therapeutic ultrasound and life sciences. Concurrently, there are increasingly stringent requirements for detection depth and image quality in ultrasound imaging itself, along with rapidly growing demand for dynamic imaging and high-frequency superficial scanning.

Leveraging its foundational medical ultrasound technology platform, Huanying Medical is continuously expanding the boundaries of the ultrasound field, breaking the monopoly held by imported products. The company has achieved breakthroughs in areas such as nanoliter ultrasonic pipetting systems, ultra-high-frequency ultrasound imaging systems for small animals, programmable ultrasound imaging devices, and photoacoustic multimodal imaging equipment, securing multiple China-exclusive or first-of-their-kind positions. With its core technologies, Huanying is well-positioned to further expand the application of ultrasound technology into a broader range of fields.

Xiao Qing, Nanshan Venture CapitalIt was stated that ultrasound holds broad application prospects in the biomedical field. The Huanying team has amassed substantial expertise in ultrasound technology, capable of providing a full suite of solutions for all key core technologies required by its products—a rare advantage in the current competitive landscape. The company boasts a rich product pipeline, encompassing both interventional catheter consumables and mainframe equipment, thereby mitigating the limitations associated with reliance on a single product line. It is believed that as its products are gradually introduced to the market, Huanying will emerge as a new star enterprise within the industry.

Xia Ye, Investment Director at Shanghai Sci-Tech Investment Co., Ltd.It was stated that the team resolved challenges associated with the in-house development and manufacturing of ultrasound transducers, achieving a breakthrough in cost reduction. The image quality has also received widespread acclaim from physicians. Given the current landscape of China’s healthcare market, we are optimistic that the team’s core products will effectively respond to the national volume-based procurement (VBP) policy, thereby bringing significant benefits to patients. Furthermore, the team has overcome key technical hurdles in 4D intracardiac echocardiography (4D-ICE), securing a solid foundation while maintaining a robust product pipeline in this field. We remain bullish on Huanying Team’s future development in the ultrasound sector and cardiovascular interventional imaging.

Zhao Jun, Managing Director of HAOYUE CAPITALstated, “We are delighted to have supported the company through this round of financing. Ultrasound is a safe, non-invasive, and precise diagnostic and therapeutic modality in the medical device sector, with significant growth potential. The Qiubo team has established a solid technical foundation and robust technological reserves, successfully achieving a domestic breakthrough in miniaturized transducers. We look forward to their future development.”

Shenzhen Huanying Medical Technology Co., Ltd. is a national high-tech enterprise incubated by the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences. Registered in Nanshan District, Shenzhen, the company has established three major bases for R&D, pilot testing, and production focused on cutting-edge biomedical ultrasound technologies in the Xili Lake area. To date, the company has secured tens of millions in financing, with a focus on developing advanced high-frequency medical ultrasound technologies and products, including high-resolution color Doppler ultrasound systems, intracardiac echocardiography catheters, and non-contact ultrasonic liquid handling devices and consumables. Leveraging its advantages and core competencies in high-frequency medical ultrasound technology, Huanying Medical aims to build a platform for the R&D and industrialization of original high-end medical ultrasound technologies in China, promoting the deep application of internationally leading ultrasound technologies in the life and health sectors.

Nanshan Venture Capital, affiliated with the State-owned Assets Supervision and Administration Commission of Nanshan District, Shenzhen, is a state-owned venture capital firm deeply rooted in Nanshan with a global outlook. It manages and participates in funds totaling over RMB 5 billion, having invested in projects such as Dynanonic, United Winners Laser, Cambricon, Weidian Biology, Huafu Information, and Tenpower Technology. Focusing on next-generation information technology, intelligent manufacturing, healthcare, and new materials, Nanshan Venture Capital serves entrepreneurs through an integrated model of “incubation + venture capital + in-depth post-investment support.”

Shanghai Science and Technology Venture Capital Co., Ltd. was established in 1993. It is a wholly state-owned municipal enterprise (Tier 3) under the Shanghai municipal government. The company is a joint-stock technology investment firm jointly initiated by four large state-owned enterprises (Shanghai Science and Technology Innovation Group, Baosteel Group, Oriental Pearl, and Sinopec Shanghai Petrochemical Company) and six financial institutions (Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, and the Shanghai Branch of Bank of Communications). As a state-owned capital investment platform in Shanghai specializing in early-stage venture capital, it adheres to the investment philosophy of “Three Mosts, Seven Highs, and One Low” and focuses on the strategy of “investing early, investing small, and investing in hard technologies.” With biopharmaceuticals and advanced manufacturing as its core sectors, it also covers new energy and energy-saving technologies, information technology, and new materials. By leveraging multi-party resource collaboration, the company contributes to building a healthy, mutually beneficial investment ecosystem within the Shanghai Science and Technology Innovation Group.