Hisky Medical, a Leader in Non-invasive Liver Disease Detection, Completes Over CNY 100 Million Series D Financing and Files IPO Prospectus

VCBeat has learned that Wuxi Hisky MEDICAL TECHNOLOGIES Co., Ltd. (hereinafter referred to as “Hisky”) has officially announced the completion of a funding round exceeding RMB 100 millionDround of financing. This round of investment was led byRHCLead Investor,Hunan Medical Development Fund,Guangzhou Bio-Island Life Science Innovation and Entrepreneurship Investment FundJoint Investment.Bairong CapitalServe asThis Round of TransactionsFinancial Advisor.

Hisky Medical Technologies, originating from Tsinghua University, is committed to the mission of “popularizing advanced technology and safeguarding public health.” It strives to become a leading enterprise in innovative medical diagnostic and therapeutic technologies, making outstanding contributions to human health.

Leveraging its industry-leading acoustic and optical technology platforms, the company’s core brand, iLivTouch^®Non-invasive Liver Detection System, CelTouch^®Confocal Microprobe Imager, EQTouch^®High-end ultrasound platforms have been successively introduced to the market. The company’s products have obtained overseas certifications from the U.S. FDA, the EU CE, Japan’s PMDA, Australia’s TGA, South Korea’s KFDA, and Russia’s RZN, among others. These products are sold in more than 60 countries and regions worldwide and are widely used for non-invasive screening, diagnosis, and post-diagnosis management in fields such as hepatology, gastroenterology, health check-ups, endocrinology, and pulmonology, serving tens of millions of patients both domestically and internationally.

The company has successively participated in multiple national and provincial/ministerial-level scientific and technological projects, including the National 12th Five-Year Plan for Science and Technology Support, the National 13th Five-Year Plan for Major Science and Technology Projects, the National Science and Technology Innovation 2030 Major Projects, the Key Projects of the Beijing Natural Science Foundation, and the Jiangsu Provincial Science and Technology Support Program. It has filed more than 500 domestic and international patents and reached an internationally advanced level in the fields of advanced optical systems, advanced acoustic systems, and intelligent imaging. The company has received numerous honors, including the Huang Jiasi Biomedical Engineering Award, the First Prize of the Huaxia Medical Science and Technology Award, the Second Prize of the Chinese Medical Science and Technology Award, the China Patent Excellence Award, and the First Prize of the Jiangsu Provincial Science and Technology Award. In 2024, Hisky was recognized as a “Specialized, Refined, Differential, and Innovative” Little Giant enterprise by the Ministry of Industry and Information Technology, distinguishing it as a national leader and hidden champion with strong innovation capabilities in niche markets, high market share, mastery of key core technologies, and global competitiveness.

Liver disease has long been a major public health challenge in China, with chronic liver disease threatening the health of hundreds of millions of people. Over the past decade, driven by changes in lifestyle and increased alcohol consumption, the prevalence of fatty liver disease in China has risen rapidly, currentlyFatty Liver Disease Has Replaced Viral Hepatitis as the Leading Liver Disease Among Residents in China.Simple fatty liver may progress to metabolic dysfunction-associated steatohepatitis (MASH), further advancing to hepatic fibrosis, cirrhosis, and even hepatocellular carcinoma.

In March 2024, Rezdiffra, the world’s first targeted therapy for MASH (metabolic dysfunction-associated steatohepatitis) under Madrigal Pharmaceuticals, received accelerated approval from the U.S. Food and Drug Administration (FDA). By the end of 2024, it had achieved impressive sales of $180 million. The market anticipates that six new MASH drugs will be launched in quick succession by 2027, with the pharmaceutical treatment market size rapidly expanding from zero in 2023 to $36 billion by 2030, driving exponential growth in demand for patient screening and companion diagnostics. Hisky’s flagship product, the liver fibrosis and steatosis detector, is widely recognized in the market as a critical tool for MASH patient screening and companion diagnostics.

Typically, the progression of chronic liver disease follows a trajectory from "hepatic fibrosis to cirrhosis to hepatocellular carcinoma." However, a significant proportion of patients with liver disease miss the window for intervention and treatment because conventional tests fail to detect early-to-mid stage fibrosis, ultimately leading to the development of cirrhosis and liver cancer.

A team from Tsinghua University began research on elastography-related technologies in 1993. Led by Professor Bai Jing and Professor Luo Jianwen, the team was among the earliest internationally to conduct elastography research and has accumulated substantial technical expertise. Hisky, in collaboration with Tsinghua University, has developed a clinical liver assessment system based on transient elastography technology.

Currently, this technology has been recommended as a Class A1 indicator for the diagnosis of liver fibrosis by authoritative medical organizations, including the World Health Organization (WHO), the American Association for the Study of Liver Diseases (AASLD), the European Association for the Study of the Liver (EASL), the Asian Pacific Association for the Study of the Liver (APASL), and the Chinese Society of Hepatology (CSH). This diagnostic technique is widely utilized in various departments within medical institutions both domestically and internationally that require liver-related assessments, such as hepatology, infectious diseases, endocrinology, hepatobiliary surgery, gastroenterology, ultrasonography, health examination centers, and community outpatient clinics.

Hisky's Core Product: iLivTouch^®The non-invasive liver detection system requires no blood draw; by placing the probe against the skin for two minutes, it can obtain the Liver Stiffness Measurement (LSM) and Ultrasound Attenuation Parameter (UAP), accurately assessing liver health. Compared with traditional liver biopsy screening, it offers the advantages of being non-invasive, accurate, quantitative, and convenient.

As a leading enterprise in the field of non-invasive liver fibrosis diagnosis, Hisky's independently developed iLivTouch^®The product series has filled a technological gap in China, and to date, it hasWith over 4,000 units installed globally, it firmly holds the leading position in China’s market for non-invasive liver fibrosis detection equipment.Hisky has also partnered with renowned pharmaceutical companies both in China and abroad to integrate diagnosis and treatment, driving efforts to eliminate the burden of liver diseases. Hisky has expanded its business to more than 60 countries and regions worldwide and is accelerating its global expansion.

Leveraging its advanced acoustics and optics technology platforms, the company has continuously developed more precise and efficient products for non-invasive testing scenarios. CelTouch, approved in 2023^®Confocal Microscope,, is one of the most cutting-edge optical diagnostic technologies currently available,A microscope inserted into the human body through the endoscope’s instrument channel can magnify tissues by 1,000 times, enabling real-time in vivo optical diagnosis at the cellular level and facilitating immediate, non-invasive “optical biopsy.” It holds significant application potential in cancer screening and diagnosis, intraoperative imaging, and other areas, and is suitable for use in gastroenterology, pulmonology, surgery, and related fields. Hisky’s CelTouch^®Upon its launch, it received high praise from numerous clinical experts and has been deployed in dozens of top-tier Grade 3A hospitals. In 2024, CelTouch^®Successfully selected for the list of the first (set) major equipment in Suzhou, Wuxi, and Changzhou.

In addition, Hisky also possesses EQTouch^®Data ultrasound platform and solutions for the diagnosis and treatment of breast diseases, based on EQTouch^®Ultra-DAQ, the data ultrasound platform, stood out at UFFC-JS 2024 (a major international joint academic conference held once every decade) for its exceptional flexibility and powerful capabilities, attracting significant interest from experts and scholars at renowned domestic and international institutions such as Stanford University, Duke University, Imperial College London, the University of Tokyo, National Taiwan University, and the University of Hong Kong. The system is currently in use at top-tier universities and research institutes including Tsinghua University, the Chinese Academy of Sciences, Fudan University, Shanghai Jiao Tong University, Southeast University, and Xiamen University.

Regarding this financing,Shao Jinhua, Founder of HiskyStatement: We extend our gratitude to RHC, the Hunan Medical Development Fund, and the Guangzhou Bio-Island Life Science Innovation and Entrepreneurship Investment Fund for their recognition and support of the company. Following this financing round, Wuxi Hisky MEDICAL TECHNOLOGIES Co., Ltd. will continue to uphold its commitment to technological innovation, expand further into clinical diagnosis and treatment fields, and promote the widespread adoption of innovative medical technologies.

RHCStatement: Hisky has demonstrated robust R&D capabilities throughout its development, continuously pushing technological boundaries and translating technical achievements into competitive products. We are optimistic about the company’s product development and commercialization capabilities. By participating in this financing round, we aim to help Hisky advance further toward becoming a world-class innovative medical technology enterprise.

Hunan Medical Development FundHisky is a rare high-quality enterprise in China’s high-end medical equipment sector. Its innovative technologies and products have been adopted and recognized by thousands of medical institutions both domestically and internationally, serving as a successful case of industry-academia translation from Tsinghua University’s School of Medicine and Engineering. The company boasts a highly resilient team, strong R&D capabilities, and mature commercialization experience. We look forward to new breakthroughs in its product portfolio for gastrointestinal cancers, breast diseases, and other areas. Hunan Medical Development Private Equity Fund will continue to monitor and support Hisky’s growth.

Guangzhou Bio-Island Life Science Innovation and Entrepreneurship Investment FundIt was stated that chronic liver disease affects the health of hundreds of millions of people worldwide, and non-invasive screening and diagnosis in the early stages of liver fibrosis are crucial steps in addressing widespread liver conditions such as fatty liver disease and viral hepatitis. This official partnership between Guangzhou International Bio Island and Hisky will expand its presence in the Greater Bay Area market and accelerate internationalization, thereby supporting Hisky’s robust growth in its next phase of development.

RHC, established in January 2015, is among the first private equity fund management companies in China’s insurance industry to be initiated and funded by insurance capital. After ten years of development, RHC has achieved a fund management scale of RMB 30 billion, with business segments covering funds of funds (FOFs) and direct investments, focusing on the healthcare, emerging technology, new consumption, and real estate sectors.

Hunan Medical Development Private Equity Fund Management Co., Ltd., established in 2015 with the approval of the Hunan Provincial People's Government, is a wholly-owned subsidiary of Hunan Medical Development Investment Group. Focusing on core sectors such as biopharmaceuticals, medical devices, healthcare services, and elderly care services, the company has consistently invested in numerous high-profile projects. To date, it manages 12 funds with a total scale exceeding RMB 3.6 billion and has invested in over 70 projects.

Guangzhou Bio-Island Life Science Innovation and Entrepreneurship Investment FundThe Guangzhou Bio-Island Life Science Innovation and Entrepreneurship Investment Fund was initiated by Guangzhou Guoju Venture Capital, a subsidiary of Guangzhou High-Tech Industrial Development Zone Group, and the Bio-Island Group, with active support from AstraZeneca Pharmaceutical (Guangzhou) Co., Ltd. Leveraging its unique advantages in the Greater Bay Area, the fund integrates Guoju Venture Capital’s professional investment expertise in biopharmaceuticals, the Bio-Island Group’s comprehensive capabilities in industrial implementation, and AstraZeneca’s industry perspective, international network, and ecosystem platform in the healthcare sector. This synergy aims to fully empower enterprises to integrate into innovative ecosystems and access international markets.

Bairong Capital is a research-driven financial advisory firm focused on the healthcare sector, dedicated to helping medical enterprises achieve rapid growth through extensive transaction experience and providing investment institutions with insights into valuable investment opportunities through rigorous, in-depth research. Bairong Capital’s areas of focus span multiple healthcare sub-sectors, including healthcare services, medical devices and consumables, IVD and precision medicine, biopharmaceuticals, and healthcare informatics. The core team at Bairong Capital comprises professionals from top-tier consulting firms, renowned investment banks, and accounting firms.