Pamu Medical Secures Nearly $100M Series C Funding, Setting a Record in Asia-Pacific Innovative MedTech Financing

Pulnovo Medical, an innovative medical device company, recently announced the completion of its Series C financing round, raising nearly $100 million. The round was co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, with existing investors OrbiMed and Gaorong Ventures making oversubscribed additional investments. The proceeds will be primarily used to advance Pulnovo Medical’s global clinical trials, overseas business operations, and strategic development plans.

Notably, this funding round was oversubscribed twice, marking the largest market-oriented financing in the Asia-Pacific innovative medical device sector in recent years. This underscores the strong confidence that top-tier investors have placed in Pulnovo Medical’s internationalization strategy and professional capabilities.

Pulnovo Medical’s proprietary core technology and products, the “Percutaneous Pulmonary Artery Denervation (PADN)” series of catheters and console systems, represent the world’s first minimally invasive interventional therapy for pulmonary hypertension to receive regulatory approval in China. Pulmonary Hypertension (PH), which can lead to heart failure and death if it progresses severely, is known as the “cancer of cardiovascular diseases” and currently has very limited treatment options, primarily relying on pharmacological therapies. PADN utilizes radiofrequency ablation to block the sympathetic nerves within the pulmonary vascular intima, thereby effectively reducing pulmonary arterial pressure and slowing disease progression.

Over the past eight years, clinical trials on Pulnovo Medical’s PADN have been featured annually at the Transcatheter Cardiovascular Therapeutics (TCT) conference, the most influential summit in the U.S. cardiovascular field. More than 15 papers have been published in top-tier cardiovascular journals, including but not limited to JACC, EuroIntervention, and JACC: Heart Failure, marking the growing recognition of this original Chinese technology by the global academic and clinical communities specializing in pulmonary hypertension treatment.

In October 2024, a delegation from Pulnovo Medical was invited to the Mayo Clinic to conduct the first North American clinical training on Pulnovo’s Pulmonary Artery Denervation (PADN) technique. As a world-renowned top-tier medical institution, the Mayo Clinic has been ranked the number one medical institution globally by Newsweek for six consecutive years. The Mayo Clinic is also a pioneer in adopting novel medical methods and technologies. This visit by Pulnovo Medical signifies the advancement of the “Chinese Solution” to the forefront of global medical innovation. It also marks the first time in history that a “Chinese team, Chinese Principal Investigator (PI), and Chinese Solution” have jointly entered the Mayo Clinic.

In addition to the vigorous commercialization efforts in China, Pulnovo Medical has multiple ongoing clinical projects worldwide. In China, a large-scale registrational clinical trial for the indication of chronic heart failure combined with Group 2 pulmonary hypertension is being conducted in collaboration with more than 30 top-tier Grade A tertiary hospitals and is nearing completion. With the support of leading hospitals and research institutions across Europe and Asia, patient enrollment for the international multicenter clinical study on PADN therapy for chronic heart failure combined with Group 2 pulmonary hypertension is proceeding smoothly. The participating centers, including those already enrolled and those about to be enrolled, span countries such as Portugal, Italy, Switzerland, Greece, Serbia, Georgia, Singapore, and Malaysia. Meanwhile, two FDA-regulated global multicenter clinical trials are also poised to launch in the United States.

2025 marks the third year of collaboration between Cynthia Chen, Chairman, Executive Chairman, and President of Pulnovo Medical, and Jessie Lian, Executive Director and CEO. It is also the fifth year of Pulnovo Medical’s corporate and scaled operations. Cynthia holds degrees from Emory University and Columbia University in the United States and pursued an EMBA at the University of Chicago Booth School of Business. She previously worked at the World Health Organization (WHO) headquarters in Geneva, Switzerland, and at Medtronic China. Jessie graduated from Peking University and CEIBS (China Europe International Business School). She previously held positions at Johnson & Johnson and Cordis, later serving as President of Asia Pacific and General Manager of China for Contego Medical, Inc. Leveraging their extensive industry experience and keen market insights, Cynthia and Jessie have joined forces with leading cardiopulmonary specialists to pioneer groundbreaking explorations in this field.

This partnership, initially viewed with skepticism by the industry, is demonstrating in its own way to China’s healthcare sector amid a capital winter that true innovation never adheres to convention. It follows no set formula and knows no bounds of age or gender; it demands the breakthrough courage to step out of one’s comfort zone, the resolve to tackle the most challenging paths, and, above all, managers’ discerning eye and appreciation for talent and capability.

Following the successful conclusion of its Series C financing, Pulnovo Medical is accelerating its global multi-center clinical trials and commercialization strategy.

The Pulnovo Medical team stated, “In the field of artificial intelligence, China’s DeepSeek has emerged as a disruptive force, demonstrating global influence. In the medical device sector, Pulnovo Medical stands as a quintessential representative of the rapid rise of innovation within China’s medical device industry. In the past, Chinese medical device companies merely followed in the footsteps of their foreign counterparts by learning from established technologies. Today, however, they have positioned themselves at the forefront of innovation, leading global development in non-pharmacological and interventional treatments for pulmonary hypertension and heart failure. Pulnovo Medical has broken away from the traditional model, in which Chinese medical device companies primarily relied on distributors and channel partnerships for international commercialization, enabling innovative technologies and products from China to gradually take center stage on the global platform.”

Hu Xubo, Managing Partner at Qiming Venture Partners, stated: “Pulnovo Medical has achieved remarkable innovative breakthroughs in the interventional treatment of pulmonary hypertension and heart failure. Its independently developed PADN technology has not only commenced commercial sales in mainland China, Hong Kong, and Macau, but also initiated its internationalization process in 2024, conducting global multi-center clinical trials in Portugal, Serbia, Georgia, Southeast Asia, and other regions. Following the successful receipt of FDA Breakthrough Device Designation, the launch of global clinical trials further demonstrates the technology’s global leadership and clinical value. As a long-term investor in the healthcare sector, Qiming Venture Partners is committed to supporting innovative enterprises with a global perspective. We are highly optimistic about Pulnovo Medical’s significant potential in the fields of pulmonary hypertension and heart failure, and will fully support its international expansion and commercial implementation, jointly promoting Chinese original technologies on the global stage and bringing new hope to patients with pulmonary hypertension and heart failure worldwide.”

Lilly Asia Ventures (LAV) stated, “Pulnovo Medical has achieved rapid growth since the completion of its previous funding round. Its first product has achieved a commercial breakthrough and gained market recognition, while the registrational clinical trials for its second product are nearing completion. The innovation and clinical potential of this second product have attracted widespread attention from cardiovascular experts both in China and abroad. The ongoing international multicenter clinical trials further underscore Pulnovo Medical’s ambition to expand globally. This represents a historic breakthrough for China’s domestic medical device industry and attests to the team’s exceptional R&D translation capabilities and global strategic vision. Since the Series A financing round, LAV has continuously supported the company through each subsequent round. We are honored to maintain a long-term partnership with Pulnovo Medical, jointly driving its continuous innovation and development in the field of pulmonary hypertension treatment.”

Dr. David Wang, Partner at OrbiMed, stated, “Over the past few years, Pulnovo Medical has consistently and efficiently advanced high-quality clinical trials in China and overseas, accumulating substantial high-level clinical evidence for indications in pulmonary hypertension and heart failure. With the approval of its Type 1 pulmonary arterial hypertension indication in China and the imminent launch of the U.S. IDE clinical trial for Type 2 pulmonary hypertension, OrbiMed is pleased to increase its investment in this round to support Pulnovo Medical’s innovative products in delivering safe and effective treatments urgently needed by patients worldwide.”

Yang Kun, Healthcare Partner at Gaorong Ventures, stated, “Congratulations to Pulnovo Medical on successfully closing a new round of financing against the market trend at the beginning of 2025. This marks Gaorong’s third consecutive round of steadfast support. As a pioneer in original Chinese medical devices and the creator of the PADN procedure, Pulnovo Medical has achieved remarkable acceleration over the past year. Its product has not only received NMPA approval for market launch, becoming China’s first First-in-Class original medical device for pulmonary hypertension and embarking on its commercialization journey, but it is also efficiently advancing global multicenter clinical trials. We are confident that it will soon gain access to additional major healthcare markets through certifications such as the EU CE mark and US FDA approval. Pulnovo’s outstanding progress and clinical recognition demonstrate that Chinese treatment solutions and original devices with genuine global innovation, safety, and efficacy are fully capable of reaching the forefront of global medical innovation. We look forward to continuing our partnership with the Pulnovo team to bring this breakthrough therapy to the world, benefiting more patients with heart failure and pulmonary hypertension.”