Carbon Medical Secures Over RMB 100 Million Series A Funding Led by Cowin Capital with Follow-on Investment from Jinding Capital

VCBeat has learned that Kaben Medical recently completed an A-round financing of over RMB 100 million. The round was led by Cowin Capital, with existing shareholder Jinding Capital increasing its investment, reflecting continued support and confidence from the capital market in Kaben Medical’s development. The funds will be primarily used to accelerate R&D of the product pipeline, clinical and commercialization layout, and hospital adoption of products; to establish training bases for promoting new technologies; and to provide more precise diagnosis and treatment for a greater number of patients, thereby contributing to the health and well-being of patients in China.

The medical imaging sector represents the technological pinnacle of the medical device industry and is the subsector with the highest technical barriers to entry. The global market has long been monopolized by foreign giants such as “GPS” (GE Healthcare, Philips, and Siemens).

Kaben Medical’s VENUS image fusion technology seamlessly integrates static CT/MR sequences with real-time dynamic ultrasound, intuitively visualizing 3D and 2D anatomical structures. This efficient and user-friendly solution assists physicians in lesion localization and puncture path planning, rapidly guiding the precise establishment of interventional access and targeted biopsies. It fills a gap in high-end medical imaging technology in China, improving patient cure rates, enhancing physician efficiency, driving departmental research development, creating value for hospitals, and reducing healthcare insurance expenditures. By ensuring practical clinical implementation, this technology truly benefits both the nation and its people.

As urology advances toward intelligence, minimal invasiveness, and precision, exploring precise diagnosis and treatment to enhance high-quality medical services has become the top priority for the high-quality development of the urology specialty. Kaben Medical’s VENUS system features customized, organ-specific protocols—such as those for PCNL and MRI-TRUS fusion—with app-style operation and visual guidance. This approach not only significantly reduces the learning curve for junior physicians but also provides precise, efficient, and safe assistance for clinical targeted puncture, thereby successfully establishing a comprehensive underlying technology platform with high entry barriers.

Furthermore, Kaben Medical’s AR intelligent endoscopy platform and energy-adaptive electrosurgical platform are under continuous development. Based in the Guangdong-Hong Kong-Macao Greater Bay Area, Kaben Medical has assembled a global professional team and is targeting the worldwide market. By engaging in pragmatic and dedicated collaboration with leading surgeons both domestically and internationally, the company has established a high-caliber system for translating and fulfilling clinical needs. We are confident that Kaben Medical will provide high-quality medical imaging equipment and services to surgeons worldwide, ensuring greater confidence in surgical procedures and benefiting more clinicians and patients.

Since 2022, Kaben VENUS has been showcased at numerous academic conferences. Leveraging advanced technologies such as intelligent organ segmentation, electromagnetic navigation, needle tip recognition, and visualized precision targeted puncture, it has gained recognition from chief experts at over 150 Grade A tertiary hospitals, including the Chinese PLA General Hospital (301 Hospital), Beijing Hospital, the First Affiliated Hospital of Guangzhou Medical University, the General Hospital of the Eastern Theater Command of the PLA, Beijing Tsinghua Changgung Hospital, Zhujiang Hospital of Southern Medical University, Qilu Hospital of Shandong University, and Renmin Hospital of Hubei Province. Furthermore, new technology training and clinical trials have been conducted across these major hospitals.

Kaben VENUS has assisted in over 1,000 clinical procedures, including PCNL and MRI-TRUS, across more than 200 hospitals nationwide in China. By safeguarding precision diagnosis and treatment in urology, it has demonstrated significant clinical application value and earned unanimous recognition from chief experts, becoming an indispensable tool in the hands of clinical specialists.

Addressing unmet clinical needs and driving medical technology innovation are the core missions of Kaben Medical. Guided by its mission to “advance healthcare through technology and safeguard lives with intelligence,” Kaben Medical actively listens to clinical experts, gains deep insights into the needs of both physicians and patients, maintains a global perspective, and persists in independent innovation. By collaborating with leading experts and scholars worldwide, the company strives to become a medical innovation enterprise that respects life, promotes inclusive altruism, and harnesses technology for good, thereby leading the frontier of innovation in interventional medicine diagnosis and treatment to benefit humanity.

Upon completion of this round of financing, Kaben Medical will dedicate itself to the clinical application and commercial promotion of Kaben VENUS both domestically and internationally, thereby advancing the development of precision diagnosis and treatment in surgical procedures. Meanwhile, the company will intensify its R&D efforts to refine its comprehensive solutions for non-vascular interventions. Furthermore, Kaben Medical will establish training centers in collaboration with numerous top-tier tertiary hospitals across China to train more junior physicians at the grassroots level. This initiative aims to alleviate the uneven distribution of medical resources and the imbalance between the supply and demand of medical services in China, truly facilitating the decentralization of medical technology and resources and contributing to the Healthy China initiative. Additionally, Kaben will build a global collaborative platform uniting scholars and medical engineers, laying the foundation for Chinese innovative technologies to expand into international markets.

Zheng Weihe, Founding Partner and Chairman of Cowin CapitalIt stated that the medical device sector has been a key strategic focus consistently pursued by Cowin Capital since its investment in Da An Gene in 2000. Although the sector continues to experience rapid growth, driven by themes such as “domestic substitution,” it has entered a deep-water zone characterized by multidisciplinary integration, technological convergence, independent innovation, and global competition. The previous prosperity of “me-too” products is unlikely to recur. Kaben Medical possesses a strong background in integrating medicine with engineering and the capability to translate clinical needs into solutions. Furthermore, its team demonstrates a global perspective and a mindset geared toward independent innovation, making it a scarce platform-type innovative medical device project we have encountered. Starting from genuine clinical pain points, the company has built a differentiated product portfolio that is both forward-looking and pragmatic, leveraging its self-developed algorithm engine and innovative hardware design. This approach has achieved greater precision and intelligence, creating substantial value for clinical practice. Looking ahead, we anticipate that Kaben Medical will continue to launch more innovative products originating from China and targeting the global market, thereby contributing to the advancement of innovation in China’s domestic medical device industry.

Liu Yang, Founding Partner of Jinding Capitalstating that the non-vascular interventional field holds broad prospects. Jinding Capital has continuously monitored Kaben Medical’s growth, witnessing the execution capabilities, proactive spirit, and resilience of its team in overcoming challenges. Through the collective efforts of its team, Kaben Medical has gained recognition from numerous Grade A tertiary hospitals, including PLA General Hospital (301 Hospital), Beijing Hospital, and The First Affiliated Hospital of Guangzhou Medical University, owing to its profound insights into clinical needs and robust R&D capabilities. Jinding Capital remains optimistic about Kaben Medical’s productization and commercialization capabilities, anticipating that its integrated “device + consumables” solutions for departments such as urology and hepatobiliary surgery will unlock the blue-ocean market of non-vascular interventions.

Throughout its journey, the Kaben team has remained committed to independent innovation, building a foundation of hard technology at the underlying platform level to support future clinical development in interventional radiology, thereby enabling more patients and healthcare providers worldwide to benefit from advanced medical technologies. In less than five years, Kaben has grown from a handful of individuals to a team of over one hundred, establishing its own R&D center, GMP-certified manufacturing facility, and medical training center. The company has conducted more than 1,000 clinical procedures and collaborated on dozens of clinical projects across China. With Kaben’s accelerated strategic expansion in the Chinese and global markets, the medical imaging industry is poised for breakthrough growth.