Mandee Medical Completes Nearly RMB 100 Million Series A+ Financing to Advance Biomagnetic Cardiac Imaging Technology

VCBeat has learned at the earliest opportunity that recently,China’s leading biomagnetic device manufacturer, Mandi Medical, has completed an A+ financing round of nearly RMB 100 million, exclusively invested by Xinding Capital.The funds raised in this round will be primarily used for the research, development, and iterative improvement of magnetocardiography (MCG) technology; to conduct large-scale MCG clinical studies and promote the establishment of domestic clinical standards for magnetocardiography; and to support the clinical trial registration of fetal magnetocardiography (fMCG) devices for early screening of congenital heart diseases.

Previously, Mandi Medical had secured investments from Lianxin Capital, Zhongsai Capital, Guoxin Capital, and multiple institutions under the Chinese Academy of Sciences.

Mand Medical Instruments (Shanghai) Co., Ltd. was founded in 2009 by a team of scientists from the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, together with returning overseas scientists, leveraging the National 863 Program’s project on magnetocardiography. The company specializes in the research and development, manufacturing, and sales of biomagnetic devices, striving to become a leading enterprise in the international biomagnetics field.

Magnetocardiography (MCG) systems are functional diagnostic devices that utilize ultra-high-sensitivity magnetic detectors to detect, acquire, and analyze the magnetic field signals generated by the human heart. The intensity of the cardiac magnetic field is only on the order of tens of picotesla (pT, 10⁻¹² T), equivalent to one-millionth of the Earth's magnetic field. Although these magnetocardiographic signals are weak, they are not subject to interference from tissues such as the lungs or chest wall. Characterized by high signal fidelity and high sensitivity to local myocardial currents, MCG systems possess inherent technical advantages. Their sensitivity, speed, non-invasiveness, and lack of radiation exposure have opened new horizons for clinicians in the functional assessment of myocardial ischemia.

Magnetocardiography (MCG) systems have been in use for many years in developed countries and regions. However, their widespread adoption was initially hindered by immature hardware and software technologies, as well as the high cost of magnetic shielding. In recent years, with advances in noise reduction and artificial intelligence (AI) technologies, MCG systems received FDA Breakthrough Device Designation in 2020 and 2023, respectively, and have since been implemented at leading medical institutions such as Mayo Clinic and Cleveland Clinic.

The primary technical approaches for current magnetocardiography (MCG) systems include low-temperature superconducting (SQUID) technology and optically pumped magnetometer (OPM) technology. The advantage of low-temperature superconducting technology lies in its use of the most sensitive magnetic field sensors in the field of biomagnetism, achieving a sensitivity of 5 femtotesla (fT) and an acquisition frequency range of up to 1000 Hz. In comparison, OPM technology offers a sensitivity of 50 fT and an acquisition frequency range of 100 Hz, making SQUID technology superior in terms of precision. Meanwhile, the key advantage of OPM technology is that it does not require liquid helium cooling, thereby offering greater ease of use.

In China’s biomagnetism sector, Mandi Medical and the Institute of Microsystem and Information Technology of the Chinese Academy of Sciences stand out as representatives. Relying on independent research and development, they achieved a breakthrough in low-temperature superconductivity technology and obtained China’s first product registration certificate for a magnetocardiography (MCG) system in 2019. By optimizing and integrating a second-order gradient and eight-dimensional noise-reduction acquisition mode, they launched “Mandi Diting” at the 17th Oriental Congress of Cardiology (OCC 2023) on May 28, 2023.^®High-Sensitivity Magnetocardiography System. This product has been included in the Shanghai Municipal Catalog of Innovative Products, marking a new breakthrough in China’s independently developed magnetocardiography technology and positioning it at the international forefront.

Academician Ge Junbo, Standing Committee Member of the National Committee of the Chinese People's Political Consultative Conference and Vice Chairman of the Central Committee of the Jiusan Society, stated that magnetocardiography, as a functional test for myocardial ischemia, holds promising application prospects in early screening, diagnostic assessment, and long-term monitoring of cardiovascular diseases, and can be used for the assessment of patients with coronary microcirculatory dysfunction. He expressed hope for Mandi Diting^®High-sensitivity magnetocardiography systems can assist healthcare professionals in better identifying and diagnosing cardiovascular diseases, contributing to the early arrival of the turning point for cardiovascular events in China.

Meanwhile, it is understood that Mandi Medical has begun R&D on the next generation of zero-liquid-helium magnetocardiography (MCG) systems based on low-temperature superconducting technology, and is strategically deploying atomic optical pumping technology pathways to achieve full industry chain development, thereby catering to diverse application scenarios ranging from high-precision advanced scientific research to convenient, widely accessible clinical use.

In the realm of clinical research applications, Mandy Medical is also at the forefront. In May 2022, it supported the establishment of the Chinese Expert Collaborative Group on Magnetocardiography Technology at the Oriental Cardiology Conference (OCC 2022), with Academician Ge Junbo from Zhongshan Hospital affiliated to Fudan University and Director Xie Xiaoming from the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, serving as group leaders. In November 2022, the National Key R&D Program’s key special project on magnetocardiographs, jointly applied for by Shanghai Sixth People’s Hospital affiliated to Shanghai Jiao Tong University (as the leading institution), four prestigious domestic universities (Shanghai Jiao Tong University, Fudan University, Tongji University, and Huazhong University of Science and Technology), ten top-tier general hospitals (Zhongshan Hospital affiliated to Fudan University, Chinese PLA General Hospital, Shanghai Tenth People’s Hospital, the Second Affiliated Hospital of Harbin Medical University, Tongji Hospital affiliated to Tongji Medical College of Huazhong University of Science and Technology, the First Affiliated Hospital of Anhui Medical University, Jiangxi Provincial People’s Hospital, Guangdong Provincial People’s Hospital, and Zhuhai People’s Hospital), two institutes of the Chinese Academy of Sciences (Shanghai Institute of Microsystem and Information Technology and Suzhou Institute of Biomedical Engineering and Technology), and Mandy Medical, was successfully approved. Mandy Medical is the only enterprise participating in this special project.

Meanwhile, Mandi Medical has initiated its commercialization process in China, achieving the sale of its first magnetocardiography (MCG) system in 2022. On December 30, 2022, the first MCG clinical center in China was officially established at Shanghai Sixth People’s Hospital Affiliated to Shanghai Jiao Tong University School of Medicine. Academician Ge Junbo, a renowned cardiovascular expert from Zhongshan Hospital Fudan University, serves as the Honorary Director, while Professor Shen Chengxing, Chief Scientist of the National Key R&D Program’s Special Project on Magnetocardiography and Director of the Cardiology Department at Shanghai Sixth People’s Hospital, serves as the Director. On May 8, 2023, the first MCG clinical center in South China was also inaugurated at Nanhai Hospital of Guangdong Provincial People’s Hospital. Mandi Medical’s commercialization team comprises professionals with extensive experience from industry giants such as GE Healthcare, Siemens Healthineers, Philips Healthcare, and United Imaging Healthcare, and has secured strong collaboration intentions with numerous experts from leading hospitals across China.

Focusing on magnetocardiography technology, Mandi Medical will accelerate the research and development of biomagnetic technologies and clinical studies, comprehensively establishing a presence in the field of biomagnetic imaging diagnostic equipment with the aim of becoming a globally recognized leader. In addition to its approved magnetocardiography systems, Mandi Medical’s independently developed first domestic fetal magnetocardiography system is about to commence registration-related clinical trials, offering unique diagnostic value for the early screening and precise diagnosis of congenital heart diseases.

“Mandi Medical has entered a new stage of development,”Zhang Shulin, General Manager of Mandi MedicalIn a statement to VCBeat, the company said, “We will use magnetocardiography as our starting point to build a high-end R&D and commercialization platform for biomagnetic medical imaging technologies. This initiative aims to promote deep integration and collaborative innovation among industry, academia, research, and clinical practice, accelerate the development and market expansion of biomagnetic imaging products, and establish a comprehensive presence in the fields of magnetic imaging, magnetic detection, and magnetic therapy. We are committed to becoming a pioneer and leader in biomagnetism, thereby advancing the high-level development of China’s domestically developed magnetic medical equipment.”

Mr. Zhang Chi, Chairman of Xinding Capitalstated: “Xinding Capital has long focused on the medical device industry, consistently supporting and partnering with outstanding enterprises possessing source innovation capabilities. Mandi Medical prioritizes independent innovation in core technologies, achieving new breakthroughs in China’s self-developed magnetocardiography (MCG) technology. The company boasts a high-level clinical support team as well as an interdisciplinary R&D and management team. Targeting the precise diagnostic needs for major cardiovascular and cerebrovascular diseases, Mandi Medical has introduced its MCG systems to the market, creating greater value for public health. We highly endorse the company’s development philosophy and values, and firmly believe that Mandi Medical is poised to become a world-class medical device company, continuously delivering greater value.”

Beijing Xinding Rongsheng Capital Management Co., Ltd., established in 2015, is a private equity investment firm registered with the Asset Management Association of China (AMAC). It currently manages assets exceeding RMB 9 billion, has issued and filed over 200 private fund products, and invested in more than 80 projects. Xinding Capital focuses on leading enterprises in five key sectors: chips and semiconductors, artificial intelligence, biopharmaceuticals, new energy vehicles, and commercial aerospace. The firm has received numerous industry accolades, including being named among the “Top 100 Private Equity Investment Firms in China in 2022” by Invest in China and by Financing China.