Bosight Medical Completes Series B Strategic Financing to Accelerate Intelligent Precision Oncology Solutions

Recently, Guangzhou PVmed Medical Technology Co., Ltd. (“PVmed”) announced the successful completion of its RMB 90 million Series B strategic financing, invested by Zhuji Xienoxing Vision Venture Capital Partnership (Limited Partnership). Zero2ipo Capital served as the exclusive financial advisor for this round. The proceeds will be primarily used to further enhance and enrich the company’s product pipeline layout and innovation capabilities in the global multi-billion-dollar market for intelligent precision oncology therapy, expand coverage in both domestic and international markets, and accelerate the R&D, production, and regulatory registration of integrated solutions for intelligent precision oncology therapy that combine software and hardware. Meanwhile, PVmed will relocate to the Zhejiang Zhuji Intelligent Vision “Ten Thousand Mu and Hundred Billion Yuan” New Industry Platform (the “Zhuji Intelligent Vision Industry Platform”), comprehensively advancing its strategic layout in East China and strengthening its R&D and production capabilities for intelligent precision oncology surgical products.

Zhuji Intelligent Vision Industry Platform is a high-level industrial platform strategically conceived and fostered by the Zhuji Municipal Committee of the Communist Party of China and the Zhuji Municipal People’s Government, integrating the “Fengqiao Experience” with the “Digital Economy.” Covering a planned area of approximately 10,000 mu, its core park is located in the Zhuji Economic Development Zone, boasting a prime location and convenient transportation—just one hour by car from Hangzhou Xiaoshan International Airport and one hour by high-speed rail from Shanghai. The platform has also established “Zhuji Islands” in major domestic cities such as Hangzhou, Shenzhen, and Guangzhou, providing a unique enclave model that enables resident enterprises to conduct R&D outside Zhuji while maintaining production facilities within the city.

After more than two years of exploration, the Zhuji Intelligent Vision Industry Platform has achieved initial growth from scratch and expanded in scale. It has successfully attracted over 150 industry-leading enterprises, including Huawei and iFlytek, settled more than 50 key projects, and accumulated an investment scale exceeding RMB 70 billion. By establishing collaborative partnerships with renowned academic and research institutions such as Zhejiang University, Xi’an Jiaotong University, and the Hong Kong University of Science and Technology, the platform has fostered a highly favorable development trajectory, with its output value surpassing RMB 15 billion in 2023.Anchoring itself in the new frontier of the future intelligent vision industry, the platform is committed to building a trillion-yuan intelligent vision industrial cluster around the goal of “10,000 mu of space, RMB 100 billion in output value, and RMB 10 billion in tax revenue.” It aims to become a “pioneer zone for new quality productive forces” driving regional economic growth, with plans to fully realize the strategic objective of “10,000 mu and RMB 100 billion” by 2030.By joining the Zhuji Intelligent Vision Industry Platform, PVmed will not only gain resource support from upstream and downstream segments of the industrial chain but also embark on a new chapter of continuous innovation and breakthroughs in intelligent vision-based precision oncology treatment. This will deliver more advanced, multidisciplinary integrated solutions for precise cancer treatment to benefit a broad population of cancer patients.

Zhuji Intelligent Vision Industrial Park

PVmed was established in Guangzhou in May 2017, bringing together world-class experts and scientific research teams. Three members of its founding team were selected as national high-level talents. Its unique and robust R&D capabilities have positioned it as a leader in the field of artificial intelligence for oncology treatment. The company has repeatedly received prestigious industry honors, including being listed among the Top 20 China Medical AI Companies by Yiou Big Health for three consecutive years, making the VCBeat 2023 China Future Healthcare Top 100, and ranking among the Top 9 in China AI Imaging by MIT Technology Review in 2023.

PVmed precisely identifies clinical needs. By integrating advanced medical image analysis technologies, few-shot deep learning algorithms, knowledge-driven explainable artificial intelligence methods, and a profound understanding of clinical practice, PVmed’s solutions effectively advance the development of multidisciplinary, “one-stop” intelligent precision oncology treatment, providing cancer patients with more precise, personalized, and comprehensive treatment plans that align with clinical workflows.

PVmed’s flagship product, the “Intelligent Radiotherapy Target Delineation System,” has garnered widespread acclaim within the industry. Following the Series A strategic investment led by Philips and existing shareholder Xeno, PVmed further launched its “Intelligent Comprehensive Radiotherapy Solution” through deep strategic collaborations with leading international and domestic medical device manufacturers, including Philips, Elekta, and CNNC High Energy. In 2023, the company completed the world’s first clinical validation of intelligent adaptive radiotherapy for cervical cancer based on cone-beam CT (CBCT), demonstrating PVmed’s dedicated R&D and exceptional innovation capabilities in AI-empowered end-to-end radiotherapy solutions. By collaborating with renowned hospitals both in China and abroad, learning from physicians and medical physicists, and thoroughly exploring clinical needs, PVmed has created broader development opportunities for the translation of AI-based products. As of December 2023, PVmed’s oncology AI products had been deployed in over 400 hospitals across more than 20 provinces and municipalities in China, serving more than 400,000 cancer patients. Notably, among the top ten oncology hospitals in China as ranked in the 2023 Fudan University Hospital Rankings, PVmed’s products have been implemented in eight.

Over the past three years, PVmed has dedicated itself to the research and development of a general-purpose AI platform for minimally invasive surgery based on intelligent vision. Addressing pain points in the clinical workflow of minimally invasive procedures, this platform supports precise oncological treatment in both top-tier and primary care hospitals. It not only aligns with the national healthcare policy of "tiered diagnosis and treatment" but also pioneers a new era of intelligent, precise, and efficient minimally invasive oncologic surgery. Integrating the founding team’s over two decades of industry experience, this innovative technological platform leverages advanced medical image analysis and next-generation artificial intelligence technologies. It equips surgeons with intelligent "eyes" and "brains" to explore a broader range of minimally invasive surgical scenarios. By empowering existing medical device hardware and achieving productization across various minimally invasive surgical settings, the platform demonstrates significant advantages, including seamless integration into clinical workflows, high innovativeness, and strong generalizability. PVmed has now become the only company in China offering comprehensive coverage across the entire process of two major product lines—radiotherapy and surgery—within its internationally advanced AI-driven Multidisciplinary Team (AI MDT) approach to oncology. This achievement not only highlights PVmed’s leading position in the field of intelligent precision oncology but also ensures that its product positioning deeply aligns with the global trend toward multidisciplinary integration in precision cancer treatment, providing innovative solutions to enhance the comprehensive capabilities of clinical oncology care in China.

Since its establishment, PVmed has gained recognition from investors for its product positioning, innovation capabilities, and realization of clinical value, successfully securing nearly RMB 300 million in financing. The completion of this round of strategic financing not only affirms the medical value delivered by the company but also reflects strong confidence in its future growth potential. The funds raised will provide robust support to accelerate PVmed’s development in research and development, product innovation, and marketing. PVmed will continue to collaborate with leading global medical device companies to jointly promote innovation and development in smart healthcare, aligning with a global strategic layout that serves the “Healthy China” initiative and drives technological innovation and transformation in healthcare worldwide.

Dr. Xu Chenyang, President and Co-Chairman of PVmed, statedWe are deeply honored to accelerate the development of our intelligent hardware solutions and consumables business for precision oncology treatment at the Zhuji Intelligent Vision Industrial Park and the Hangzhou-Zhuji Island. PVmed is committed to providing more advanced, clinically integrated, and multidisciplinary intelligent precision oncology treatment solutions for the over ten million new cancer patients diagnosed globally each year. By empowering healthcare with next-generation artificial intelligence technologies, we aim to enhance the comprehensive capabilities of clinical oncology care and ultimately benefit a vast number of patients. The successful completion of this round of strategic financing demonstrates the strong confidence of the capital market and local governments in the development potential of PVmed’s AI-MDT technology and products, providing robust resource support to further accelerate our technological upgrades and product innovation. Looking ahead, PVmed will continue to collaborate with leading global medical device companies and professional investment institutions to jointly promote innovation and development in the field of smart healthcare, constantly expanding the boundaries of medical services through the power of technology.

Zhuji Government“To promote the steady and sustainable development of the intelligent vision industry platform, we will continue to implement a series of special safeguards known as the ‘Six Ones,’ which include one set of specialized policies, one major industry fund, one professional industrial park, a batch of sci-tech innovation enclaves, one professional competition, and one service system. We will deeply advance the Intelligent Vision ‘Morning Star’ Initiative, striving to build a highland for the intelligent vision industry and establish a ‘City of Vision,’” said Dong Guanghui, Member of the Standing Committee of the Zhuji Municipal Party Committee and Secretary of the Party Working Committee of the Development Zone, at the 2023 Intelligent Vision Industry Summit. “The establishment of PVmed on the Zhuji Intelligent Vision Industry Platform is one of the significant achievements of our implementation of the Intelligent Vision ‘Morning Star’ Initiative. It has injected new vitality into extending and strengthening the intelligent vision industry chain, with far-reaching implications, particularly in embarking on a new journey to empower the healthcare sector through the application of intelligent vision technologies.”

Zhuji Xienoxing Vision Venture Capital Partnership (Limited Partnership) stated：The successful completion of this financing round is not only a significant milestone in PVmed’s development but also the starting point for us to jointly embark on a new chapter. In the rapidly evolving technology sector, PVmed has consistently maintained keen market insight and technological foresight, focusing not only on the present but also dedicated to shaping the future. As an investor in this round, we are delighted to partner with PVmed. We believe that, driven by AI technology, smart healthcare will bring greater well-being to humanity, and PVmed, as a leader in this transformation, will inject strong momentum into the development of smart healthcare.

We look forward to witnessing this great transformation together with PVmed and will fully support its development, helping it achieve greater success in its global layout within the medical technology sector. We wish PVmed even more brilliant achievements in its future growth! Let us join hands to create a bright future for smart healthcare!

Sun Zengping, Partner at Zero2ipo Capital, stated: Precision, intelligence, and minimally invasive approaches in tumor treatment represent the prevailing trends in industry development. PVmed has been dedicated to the research and development of precise and intelligent technologies and products for tumor radiotherapy and surgery. The company has established significant competitive barriers in areas such as data modeling, intelligent radiotherapy and surgical products, and commercialization, earning high recognition from hospitals and clinicians. Its core team ranks among the global leaders in the industry, boasting extensive domestic and international resources, strong execution capabilities, and exceptional efficiency. The company has successively secured investments from market-oriented venture capital firms, industrial strategic investors, and government funds. The recent investment from the Zhuji Government Support and Guidance Fund further validates the endorsement of the company by the government, market, and investors. With the support of the Zhuji government, it is believed that future interactions between industry and finance will become more efficient, ultimately benefiting a greater number of patients both domestically and internationally.

Zhuji Xenuoxing Vision Venture Capital Partnership (Limited Partnership) is a special-purpose subsidiary fund established by Zhuji Xenuo Intelligent Vision (Fund of Funds) to invest in PVmed. It completed its filing with the Asset Management Association of China on January 17, 2024, under filing code SAFK44, with Xenon Chentu serving as the fund manager.

Zhuji Xenuo Intelligent Vision (Fund of Funds) is a government industrial guidance fund established in Zhuji through a signed partnership between the Zhejiang Zhuji Economic Development Zone and Xenuo Investment. With a fund size of RMB 1.5 billion, it primarily invests in intelligent vision projects and other initiatives aligned with the industrial development direction of the Zhuji Development Zone. The fund completed its registration with the Asset Management Association of China on December 29, 2023, under registration code SAFN24, and is managed by Xenuo Chentu.

Xieno Investment Group was established on August 1, 2013, with its headquarters in Guangzhou, China. The group specializes in private securities investment, private equity investment, and overseas investment. Adhering to a client-centric service philosophy, the group has managed assets totaling nearly RMB 10 billion and provides professional asset allocation services to over 1,000 high-net-worth clients. Xieno Investment is among the first batch of private fund managers in China to register with the Asset Management Association of China (AMAC) and obtain registration certificates. Its subsidiary, Xieno Chenyang, serves as a vice-presidential unit of the Guangdong Fund Industry Association, while another subsidiary, Xieno Chentu, serves as a vice-presidential unit of the Guangzhou Venture Capital and Private Equity Association. Xieno Chentu remains committed to investing in hard technology, having built a portfolio of more than 50 high-tech enterprises across four key sectors: new energy, semiconductors/new materials, healthcare, and artificial intelligence. Fifteen of its portfolio companies, including CATL, Cambricon, and SMIC Integrated Circuit Manufacturing, have successfully gone public.

Zhuji, the ancient capital of the State of Yue, the hometown of Xi Shi, the birthplace of the “Fengqiao Experience,” and a core city in the closely integrated layer of the Hangzhou Metropolitan Area, is a provincial pilot zone for “Science and Technology Innovation China.” Located in the “Golden Southern Wing” of the Yangtze River Delta, it ranks 8th among China’s Top 100 Counties in terms of comprehensive competitiveness. In 2023, the city’s gross domestic product (GDP) reached RMB 175.529 billion, ranking third among all counties and county-level cities in Zhejiang Province. In recent years, Zhuji has remained steadfast in its commitment to prioritizing industrial development, with a particular emphasis on industry. Aligning closely with its positioning as the “Golden Southern Wing of the Hangzhou-Shaoxing Metropolitan Area” and a “pioneer in developing new quality productive forces,” the city has further anchored its strategies to national policy directions, kept pace with industrial development trends, and seized the momentum of technological transformation. It has vigorously implemented the “No. 1 Development Project” for innovation and quality improvement in the digital economy, driving the profound transformation of traditional industries such as hosiery, pearls, and copper processing, while strengthening emerging sectors including intelligent vision, aerospace, and life and health.

Zero2ipo Group’s operations began in 2000, establishing it as a comprehensive service provider for entrepreneurship and investment in China, as well as a renowned investment institution. The Group operates through two core business models: Zero2ipo Ventures and Zero2ipo Investment.Zero2ipo Ventures (Stock Code: 1945.HK) is dedicated to providing integrated services for the entrepreneurship and investment sectors. Its portfolio comprises seven major business units: Zero2ipo Research, Zero2ipo Consulting, Zero2ipo Media, Shiqiu Institute of Investment & Research, Zero2ipo Sci-Tech Innovation, Zero2ipo International, and Zero2ipo Capital. It also encompasses five internet-based products: PEdata MAX, PEdaily, Project Factory, Shiqiu Academy, and Zero2ipo Securities.Established in 2000 and operating under Zero2ipo Sci-Tech Innovation, Zero2ipo Capital is a professional new-era boutique investment bank in China, focusing on innovative enterprises with high growth potential in the new economy. It has successfully assisted companies and investment institutions in completing hundreds of private equity financing, mergers and acquisitions, IPOs, PIPE transactions, and privatizations, covering all stages of corporate development.Zero2ipo Investment includes Zero2ipo Venture Capital, Zero2ipo Fund of Funds, and Zero2ipo Industrial Investment. The total assets under management by Zero2ipo Investment exceed RMB 30 billion, with cumulative investments made in over 200 companies and more than 100 sub-funds.