Huake Precision Completes Series D Financing to Advance Innovation in Neurosurgical Precision Surgery

VCBeat has learned that recently, China’s leading intelligent platform for minimally invasive neurosurgical treatmentSinovation (Beijing) Medical Technology Co., Ltd.(abbreviated as: Sinovation) announced the completion of its Series D financing round, raising nearly RMB 300 million.This funding round was led by China-US Green Yangtze River Delta, with participation from Denuo Capital and Rongquan Capital, among others. Existing shareholder Kaifeng Venture Capital continued to increase its investment, while iCapital served as the exclusive financial advisor in this transaction.

Through this round of financing, Sinovation simultaneously completed the acquisition of Beijing Huake Hengsheng Medical Technology Co., Ltd., successfully expanding its product portfolio into the field of intracranial electrodes and further enriching its lineup of precision neurosurgical surgical products. Meanwhile, the company will furtherAccelerate the expansion of indications for its domestically first-of-its-kind MRI-guided intracranial laser ablation (LITT) product, benefiting a vast number of epilepsy and intracranial tumor patients in China with revolutionary innovative surgical techniques, providing them with safe, precise, and minimally invasive treatment options.

Since its establishment, Sinovation and Huake Hengsheng have remained dedicated to the field of neurosurgery, independently developing a comprehensive and diversified portfolio of innovative products for neurosurgical procedures. Following the merger, the combined entity will establish multiple equipment pipelines, including series of neurosurgical robots, neuronavigation systems, miniature neurosurgical robots, MRI-monitored laser ablation systems, and neurosurgical planning software, as well as multiple consumable pipelines, such as intracranial electrode series and MRI-compatible laser ablation kits, therebyCovers a full-process product solution for neurosurgical procedures, ranging from top-tier hospitals to primary care facilities, including essential diagnostics, surgical planning, intraoperative navigation and positioning, and real-time treatment monitoring., and is widely used in more than 150 neurosurgery centers across China.The company has always adhered to innovation-driven development, and currentlyFour products have previously entered the National Medical Products Administration’s Special Review Channel for Innovative Medical Devices, and six products have obtained Class III medical device registration certificates from the national authorities.Meanwhile, Sinovation has successively undertaken multiple provincial and ministerial-level scientific research projects, including the National Key R&D Programs during the 13th and 14th Five-Year Plan periods.and has received numerous honors, including “Specialized and Sophisticated ‘Little Giant’ Enterprise” by the Ministry of Industry and Information Technology (MIIT) and “National Intellectual Property Advantageous Enterprise.”In terms of product commercialization, the company has also made significant progress, with its intracranial electrode products and surgical navigation and positioning systems both leading the market in China’s neurosurgery sector.

Huake Hengsheng is a pioneer in the domestic intracranial electrode industry. Its independently developed full range of intracranial electrode products, including electrocorticography (ECoG) electrodes and stereoelectroencephalography (SEEG) electrodes, has largely achieved import substitution in this field after years of market promotion. These products now cover the vast majority of neurosurgical centers in China, supporting thousands of epilepsy surgeries annually.

Sinovation is a leader in China’s neurosurgical surgical robot industry. It has independently developed the world’s first neurosurgical surgical robot system utilizing 3D structured light technology, as well as China’s first miniature neurosurgical surgical robot system (weighing approximately 1.4 kg). Both innovative products have received regulatory approval and achieved successful commercialization. The 3D structured light technology significantly reduces patient registration time for surgical robots to under three minutes, offering advantages such as being frameless, marker-free, and not requiring preoperative CT scans. This technology substantially shortens surgical duration, markedly improves registration accuracy, enhances surgical efficiency, reduces patient discomfort, and lowers operational complexity. Meanwhile, the miniature surgical robot system achieves sub-millimeter positioning precision while effectively reducing costs. It meets the dual requirements of stereotactic puncture procedures and craniotomy resections, enabling various emergency surgeries for intracerebral hemorrhage, brain tumor biopsies, and other urgent conditions to be performed in emergency departments or hospital wards. By successfully breaking through high price barriers, it serves a broader range of physicians and patients across extensive regions.

Sinovation is also an industry leader in minimally invasive intracranial therapy. Its independently developed LITT (Laser Interstitial Thermal Therapy) system, the first of its kind in China, enables precise ablation of deep-seated intracranial lesions by guiding laser ablation fibers under real-time MR thermometry monitoring. This technology achieves precise, minimally invasive, and safe ablation of deep intracranial lesions and can be widely applied to the destruction of epileptic foci and tumor lesions within the brain, making repeat treatments for neurosurgical conditions feasible. As a revolutionary and disruptive technology in the field of neurosurgery, it fills a domestic gap in China.

Yue Binghuan, Investment Director of the Yangtze River Delta at China-US Green Fund, the lead investor, stated:“For a long time, due to the uneven distribution of medical resources in China, neurosurgical diagnostic and treatment capabilities have been concentrated in a few top-tier tertiary hospitals, resulting in a significant gap in care capacity and prominent contradictions in treatment penetration rates. The development and application of new minimally invasive and intelligent diagnostic and therapeutic equipment are expected to assist neurosurgery departments at medical institutions of all levels in improving their diagnostic, treatment, and emergency care standards, thereby benefiting a vast number of patients. As a technology-driven company deeply rooted in neurosurgery, Sinovation has established comprehensive business coverage and a robust product portfolio in the fields of minimally invasive and intelligent neurosurgery. It is leading industry development in certain niche segments and continuously exploring revolutionary diagnostic and therapeutic approaches through innovative surgical techniques. The green health industry is one of the key investment areas that China-US Green Yangtze River Delta has long been committed to. We are honored to partner with Sinovation and hope to contribute to the Healthy China initiative and industrial development!”

Wen Gang, Partner at Kaifeng Venture Capital, stated:“Early-stage entry and sustained partnership have always been Kaifeng Venture Capital’s consistent investment philosophy. Since our initial investment in Sinovation at the end of 2017, we have steadfastly supported and accompanied the company through multiple milestone achievements. From annual new product approvals to the merger with Huake Hengsheng, Sinovation’s founding team has demonstrated exceptional R&D and operational capabilities. We believe that, leveraging its profound expertise in neurosurgery, specialized minimally invasive technology platform, and robust product pipeline, Sinovation will continue to deliver more precise and minimally invasive devices to clinical practice, thereby fulfilling its vision of improving therapeutic outcomes and enhancing the quality of life for patients worldwide.”

Lin Yunfeng, Founding Partner of Denovo Capital, stated“Investing in innovative medical technologies and intelligent solutions has always been a core focus for Denovo Capital, and Sinovation represents the perfect convergence of these two domains. With profound technological expertise and a comprehensive product portfolio—ranging from intracranial electrodes and neurosurgical navigation systems to LITT ablation devices and consumables—Sinovation has developed full-spectrum, end-to-end solutions for various neurosurgical procedures. As a pioneer in intelligent neurosurgery, the company holds significant strategic value for us. The founding team demonstrates exceptional synergy and operational excellence across technology innovation, clinical adoption, production control, and commercial promotion, earning our deep admiration. Denovo Capital is committed to supporting this elite team by leveraging our resources to accelerate its rapid growth.”

Li Jin, Managing Director of the Medical Technology and Devices Team at China Renaissance, stated“Sinovation is a high-quality enterprise that China Renaissance identified early on in the field of neurosurgery. It focuses on providing excellent overall solutions in the field of neurosurgery, and such companies are very scarce globally. The three co-founders have highly complementary backgrounds, forming a stable ‘iron triangle.’ The entire team is focused, professional, and possesses strong execution capabilities. The company has launched several domestically pioneering products centered around neurosurgery, and we believe that LITT has the potential to become a disruptive product in the field of neurosurgery. China Renaissance is pleased to assist the company in completing this round of financing. In the future, we will further collaborate closely with the company to help accelerate the market introduction of its products, benefiting a wide range of patients in China.”

Sino-US Green Yangtze River Delta is anchored in the Yangtze River Delta Eco-Green Integrated Development Demonstration Zone, extending its reach across the entire Yangtze River Delta region and serving national strategic initiatives. It primarily focuses on sectors such as healthcare, synthetic biology, SaaS and fintech, new energy, and new materials. By employing multi-level, comprehensive investment strategies and portfolios, it accelerates green industrialization, puts green finance principles into practice, establishes a professional benchmark for green investment through green equity investments, and promotes China’s green, low-carbon economic transformation and development.

DNV Capital, established in 2011, is an international venture capital firm specializing in the healthcare and intelligent technology sectors. Adhering to the investment philosophy of “focus, professionalism, diversification, and global reach,” DNV Capital concentrates on investing in high-quality projects in innovative medical devices, biopharmaceuticals, cell and gene therapy, synthetic biology, and intelligent technologies. The firm has participated in investments in dozens of renowned enterprises, including Venus Medtech, Broncus Medical, Vessix, Sorrento, Geneseeq, Haichuang Pharmaceutical, Xuanzhu Biopharma, and Binhui Biotherapeutics. With a global market perspective, DNV Capital continuously supports innovative extended services across various fields, empowering high-quality enterprises and outstanding teams to achieve success.

Rongquan Capital is built on a strong foundation of strategic capital, operating through a “fund-of-funds + direct investment” model. It focuses on the international layout of technology and life sciences, with a cumulative investment scale of nearly RMB 8 billion, covering stages from angel to Pre-IPO. 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 and providing integrated domestic and overseas financial services, Rongquan Capital is building a synergistic investment ecosystem while helping portfolio companies achieve comprehensive growth and value appreciation.

As a leading new-economy investment bank in China, iCapital focuses on three major sectors globally: TMT, consumer, and healthcare. Beyond its investment banking services, iCapital manages both an RMB fund and a USD fund. The firm maintains offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds licenses to operate in the U.S. securities market. Healthcare is a key focus area where iCapital boasts significant strengths; it has been ranked for five consecutive years as the new-economy investment bank with the highest number of healthcare industry transactions in China. Meanwhile, iCapital possesses the largest, most professional, and most comprehensively integrated investment banking team dedicated to the healthcare industry in China.

Kaifeng Ventures is a Sino-US dual-currency venture capital firm focused on investing in early-stage technology companies, advocating a team culture of equality, transparency, sharing, and innovation. Established in 2009, the firm primarily focuses on the healthcare and IT hard-tech sectors, with assets under management exceeding RMB 7 billion. It has provided funding and resource support to more than 100 outstanding teams and projects. Kaifeng Ventures has helped over ten high-tech enterprises successfully go public, including Cytek (NASDAQ: CTKB), Conatus Pharmaceuticals (NASDAQ: CNTB), Thrive (NASDAQ: EXAS), InnoLight Technology (300308), MemSensing Microsystems (688286), Huaxing Zhiyuan (000008), and Aolian Electronics (300585).