Hygeia Medical Completes Series D Financing of Several Hundred Million RMB to Advance Its Global Leadership in Integrated Tumor Interventional Therapy Platform

VCBeat has learned that Hygea Medical Technology Co., Ltd. (hereinafter referred to as “Hygea”) has recently completed a Series D financing round amounting to hundreds of millions of yuan. The round was led by Yuepin Medical Fund, with participation from Rongquan Capital, Huajin Capital, Qiandao Fund, and Meihong Fund. Existing investor Gaorong Capital also increased its investment. Joywise Capital served as the exclusive financial advisor for this financing round.

Hygea, established in 2010, specializes in the field of minimally invasive tumor therapy and is recognized as a national-level “Little Giant” enterprise specializing in refinement, innovation, and distinctiveness. With robust R&D and marketing capabilities, Hygea is a technologically leading platform company in tumor intervention. It independently developed the Combo-Cryo, an internationally original composite cryo-ablation device. The product was included in China’s Green Channel for Special Review of Innovative Medical Devices, breaking the reliance on imports. Since its market launch, it has gained high recognition from clinical experts and was included in the national medical insurance coverage in 2021.

The company has become the most comprehensive platform-based innovative medical enterprise in the field of minimally invasive oncology treatment. It has established the Beijing Key Laboratory of Cryobiomedical Engineering and a postdoctoral research workstation. Its related achievements have been honored with awards such as the William Berg Award, recognition as Excellent Domestically Produced Medical Equipment by the National Health Commission, and the First Prize of Beijing Science and Technology Award. With solid technological accumulation, a diversified product matrix, and a leading commercialization process, Hygea continues to attract attention from both investors and the clinical community.

Upon completion of this round of financing, Hygea will further strengthen market expansion and channel development, continuously broaden its R&D pipeline, enhance its product portfolio in the field of oncology therapy, and accelerate its internationalization strategy.

According to the latest global cancer data released by the International Agency for Research on Cancer (IARC) of the World Health Organization: In 2020, there were 19.29 million new cancer cases worldwide, including 4.57 million in China, accounting for 23.7% of the global total, far exceeding any other country. In 2020, there were 9.96 million cancer deaths worldwide, with 3 million in China, accounting for 30% of the total number of cancer deaths, ranking first globally.

Statistics indicate that the peak incidence and mortality rates for cancer occur among individuals aged 60 to 79. By the end of 2021, China’s population aged 60 and above had reached 267 million, accounting for 18.9% of the total population. It is projected that by 2030, the elderly population will exceed 25% of the total, with the period from 2030 to 2050 marking the most severe phase of population aging in China. Hygea’s minimally invasive oncology technologies will contribute critical strength to the national prevention and treatment of cancer.

Currently, no clear leader has emerged in the field of interventional oncology. Hygea possesses the unique capability to become an internationally leading platform for interventional oncology products, with its key advantages including:

Tumor Full-Cycle Treatment Platform: In the field of percutaneous interventional procedures, it has launched multiple tumor ablation products, including the Combo Knife, microwave ablation systems, and pulsed field ablation devices. By integrating an AI-powered surgical planning system with a puncture surgical robot, it has established a diversified and intelligent tumor ablation therapy platform. In the area of endovascular intervention, it offers products such as TACE microspheres, microcatheters, TIPS puncture kits, and covered stents. This product portfolio leads the oncology market, providing comprehensive treatment solutions across the entire cancer care continuum.

Industry-Leading Technology: With over 18 years of technological accumulation, the team has developed an internationally original composite cryo-thermal ablation technology, receiving the William Berg Award, the highest international honor in the field of heat transfer, and access to the special green channel for innovative medical device review. Furthermore, it has promoted the publication of expert consensus on the use of the Combo Knife for treating liver cancer and lung cancer, establishing a dual-technology platform combining percutaneous interventional and transvascular interventional techniques. The company has obtained 188 product patents and possesses a complete independent intellectual property rights system.

Excellence in Commercialization: The company maintains a leading market share in cryoablation, achieving extensive coverage among core Grade 3A hospitals specializing in oncology treatment across China. Its consumables are listed on provincial procurement platforms in over 30 provinces and municipalities, with pricing approvals and medical insurance reimbursement access secured in multiple regions. Its network of cooperative distributors covers more than 25 provinces.

Broad Application Scope: The Kangbo Knife can be used for minimally invasive treatment of various solid tumors, including lung cancer, liver cancer, breast cancer, renal cancer, pancreatic cancer, prostate cancer, bone tumors, and soft tissue tumors. With a comprehensive pipeline featuring microspheres, microwave ablation, electric field ablation, and covered stents, it is one of the companies in China with the broadest coverage across various tumor treatments.

Mr. Huang Qianfu, Founder and Chairman of HygeaIt stated that we have established a comprehensive layout in the field of interventional oncology, providing complete solutions tailored to end-user clinical needs. Hygea is committed to becoming a leading platform in China’s cancer treatment sector. We believe that with the support of this round of financing, Hygea will accelerate the development of its various product pipelines and expedite its international expansion strategy, thereby benefiting more cancer patients and contributing to the fight against cancer.

Ms. You Linlin, Executive Director of Yuyin Healthcare FundIt was stated that tumor treatment has always been a focal point of industry attention. The ability of cancer cells to self-evolve to evade the impact of various existing therapies constitutes a major challenge in treatment. Judging by the development trends in tumor diagnosis and therapy, there is a need for treatment regimens that are safe, effective, and can be administered repeatedly. This sector offers substantial long-term growth potential and has remained a key focus of Yuyin Medical Fund. The Hygea team possesses extensive industry experience and a clear development strategy. Leveraging its globally leading cryo-ablation system, Combosword, as an entry point, Hygea has established a comprehensive presence in interventional oncology, becoming the preeminent market leader in this field. Yuyin Medical Fund is committed to investing in the world’s most advanced diagnostic and therapeutic solutions to save more patients’ lives. Upholding our words as our bond and our handshake as our seal, we look forward to partnering with Hygea Medical to contribute our efforts toward benefiting more patients.

Mr. Zhang Yumeng, Investor at Rongquan CapitalIt was stated that China is one of the largest oncology markets globally. While the penetration rate of tumor ablation therapy in developed countries approaches 50%, it remains below 5% in China, indicating substantial growth potential. Combined cryo-thermal ablation offers significant advantages and is poised to become the mainstream approach for treating solid tumors. Hygea’s Kangbo Knife system has overcome many limitations and challenges associated with cryoablation, establishing Hygea as an international leader in the field. The product has already achieved commercial validation in the domestic market and demonstrates strong potential for global expansion. Hygea aligns well with Rongquan Capital’s typical investment profile for innovative medical device companies, and the firm hopes to continue supporting the company’s development.

Ms. Liu Feihong, Managing Director of Huajin CapitalHygea has built a comprehensive platform of interventional oncology devices and consumables covering the entire care cycle for cancer patients since its establishment in 2010. Deeply rooted in the field of interventional oncology, the company has gradually expanded its scope to comprehensively cover all departments involved in tumor treatment. It is a rare innovative medical device enterprise in the industry, boasting mature commercialization capabilities and proprietary technologies. We remain optimistic about the company’s growth potential and prospects in the post-pandemic era of oncology treatment, and look forward to Huajin Capital providing support for Hygea’s future development, achieving win-win cooperation.

Ms. Song Weinan, Senior Investment Director at Qiandao Fund“It is a great honor to have the opportunity to participate in Hygea’s new round of financing. Starting with its internationally innovative ComboKnife, Hygea has comprehensively laid out its portfolio of minimally invasive oncology products and established a leading position in the industry, making it a key investment for Qiandao Fund in the field of innovative medical devices. We hope that Hygea will continue to launch more innovative products in the future, becoming a high-quality national brand that benefits the public.”

Mr. Yang Zhenjun, Managing Partner at Haoyue CapitalIt stated that Hygea is a rare domestic enterprise in the field of minimally invasive oncology medical devices, possessing top-tier R&D capabilities. The team demonstrates strong execution efficiency and has a clear development roadmap. Centering on tumor intervention, the company has implemented a comprehensive strategic layout and has grown into the most extensively covered platform enterprise in China’s minimally invasive oncology intervention sector, with the potential to become the first publicly listed company in China’s tumor intervention industry. VCBeat Capital is honored to have served as the exclusive financial advisor for Hygea Medical in this round of financing, assisting the company in successfully completing the transaction. We believe that with capital support, Hygea will achieve even greater development.

Hygea, established in 2010, is a national high-tech enterprise dedicated to the fields of minimally invasive interventional oncology and cryomedicine. Hygea has built an R&D platform comprising the Beijing Key Laboratory of Cryobiomedical Engineering and a postdoctoral research workstation. It has developed ComboCare, the world’s first composite cryo-thermal ablation system that integrates deep-freeze cryoablation with high-intensity hyperthermia. Furthermore, Hygea has comprehensively structured its product pipeline around interventional oncology, providing a full spectrum of solutions for the minimally invasive diagnosis and treatment of tumors in clinical practice.

Yueyin Medical Fund was established in July 2015, focusing on investments in the healthcare industry, including medical devices, healthcare services, and biopharmaceuticals. It has incubated and invested in more than forty companies, many of which have successfully gone public. As a national venture capital sub-fund for the commercialization of scientific and technological achievements, Yueyin Medical Fund has consistently ranked among the Top 10 lists by Zero2IPO, China Venture, and Financing China, thanks to its outstanding investment performance and market recognition over the years.

Rongquan Capital, established in 2015 and backed by robust strategic capital, adopts a “fund of funds + direct investment” model to focus on the international expansion of technology and life sciences. With a cumulative investment scale approaching RMB 8 billion, its portfolio spans from angel rounds to Pre-IPO stages. The firm has established offices in five locations: Hong Kong, Beijing, Shanghai, Shenzhen, and Silicon Valley (USA). By forging strategic partnerships with numerous high-performing funds, Rongquan Capital has built a collaborative investment ecosystem. Leveraging its strong financial strength and consistent track record of excellent investment performance, Rongquan Capital strives to become a capital management group with assets under management exceeding USD 10 billion, supported by a professional investment team operating across China and the United States.

Huajin Capital is a listed company under Huafa Group, a leading state-owned enterprise in Zhuhai and one of China’s Top 500 Enterprises. It serves as the primary platform for equity investment within Huafa Group’s technology industry cluster. The company focuses on strategic investments in new energy, semiconductors, healthcare, and other sectors, primarily engaging in private equity (PE) while also covering venture capital (VC) and other stages. Huajin Capital has built an international and professional investment team, establishing industry-leading expertise. It has successfully invested in numerous high-quality projects, and its brand as a private fund manager has gained significant influence. The company has been repeatedly ranked among the “Top 50 Private Equity Firms in China” and the “Top 50 State-Owned Investment Institutions in China,” and has received honors such as “Top 10 Investment Institutions in China’s Semiconductor Sector” and “Top 30 Investment Institutions in China’s Advanced Manufacturing Sector.”

QianDao Fund was established in 2011, adhering to the philosophy of “empowering finance with technology, serving industries through financial services, and contributing to the nation via industrial development.” It focuses on asset management and investment activities, including equity investment and industrial investment. To date, QianDao Fund has initiated, established, and registered over 50 private equity funds. In the biopharmaceutical sector, QianDao Fund strategically targets high-quality segments such as innovative drugs (including biopharmaceuticals), in vitro diagnostics, innovative medical devices, healthcare services, and health technology. By collaborating with biopharmaceutical industry institutions, it jointly explores diversified layouts and innovative development models for the biopharmaceutical industry.

Meihong Investment was co-founded by several former executives of Meinian Onehealth Healthcare (SZ: 002044). It focuses on equity investments in upstream, midstream, and downstream industries closely related to the medical and healthcare sector, as well as in high-growth private companies. Leveraging its extensive resources in the medical services field, Meihong Investment empowers its portfolio companies. Adhering to the philosophy of “With health comes a future; seize the deterministic value within China’s health investment trends,” Meihong Investment is committed to becoming an incubation platform for innovative healthcare and industrial integration, strategically laying out an innovative ecosystem chain for medical services.

Gaorong Capital was founded in 2014, focusing on early-stage and growth-stage investments, with a particular emphasis on innovative ventures in new consumption, emerging technologies, healthcare, and other sectors. To date, 22 companies invested in or held by Gaorong have completed their initial public offerings, while over 30 have achieved valuations exceeding $1 billion. Many of these companies have grown into industry leaders, including Pinduoduo, Huya Live, BOSS Zhipin, Roborock, and Dingdong Maicai. Gaorong Capital continues to focus on the healthcare sector, identifying and supporting leading enterprises in digital health and medical services, new drug development, medical devices, and diagnostics.

Founded in January 2014, Haoyue Capital is a leading industry-focused investment bank in China dedicated to the healthcare sector. Headquartered in Shanghai, the firm maintains regional offices in Beijing and Shenzhen. Committed to empowering clients through capital and research-driven insights, Haoyue Capital facilitates the successful connection of outstanding Chinese healthcare enterprises with capital markets, thereby creating added value for its clients. The partnership team comprises senior investment bankers with extensive experience in China’s healthcare sector, supported by a professional team of over 70 members. Haoyue Capital closely monitors dynamics and trends in the healthcare investment market, with its research and transaction coverage spanning multiple sub-sectors, including innovative pharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. As of 2022, the firm had completed more than 300 projects, with cumulative transaction values exceeding USD 10 billion; among these, it executed over 50 M&A and restructuring deals, totaling more than USD 5 billion. In 2022 alone, Haoyue Capital closed over 50 complex transactions involving private equity financing, M&A integration, and spin-offs of listed companies, with a total transaction value amounting to billions of US dollars, maintaining its comprehensive leadership across various healthcare sub-sectors.