ZhiShu Technology Secures Tens of Millions in Series A+ Funding to Accelerate CT Tube R&D and Market Expansion

VCBeat has learned at the earliest opportunity that, in recent days,Beijing Smartbeam Technology Co., Ltd.(hereinafter referred to as “SMARTBEAM”)Announces the completion of a tens-of-millions-yuan Series A+ financing round.This funding round was led by Huade Capital, with participation from Hairong Capital and Jiagengxin Capital, among other institutions. The proceeds will be used to accelerate the R&D of CT X-ray tube technology, equip facilities for mass production, and expand the R&D team.

SMARTBEAM, established in Beijing in February 2019, is a high-tech enterprise dedicated to the independent R&D, manufacturing, and sales of core vacuum electronic devices, including CT X-ray tubes. Committed to becoming a globally leading supplier of CT X-ray tubes, SMARTBEAM has made significant breakthroughs in key technologies such as liquid metal bearings and unipolar anode grounding. The company has built a comprehensive capability system encompassing CT X-ray tube design, machining, manufacturing, testing, and reliability validation.

The CT X-ray tube is the “crown jewel” of CT equipment, and CT X-ray tubes based on liquid metal bearings represent the most advanced technological achievement of today’s global imaging giants. In recent years, the localization process for large medical devices such as CT scanners has advanced rapidly. However, core components like CT X-ray tubes remain dominated by imported products. In particular, if higher-end, higher-performance core components represented by “liquid metal bearing CT X-ray tubes” cannot be independently developed and manufactured by Chinese enterprises, it will severely compromise the autonomy and controllability of the entire industrial chain and significantly constrain the revolutionary upgrades of future CT system performance.

By conducting intensive research and development in liquid metal bearings and manufacturing processes, SMARTBEAM has established a comprehensive R&D system for CT X-ray tube design.Pioneered the domestic breakthrough by securing China’s first medical device registration certificate for a CT X-ray tube with a liquid metal bearing of Chinese origin, and achieved mass production.Meanwhile, the company’s independently developed liquid metal bearing X-ray tube has obtained certification for integration with domestically produced CT systems, addressing the critical dependency on imported CT X-ray tubes. The company plans to achieve full coverage of mainstream domestic CT X-ray tube models within two to three years, providing the highest quality products and services to domestic CT system manufacturers as well as third-party maintenance service providers.

Following the relaxation of pandemic control measures, demand for lung CT scans surged across China. The convergence of the pandemic and the advancement of policies such as tiered diagnosis and treatment has triggered a significant boom in demand for CT equipment, which in turn has driven sustained growth in demand for X-ray tubes.

Since December 2022, the volume of CT scans in radiology and imaging departments across all hospitals in China has seen explosive growth, with workloads even surpassing those during the early stages of the pandemic in 2020. Leveraging its superior product quality, stable supply capacity, and efficient service response, SMARTBEAM has rapidly met market demands by providing its medical X-ray tubes to frontline healthcare facilities while also serving grassroots medical institutions.

As the number of exposures increases, X-ray tubes suffer wear and damage, leading to CT system downtime. Given the stringent manufacturing requirements for this component, there are significant differences in the service life of X-ray tubes across different brands and technologies. To achieve longer tube lifespan and faster anode heat dissipation, X-ray tube technology has evolved from fixed anodes to rotating anodes, from glass envelopes to metal envelopes, from pure metal targets to metal-graphite composite targets, and from mechanical ball bearings to liquid metal bearings.

SMARTBEAM Product Schematic Diagram

From the perspective of core components, CT scanners worldwide replace their X-ray tubes on average every 2–4 years; in China, however, the average replacement interval is only 1–2 years per scanner. This implies thatApproximately 200,000 CT X-ray tubes are required globally each year., and this figure will increase in tandem with the growing installed base of CT scanners. Therefore, CT X-ray tubes need to be replaced periodically based on usage to ensure the continuous and stable operation of CT systems.

Compared to traditional ball-bearing tubes, SMARTBEAM’s liquid metal bearing technology offers multiple advantages:

First,Zero Wear. During the operation of liquid metal bearings, the bearing core and outer sleeve do not come into direct contact, resulting in zero wear, noiseless operation, and extended service life;

Second,High Heat Dissipation. Liquid metal bearings, with the bearing clearance filled with liquid metal, possess superior direct conductive heat dissipation capabilities, enabling them to support the examination needs of a large number of patients;

Thirdly,High Performance. Liquid metal bearings withstand higher centrifugal forces from gantry rotation, up to 40g, enabling rapid high-definition scanning of moving organs such as the heart;

Fourth,The anode rotates continuously. The anode rotates continuously and maintains high-speed rotation throughout operation, accelerating workflow and improving usage efficiency. There is no need to wait for the anode to reach the specified rotational speed between scans, as is required with ball bearings;

Fifth,Reduce system costs. Lower maintenance expenses associated with frequent X-ray tube replacements and minimize CT downtime, thereby further enhancing patient experience while ensuring high-performance CT operation;

Finally,As the pinnacle of X-ray equipment technology, liquid metal bearing X-ray tubes are a key configuration for high-end 64-slice and above CT scanners.

64- to 128-slice CT scanners represent the fastest-growing segment in the CT market and serve as the primary models for tertiary hospitals and some secondary hospitals. Liquid metal bearing X-ray tubes are poised to become the mainstream trend, enabling CT systems to cover high-, mid-, and low-end models across the board.

High R&D investment, the construction of multidisciplinary professional teams, extreme process optimization, a robust supply chain management system, and semi-automated production quality control are the keys to truly benchmarking CT X-ray tube products against their overseas counterparts.

SMARTBEAM has maintained a focused approach to product development, achieving standardization and uniformity in manufacturing processes through four years of R&D investment. Currently, its portfolio of commercialized and pipeline models covers the high-, mid-, and low-end market segments, breaking down barriers in the mid- to high-end markets and accelerating time-to-market. Meanwhile, by catering to lower-tier markets and reducing equipment procurement costs, SMARTBEAM provides more options for primary hospitals and healthcare institutions, striving to become an internationally influential Chinese-made medical device brand.

Furthermore, to address post-pandemic demands and achieve supply chain security, cost control, and technological innovation for critical components, SMARTBEAM will collaborate with OEMs and distributor partners to continuously provide high-quality products, services, and solutions to the medical CT market, ensuring the high quality, high efficiency, and high stability of CT equipment operations. Additionally, it will work with domestic enterprises to accelerate the localization of CT X-ray tubes, continuously enhance the autonomy and controllability of the industrial and supply chains, and truly realize the goal of achieving self-reliance and controllability in core component technologies.

Zhongde Securities stated: In recent years, the localization process for large-scale medical equipment such as CT scanners has advanced rapidly. However, upstream segments of the related industrial chain, particularly core components like CT X-ray tubes, remain dominated by imported products, representing a typical "chokepoint" where small but critical components constrain the broader industry. Beijing Smartbeam Technology Co., Ltd. has established a comprehensive R&D and design system for CT X-ray tubes. Adhering to the philosophy of rooting ourselves in the capital markets, leveraging our professional expertise, and serving the real economy, Zhongde Securities maintains a long-term positive outlook on and provides continuous services to technological innovation enterprises like Smartbeam. In this round, we served as the financial advisor for Smartbeam’s financing. We will continue to accompany Smartbeam in its growth and development, confident that it will become a leading enterprise in the field of vacuum electronics.

Huade Capital Management Group was founded in 2017, jointly initiated by the head of a securities firm with extensive multi-sector financial experience and founders of large enterprise groups and listed companies. Its core team boasts over two decades of experience in capital markets, spanning securities, banking, insurance, and funds. Driven by the dual engines of investment and investment banking M&A, the group provides comprehensive capital support and financial services to enterprises across all stages of development. Since its inception, Huade Capital has focused deeply on the technology sector, prioritizing investments in high-tech industries such as new energy, new materials, next-generation information technology, intelligent manufacturing, and biopharmaceuticals. It has established partnerships for the commercialization of research achievements with numerous prestigious universities and research institutes, managing funds totaling billions of yuan.

Zhongde Securities Co., Ltd. is a Sino-foreign joint venture securities company, jointly established by Deutsche Bank, a globally leading integrated financial institution, and Shanxi Securities Co., Ltd., which boasts extensive local experience. The firm specializes in investment banking services. Leveraging international investment banking philosophies and management expertise, an elite team well-versed in China’s capital markets, a robust business platform, abundant resources, and high-quality services, Zhongde Securities is committed to helping enterprises connect with multi-tiered capital markets and achieve high-quality development goals.

Beijing Haina Yourong Investment Management Co., Ltd. (hereinafter referred to as “Hairong Capital”) was established in 2012 and is an equity investment management firm specializing in the healthcare sector. As of December 31, 2022, four portfolio companies backed by Hairong Capital had completed initial public offerings (IPOs). The company’s core business focuses on venture capital investments in early-stage healthcare startups, growth investments in expansion-stage companies, and buyout investments in mature enterprises. It also provides investment advisory services to institutional investors and related enterprises in the healthcare industry. Guided by its vision of “Focusing on Healthcare, Creating Wealth, and Serving Society,” Hairong Capital achieves mutual growth with its investee companies through capital operations and management enhancement, while sharing success with its business partners.