HuanYing Medical Secures Tens of Millions in Pre-A Financing to Accelerate Development of High-End Medical Ultrasound Platform

VCBeat has learned that Shenzhen Huanying Medical Technology Co., Ltd. (“Huanying Medical”) recently announced the completion of its Pre-A financing round, raising tens of millions of yuan. The round was led by Shanghai Science and Technology Innovation Fund, with Cornerstone Capital as a co-investor. Existing investor Green River Investment increased its stake, and Maibo Capital served as the exclusive financial advisor. The proceeds will primarily be used to accelerate the R&D, clinical trials, and market promotion of high-end medical ultrasound products, including intracardiac echocardiography (ICE) catheters.

HuanYing Medical was established in May 2020 by Dr. Qiu Weibao from the Shenzhen Institutes of Advanced Technology, Chinese Academy of Sciences. Dr. Qiu is an expert in the field of ultrasound engineering, with nearly fifteen years of experience in the research and development of cutting-edge ultrasound technologies. He has previously engaged in the R&D of ultrasound transducers and instrument systems at The Hong Kong Polytechnic University and the NIH Ultrasound Transducer Resource Center at the University of Southern California. He has since established a first-class platform in Shenzhen for the R&D and industrialization of high-end ultrasound transducers and imaging systems. Currently, he serves as a member of the Technical Program Committee (TPC) for the IEEE International Ultrasonics Symposium, Vice Chairman of the Medical Ultrasound Engineering Branch of the Chinese Society of Biomedical Engineering, Vice Chairman of the Instrument Engineering Development Committee of the China Association of Ultrasound Medicine in Engineering, Vice Chairman of the Ultrasound Transducer Committee of the China Association of Medical Equipment, Deputy Director of the CAS Key Laboratory of Medical Imaging Technology and Equipment Engineering, and Director of the Shenzhen Key Laboratory of Ultrasound Imaging and Therapy. He has led the development and licensing of multiple ultrasound imaging, ultrasound intervention, and endoscopic ultrasound products. The core team originates from world-renowned ultrasound teams at the Chinese Academy of Sciences and leading enterprises in the field, possessing extensive experience in ultrasound imaging technology R&D and product commercialization.

Since its inception, Huanying Medical has consistently adhered to a strategy of building from core technologies, establishingFour core platforms featuring independently developed intellectual property: high-end ultrasound transducers, active interventional catheters, ultrasound imaging algorithms, and ultrasound host systems.HuanYing has achieved a series of breakthroughs in the core processes of design, fabrication, and packaging for high-frequency and ultra-high-frequency ultrasound transducers, high-density 4D matrix array transducers, and active interventional ultrasound transducers. Furthermore, HuanYing has successfully established production lines for 50 MHz ultra-high-frequency ultrasound imaging systems and interventional endoscopic ultrasound imaging systems.

In the field of medical ultrasound, the typical frequency range for diagnostic ultrasound is between 2 MHz and 10 MHz. In this sector, a number of outstanding Chinese companies, such as Mindray and Sonoscape, have emerged. While the domestic market size has exceeded RMB 10 billion, competition has become increasingly intense. However, in the high-end segment of medical ultrasound, represented by interventional ultrasound and high-frequency ultrasound, imported products still account for more than 90% of the market share. In niche areas such as intracardiac echocardiography (ICE), there are currently no domestically produced alternatives available.Huanying Medical's Intracardiac Echocardiography (ICE) ProductYes100%Independently develop and manufacture key transducers and active interventional catheters，It has completely eliminated dependence on externally sourced core components, establishing a comprehensive Class 10,000 cleanroom production facility and manufacturing system. This ensures supply chain security, cost controllability, and stable mass production capabilities to the greatest extent, enabling the widespread clinical adoption of cost-effective, domestically produced intracardiac echocardiography (2D/4D-ICE) products for patients in China.

Meanwhile, leveraging its foundational medical ultrasound technology platform, Huanying Medical has actively expanded into upstream tool sectors such as high-frequency ultrasound diagnostics and life science instruments. It has developed domestically unique equipment, including a 50 MHz ultra-high-frequency ultrasound imaging system and a nanoliter-scale ultrasonic pipetting robot, thereby breaking long-standing foreign monopolies in multiple areas.

Dr. Qiu Weibao, Founder of Huanying Medicalstated: “First and foremost, we extend our sincere gratitude to Shanghai Sci-Tech Innovation, CVC Capital, Green River Investment, and Bilin Capital for their trust and strong support. We also deeply appreciate Maibo Capital for its dedication and efforts in this round of financing. Huanying Medical will accelerate the translation and implementation of our team’s high-frequency medical ultrasound technology, focus on achieving breakthroughs in a number of critical domestic technologies currently subject to foreign bottlenecks, benefit more patients in China, and strive to become an internationally leading enterprise in high-end medical ultrasound technology.”

Xia Ye, Investment Director of Shanghai Sci-Tech Innovation“Shanghai Sci-Tech Innovation has consistently focused on the hard-tech sector, targeting the upstream of the industrial chain, the apex of the value chain, and the foundational layers of technological systems. The HuanYing Medical team possesses robust technical capabilities and extensive, solid engineering expertise in the field of high-end ultrasound medicine. By aligning with market demands, they have developed products such as intracardiac echocardiography (ICE) systems, ultra-high-frequency ultrasound devices, and ultrasonic pipettes, which feature a highly autonomous supply chain, significant cost advantages, and performance comparable to that of international giants. We look forward to supporting and accompanying HuanYing Medical in its journey to become a leading enterprise in the high-end medical ultrasound sector.”

Zhang Zhikuan, Vice President of Investment at Gopher Capital“Clinical guidelines and expert consensus on cardiac interventional ultrasound products clearly indicate their broad application prospects in the field of interventional diagnosis and treatment. Huanying Medical is one of the few teams in China that has mastered the full-chain independent R&D and manufacturing technology for ultra-high-end ultrasound transducers. Its technical expertise in miniature and high-frequency ultrasound transducers is impressive. We look forward to Huanying becoming a leader among domestically produced medical devices, leveraging its robust technological capabilities.”

Green River InvestmentIt stated: “Huanying Medical possesses a complete ultrasound technology platform, including ultrasound probes, main units, and system algorithms, demonstrating strong product development capabilities in fields such as interventional ultrasound and high-frequency ultrasound. Currently, Huanying Medical’s product lines are independently developed and manufactured, achieving excellent product performance while maintaining significant cost advantages. The company has also gained recognition and established collaborations with major domestic medical device companies and partners across the industry chain. Green River Investment believes that against the backdrop of the normalization of centralized volume-based procurement for medical devices, Huanying Medical’s advantages in independent R&D and cost control will become even more pronounced. They also look forward to Huanying launching more high-quality domestically produced medical devices to serve patients.”

Bilin Capital“It stated: ‘Huanying Medical is a platform-based enterprise built on ultrasound probes, mainframes, and algorithms. Leveraging its underlying technology modules, it can expand into a rich product matrix including high-frequency color Doppler ultrasound and ICE (Intracardiac Echocardiography). Possessing long-term value, the sky is the limit. Throughout this journey, we have accompanied and witnessed Huanying’s growth and progress. We also wish Huanying to be inclusive and attract top talents, becoming a platform for win-win cooperation and joint advancement among numerous partners, thereby helping Chinese-made medical devices reach new heights.’”

Zhai Yanqi, Managing Partner at Maibo Capital“We are honored that Maibo Capital participated in HuanYing Medical’s current financing round. Maibo Capital has long focused on medical technology companies with foundational core technologies. We were deeply impressed by the solid technical expertise accumulated by Dr. Qiu and his team. We look forward to HuanYing Medical achieving rapid breakthroughs in interventional ultrasound, high-frequency ultrasound, and laboratory automation, leveraging its proprietary intellectual property technology platform, thereby benefiting patients worldwide.”

Shanghai Technology Venture Capital Co., Ltd. was established in 1993. As a wholly state-owned, municipal-level third-tier enterprise in Shanghai, it is a joint-stock technology investment company jointly initiated by four large state-owned enterprises (Shanghai Science and Technology Innovation Group, Baosteel Group, Oriental Pearl, and Sinopec Shanghai Petrochemical) and six financial institutions (Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, and the Shanghai Branch of Bank of Communications). Serving as Shanghai’s state-owned capital investment platform primarily focused on early-stage venture capital, the company adheres to the investment philosophy of “Three Mosts, Seven Highs, and One Low” and implements the investment strategy of “investing early, investing in small businesses, and investing in hard technologies.” With a focus on biopharmaceuticals and advanced manufacturing, while also covering new energy and energy-saving technologies, information technology, and new materials, the company leverages multi-party resource collaboration to jointly promote the development of a healthy, win-win investment ecosystem within the Shanghai Science and Technology Innovation Group.

Cornerstone Capital is one of China’s earliest private equity investment firms, established in 2001 with over 20 years of investment management experience. Headquartered in Shenzhen, the firm has branch offices in Beijing, Shanghai, Hong Kong, Hefei, and Nanjing. To date, Cornerstone Capital has managed more than 80 investment funds spanning angel investing, venture capital (VC), private equity (PE), mergers and acquisitions (M&A), private placements, and private securities, with total assets under management approaching RMB 60 billion, ranking among the industry leaders nationwide. Emphasizing “focused investment and dedicated service,” Cornerstone Capital has supported the growth of numerous well-known enterprises, delivering outstanding and stable investment performance.

Shanghai Lvhe Investment Co., Ltd., established in 2007, is a venture capital firm specializing in equity investments. It primarily invests in early-stage startups within emerging industries. The company maintains dedicated investment teams that conduct long-term research and tracking in sectors such as biomedicine, new energy, new materials, and high-end manufacturing. Having completed strategic investments in numerous early-stage growth companies, the firm provides capital and operational support to high-quality startups, thereby contributing to China’s economic transformation and development. Currently, the total assets under management exceed RMB 3 billion.

Bilin Capital, established in 2012, is one of China’s earliest private equity firms dedicated to boutique investments in deep-tech sectors. It invests in technology-driven enterprises with long-term value and assists them in integrating upstream and downstream application scenarios. The firm primarily focuses on pre-Series A investment stages. Known for its founder-friendly approach and empathy toward entrepreneurs, Bilin Capital adheres to an investment philosophy centered on boutique investing, long-term partnership, and diligent post-investment support.

MedBio Capital is a boutique investment bank focused on the life sciences and healthcare sectors, dedicated to becoming the capital and strategic partner of top-tier scientists and entrepreneurs. The core team has deep expertise in the medical industry, covering key stages from R&D and clinical development to market commercialization, and possesses composite backgrounds in investment, investment banking, and consulting. Team members have collectively facilitated financing exceeding RMB 10 billion and have served more than ten leading publicly listed healthcare companies.