Home Suzhou Meichuang Medical Secures Over RMB 100 Million in Series A+ Financing to Advance Implant-Grade ePTFE Material and Device Innovation

Suzhou Meichuang Medical Secures Over RMB 100 Million in Series A+ Financing to Advance Implant-Grade ePTFE Material and Device Innovation

Jan 15, 2025 08:00 CST Updated 08:00
WinX Capital

Investment Institutions in the Greater Health Field

Efung Capital

Biomedical Professional Investment Institutions

Tsing Song Capital

Venture-Style Private Equity Investment Firm

HongShan

Business Consulting, Enterprise Management Consulting Investment Institutions

VCBeat has learned that recently,Suzhou MEImedical Medical Technology Co., Ltd. (hereinafter referred to as “MEImedical”) announced the completion of a financing round exceeding RMB 100 million. This round was co-led by HongShan and Efung Capital, with participation from Industrial Capital Management Co., Ltd. and China Tsing Song Investment Ltd. WinX Capital served as the exclusive financial advisor. The proceeds will be utilized for the construction of medical-grade expanded polytetrafluoroethylene (ePTFE) production lines, research and development of innovative products, and the commercial promotion of certified products. This investment is expected to help MEImedical successfully overcome the bottleneck posed by the reliance on imported core raw material ePTFE in the medical device industry, positioning the company as a market leader in this field.

Suzhou MEImedical is a leading platform company specializing in the R&D, manufacturing, and commercialization of high-end implantable and interventional medical devices, built upon its core technology of medical-grade expanded polytetrafluoroethylene (ePTFE) materials. The company’s founder and team members have over 30 years of deep expertise in the fields of peripheral vascular and tumor intervention, having transitioned from commercial backgrounds to R&D and manufacturing. They have successfully attracted numerous globally renowned scientists and senior engineers from both China and the United States to join the team. Under the leadership of this core team, Suzhou MEImedical achieved a technological breakthrough in ePTFE—a critical material previously subject to global supply chain constraints—within just approximately one and a half years. The company has subsequently commenced production of ePTFE tubes and membranes, and completed the registration of its Device Master File with the National Medical Products Administration (NMPA) in December 2024.

Implant-grade ePTFE materials and related device products manufactured by MEImedical are widely used in high-growth fields such as vascular intervention, tumor intervention, and surgical procedures. Applications include covered vascular stents, non-vascular covered stents, artificial blood vessels, various patches, surgical sutures, medical aesthetic fillers, intracranial dura/spinal meninges, oral periosteum, endoscopic instrument channels, and expandable vascular sheaths. With a deep understanding of domestic and international market demands, the company actively provides customized OEM/ODM services to downstream device manufacturers. It precisely completes the design and manufacturing of ePTFE materials according to customers' specific needs, helping device manufacturers overcome critical bottlenecks in materials and related technologies, and offering new options for the research and development of related devices.

ePTFE-covered stents and synthetic vascular grafts remain dominated by imported products. In the national centralized procurement of peripheral vascular stents announced on December 19, 2024, several internationally renowned manufacturers withdrew their bids due to high costs associated with imported products, a situation that is bound to result in a significant shortage of available products for patients. Suzhou MEImedical has proactively strategized to break through upstream raw material barriers and establish a technological moat, substantially reducing product costs and accelerating the pace of product innovation and iteration. This effort supports the genuine import substitution of Chinese-made ePTFE materials and related medical devices, with relevant testing parameters and performance metrics equivalent to or exceeding those of imported products.

Liu Wenjing, Founder of MEImedical, stated: We are extremely fortunate to have secured substantial funding in such a challenging venture capital environment. This Series A+ financing round also demonstrates investors’ strong confidence in MEImedical’s team, strategy, technology, and products. We extend our sincere gratitude to both new and existing shareholders, particularly HongShan, Efung Capital, Industrial Capital Management Co.,Ltd., and China Tsing Song Investment Ltd, for their continued support of MEImedical. This financing will accelerate our clinical programs and domestic and international commercialization efforts, providing innovative medical device solutions to millions of patients.

Dr. Chen Xuanze, Vice President of HongShan, stated:The Suzhou MEImedical team boasts many years of R&D and commercialization experience in the peripheral vascular field. Since the last round of financing, the company’s execution capabilities, resource allocation abilities, and industry insights have been fully validated. The company possesses independent R&D and manufacturing capabilities in the underlying ePTFE material space, and its end products demonstrate a certain degree of innovativeness. We look forward to this round of financing helping the company achieve more remarkable results.

Fan Rongkui, Managing Director of Efung Capital, stated:There remains a vast unmet clinical need in the field of peripheral interventions, with multiple sub-sectors still representing blue-ocean opportunities compared to other interventional tracks. Meanwhile, the upstream material for covered interventional consumables—expanded polytetrafluoroethylene (ePTFE)—remains a critical bottleneck. Efung Capital is optimistic about the core team led by founder Liu Wenjing, which has initially broken the import monopoly on ePTFE, achieving excellent validation results from multiple downstream customers. We favor the founding team’s years of industrial accumulation, their unique product selection strategy, the leading progress of their core peripheral intervention products, and their well-structured product matrix that balances both long-term and short-term objectives. We believe that MEImedical will undoubtedly build an outstanding platform-based leading enterprise in the peripheral intervention field and drive the domestic substitution of key upstream materials.

The head of Industrial Capital stated:Industrial Capital Management Co., Ltd. has long been bullish on the explosive potential of the peripheral intervention sector. We are honored to participate in MEImedical’s financing round. We believe that China needs more outstanding peripheral intervention companies like MEImedical, which possess core foundational technologies and strong commercialization capabilities. We remain firmly confident in MEImedical’s future business development and hope that it will emerge as an industry leader, driving China’s peripheral intervention field to new heights.

Luo Binhai, Co-Head of Medical Devices at WinX Capital, stated:WinX Capital continues to closely monitor technological trends in upstream medical devices and high-end consumables. The emergence of MEImedical has undoubtedly injected new momentum into the development of peripheral interventional medicine in China. Breakthroughs in medical-grade ePTFE material technology have systematically addressed the long-standing reliance on overseas suppliers—a critical bottleneck for domestic innovative enterprises—thereby accelerating the localization and development of such devices. Beyond peripheral interventions, this material can be widely applied in cardiovascular and neuro-interventional procedures, as well as in medical aesthetics, expanding market potential and poised to reshape the industry landscape across the upstream and downstream sectors.

About HongShan


HongShan is a private equity investment firm focused on three sectors: technology, healthcare, and consumer. Since its establishment in 2005, HongShan has been committed to discovering and nurturing innovative and entrepreneurial forces, investing in over 1,500 companies both domestically and internationally. Among these portfolio companies, many have emerged with distinct technological advantages, innovative business models, high growth potential, and strong development prospects. To date, more than 160 of HongShan’s portfolio companies have successfully gone public, and over 140 privately held companies have grown into unicorns.

About Efung Capital


Efung Capital is among the earliest specialized biomedical investment firms in China. Its investment team comprises Ph.D. holders in biomedical sciences from top-tier universities both domestically and internationally. Focusing on global venture capital (VC) and private equity (PE) investments in the biomedical sector, Efung Capital has conducted rigorous screening and invested in over 100 high-quality enterprises in China and abroad, including Chipscreen Biosciences, Frontier Biotechnologies, Ascentage Pharma, Lifetech Scientific, Hualan Biological Engineering, Obio Technology, Yihua Pharmaceuticals, Harbour BioMed, Northcore Life Sciences, 3D Medicines, Quanxin Biotech, Tianqin Biologics, Huahao Zhongtian, and Real Biotech.With outstanding investment performance and exceptional investment research capabilities, Efung Capital has received numerous industry accolades. It has been repeatedly recognized as one of the “Top 30 Healthcare Investment Institutions in China” and one of the “Top 100 Venture Capital Institutions in China” by Zero2IPO; listed among the “Top 10 Best Exit Cases of the Year” and “Top 10 Best Biomedical Investment Institutions of the Year” by China Venture; ranked among the “Top 30 Best Venture Capital Institutions in the Guangdong-Hong Kong-Macao Greater Bay Area” by China Venture; named one of the “Top 30 Best Healthcare Investment Institutions of the Year” by Fund of Funds; and acknowledged as one of China’s Most Dynamic Drug Innovation Investment Institutions. For consecutive years, it has been rated as one of the “Top 10 Venture Capital Institutions in Shenzhen” and was featured in an exclusive interview by the world-renowned journal Nature.Efung Capital aims to accelerate the industrialization of biotechnological achievements through capital infusion. After years of accumulation, Efung has established a philosophy centered on entrepreneurs and grounded in value creation. It has built an experienced and distinctive professional investment team and adheres to a systematic “five-in-one” operational model encompassing investment, financing, risk control, management, and services. Committed to being people-oriented, trustworthy, and sustainable, Efung Capital strives to become a premier investment institution with enduring excellence.

About Industrial Capital


Industrial Capital Management Co., Ltd. (hereinafter referred to as “Industrial Capital”) is a wholly-owned subsidiary of Industrial Securities Co., Ltd. (SH601377).

After more than a decade of dedicated efforts, and leveraging the financial platform of its parent company, Industrial Securities, Industrial Capital has evolved into a professional private equity investment institution offering fund management services across portfolio funds, funds of funds (FOFs), investment promotion funds, infrastructure funds, and M&A funds. The company currently manages and serves funds with a total committed capital of approximately RMB 20 billion.

The Company’s investment capabilities have garnered widespread market recognition, having been honored with numerous industry accolades, including Zero2IPO’s “Top 100 Private Equity Firms in China 2023,” China Venture’s “Top 100 Best Private Equity Firms in China 2023” and “Top 10 Best Brokerage-Backed Private Fund Subsidiaries in China 2023,” as well as Financing China’s “Top 100 Best Private Equity Firms in China (2021–2023)” and “Best Brokerage-Backed Private Fund Subsidiaries in China (2021–2023).”

About WinX Capital


WinX Capital is a leading investment bank in China’s healthcare industry, headquartered in Beijing and Shanghai, with offices in Shenzhen and Hangzhou. It has received numerous accolades, including Qimingpian’s “No. 1 Financial Advisor in the Healthcare Sector for 2024,” First New Voice’s “No. 1 Financial Advisory Firm in the Healthcare Sector for 2022 and 2023,” and VCBeat’s “Healthcare Financial Advisor of the Year” at the Future Healthcare 100 Awards from 2022 to 2024.