CardioAcc Secures Tens of Millions in Pre-A Funding to Pioneer Innovative Intracardiac Ultrasound Imaging, WinX Capital Acts as Exclusive Financial Advisor

VCBeat has learned that,In June 2023, Shenzhen CARDIOACC Technology Co., Ltd. (“CARDIOACC”) completed its Pre-A financing round, raising tens of millions of RMB. The round was led by Luxin Venture Capital. Kaicheng Capital served as the exclusive financial advisor in this transaction.

CARDIOACC, established in October 2021, is a high-tech company specializing in high-end active cardiovascular interventional imaging, natural orifice interventional imaging, and their advanced diagnostic methodologies. Its current product pipeline includes interventional imaging products such as 2D ICE and 4D ICE. The founding core team masters the underlying core technologies of ultrasound and possesses profound insights into the development logic and trajectory of medical ultrasound technology. Core members primarily hail from prestigious overseas institutions such as Imperial College London, Johns Hopkins University, and the Chinese Academy of Sciences. The team boasts extensive and proven experience in R&D, industrialization, and corporate operational management.

Since its inception, CARDIOACC has been dedicated to building a core technology platform for ultrasound-guided interventions, with breakthroughs in foundational R&D capabilities as its primary objective. To date, the company has assembled a core team of key personnel with an average of over ten years of industry experience. In terms of current product development progress, CARDIOACC’s world’s thinnest 7.5F 2D ICE catheter is about to enter regulatory clinical trials, while significant breakthroughs have also been achieved in the R&D of its 4D ICE system.

From a market perspective, China currently has approximately 20 million patients with arrhythmia and 30 million patients with structural heart disease, with prevalence rates continuing to rise, thereby driving increasing treatment demand. In terms of electrophysiology (EP) interventional procedures, the volume in the United States was 1,302.3 procedures per million people in 2019, compared to 128.5 procedures per million people in China. Regarding valvular interventions, it is estimated that the penetration rate of transcatheter aortic valve replacement (TAVR) in the United States was approximately 23.4% in 2019, whereas in China it was only about 0.3%. Furthermore, the surgical treatment rate for mitral regurgitation was merely 2% in the United States and 0.5% in China. Intracardiac echocardiography (ICE) serves as a critical clinical tool for guiding these interventional procedures and ensuring intraoperative safety, indicating substantial potential for clinical demand.

Currently, the dominant model for domestic intracardiac echocardiography (ICE) systems remains one of imitation, with significant reliance on foreign manufacturers for core components and key algorithms, resulting in a substantial gap between domestic and imported products. Meanwhile, due to the significant advantages of ICE systems over other cardiac imaging technologies, their indications are rapidly expanding, supported by the continuous introduction of policies favoring domestically produced medical devices. Against the backdrop of foreign brands holding an absolute leading position in this multi-billion yuan market, high-quality domestic enterprises present substantial opportunities for value creation. Guided by the principles of technology-driven innovation, close alignment with clinical needs, and product excellence, CARDIOACC leverages its foundational technical capabilities and unique original R&D strengths to continuously expand its product pipeline in line with practical demands. The company is committed to providing more and better solutions for patients undergoing electrophysiology procedures and those with structural heart diseases worldwide.

Regarding this round of financing,Dr. Zhou Xinhuan, CEO of CARDIOACCIt stated: “CARDIOACC is committed to becoming a domestic alternative and innovator in the field of interventional ultrasound. CARDIOACC’s 2D ICE is the thinnest globally, capable of better reducing puncture risks, particularly for congenital heart disease patients who are predominantly minors and in surgical scenarios requiring atrial septal puncture. On the other hand, 4D ICE imposes extremely high demands on probes and algorithms. Taking Johnson & Johnson’s 4D ICE as an example, it requires real-time processing of nearly 60 GB/s of data, which poses significant challenges for beamforming, backend image reconstruction, and rendering. CARDIOACC has accumulated extensive expertise in high-performance computing algorithms, has already achieved breakthroughs in key related technologies, and has made substantial progress in 4D ICE.”

Ma Jun, Director of CARDIOACCHe stated, “As a seed-round investor and board member of the company, I have witnessed its journey from inception to establishment. I have been deeply impressed by the team’s R&D-driven philosophy and its commitment to developing products that truly meet clinical needs. I am fully confident in the company’s and team’s foundational R&D capabilities, and I look forward to the early productization and commercialization of the company’s core pipeline products.”

Qiu Fang, Deputy General Manager of Luxin Venture Capitalstated: “CARDIOACC possesses a robust foundational technology platform for interventional ultrasound. Its first product will break the monopoly held by imported alternatives, while its products under development are poised to lead industry innovation. Luxin Venture Capital has always adhered to an investment philosophy of growing alongside entrepreneurial enterprises. We look forward to partnering with CARDIOACC to ensure that innovative treatment solutions benefit more patients.”

Dr. Zou Guowen, Founder of Kaicheng Capitalstated: “Kaicheng Capital is honored to serve as the exclusive financial advisor to CARDIOACC. As a company possessing foundational core technological capabilities, CARDIOACC has seen its team expand rapidly within less than two years of its establishment, with its core backbone members bringing extensive experience. Meanwhile, driven by the team’s strong execution capabilities, the R&D progress of the company’s core product pipeline has been accelerated significantly. We believe that with the support of both existing and new shareholders, CARDIOACC will be further empowered to become a shining star in China’s medical ultrasound field.”

Luxin Venture Capital is the largest professional venture capital firm in Shandong Province and one of the most influential in China, controlled by Shandong Luxin Investment Holding Group Co., Ltd. It is the first venture capital institution listed on China’s capital market (Stock Code: 600783.SH). Over the past two decades since its establishment, the company has managed and operated more than 40 funds, with a total scale of approximately RMB 20 billion. Its investments span across various sectors including healthcare, military-civilian integration, advanced manufacturing, electronic information, new energy, and new materials. The portfolio includes over 40 companies listed both domestically and internationally. In the healthcare sector, it has invested in a number of outstanding enterprises such as 3D Medicines, Silicon-Based Bionics, Zhongke New Life, Abclonal, Weimai Medical, Meidong Huicheng, Instec, and RemeGen.

WinX Capital is a leading investment bank in China’s healthcare sector, headquartered in Beijing and Shanghai, with coverage of over 3,000 active institutional investors and industrial groups. It has received numerous accolades, including “No. 1 Financial Advisor in Healthcare for 2022” by First New Voice, “Top 2 Best Financial Advisors in Healthcare for 2021–2022” by Qimingpian & Xinsheng Chuangfu, and “Top 5 Healthcare Financial Advisor of the Year (2022–2023 Pengcheng Award)” by VCBeat.