Yingshu Life Secures Tens of Millions in Pre-A Funding to Build a Comprehensive Endoscopy Platform, Led by BGI Capital

VCBeat (WeChat ID: vcbeat) has learned that Hangzhou Yingshu Life Technology Co., Ltd. (“Yingshu Life”) recently announcedCompleted tens of millions of yuan in Pre-A round financing, led by Huada Win Win, with follow-on investments from Yuanchuang Duoying Fund and previous angel investorsThe funds raised in this round of financing will be primarily used for the research and development of high-end endoscopes, the expansion of production capacity for fluorescence optical rigid endoscopes, and the establishment of sales channels for disposable electronic endoscopes. It is reported that Ying Shu Life completed its angel round of financing at the end of last year, with investment from Dr. Chen Jie, a leading expert in the field of CMOS image sensor chips in China.

Clinically, endoscopes are widely used across multiple departments and serve as essential equipment for both diagnostic examinations and surgical procedures. Based on the flexibility of the scope body, endoscopes can be categorized into rigid optical endoscopes and flexible endoscopes. Rigid optical endoscopes are primarily suitable for minimally invasive surgeries in areas such as the abdominal cavity, ear-nose-throat (ENT) region, joints, uterus, and bladder, with the market size in China reaching approximately RMB 9 billion in 2022. Flexible endoscopes are mainly used for examinations and surgeries in natural body cavities such as the gastrointestinal and respiratory tracts; the market size in China was approximately RMB 7 billion in 2022, growing rapidly at a rate of 15% and currently in a golden period of development. However, due to the extremely high barriers in research and development and manufacturing processes, and given that Chinese endoscope manufacturers started relatively late overall, more than 95% of the current endoscope market share is occupied by imported products from companies such as STORZ, Olympus, and STRYKER. This has resulted in medical institutions incurring substantial annual costs for endoscopic equipment.

To achieve domestic substitution of endoscopes in China, breakthroughs must be made through upgrades in both product performance and medical demand. First, rigid optical endoscopes are precision optical medical devices that involve precision mechanics, precision optics, and various specialized manufacturing processes. These key technologies have long been dominated by German manufacturers, renowned for their manufacturing prowess and craftsmanship, particularly in the fabrication of optical structural components for endoscope bodies. The optical structural components of the endoscope body are core to ensuring clear imaging and true-to-life color reproduction. A single endoscope body requires 30–40 optical lenses, employs specialized optical structural designs, and demands production and calibration at the micron scale. Only a very small number of Chinese enterprises have achieved independent mastery of these capabilities. In the realm of flexible endoscopes, single-use endoscopes, owing to their ease of use and elimination of cross-infection risks, are poised to rapidly iterate and replace traditional reusable endoscope products. They are also expected to see widespread adoption in primary care hospitals with limited sterilization capabilities. The global market for single-use endoscopes is experiencing rapid growth at an annual rate exceeding 30%, making it one of the segments with the greatest potential in the endoscopy industry.

Yingshu Life is a medical device company engaged in the research and development, manufacturing, and sales of high-end medical endoscopy systems and related innovative products. Its product portfolio spans four major categories: fluorescence optical rigid endoscopes, single-use electronic endoscopy systems, endoscopic camera control units, and endoscopic consumables. The applications cover various clinical departments, including general surgery, urology, gynecology, gastroenterology, and respiratory medicine.

Figure 1: Yingshu Life has established a complete endoscopy solution

The company has currently established its presence in Shenzhen, Hunan, and Hangzhou, operating over 3,000 square meters of GMP-compliant sterile manufacturing facilities. Within two years of its establishment, Yingshu Life has completed the R&D of four major technology platforms and submitted registration applications for eight products, including rigid endoscopes, flexible endoscopes, camera control units, and medical cold light sources. The company expects to obtain more than 20 registration certificates in related fields within the next year. At that time, Yingshu will become one of the domestic endoscopy platforms with the largest number of relevant registration certificates.

Robust independent innovation capabilities are inseparable from a first-class team structure. Leveraging advanced talent philosophies, strong professional expertise, and substantial financial strength, the company has assembled a group of leading talents from internationally renowned medical enterprises such as Mindray, SonoScape, OmniVision, and Xianjian, as well as from universities and research institutes. The core team possesses over 10 years of experience in the endoscopy industry and holds dozens of domestically leading core technologies in the field of endoscopy, including CMOS image sensing technology, advanced optical design technology, high-end image processing technology, and precision manufacturing and machining technology. The company’s team has extensive experience in R&D, production, and management that meets the standards of large-scale enterprises, leveraging years of accumulation in the medical endoscopy industry to ensure the safety and efficacy of its clinical products.

In recent years, amid shifting international dynamics, the Chinese government has placed increasing emphasis on overcoming critical technological bottlenecks. The momentum for domestic substitution has expanded from clinical equipment and devices to core components. Since the beginning of this year, YingShu Life’s 4K ultra-high-definition fluorescence laparoscope has achieved independent mass production and received market approval. This system comprehensively surpasses international benchmark products in high-temperature and high-pressure resistance, anti-fog performance, optical resolution, fluorescence sensitivity, and parfocality between white light and fluorescence imaging, positioning it at the global forefront. Currently, YingShu is fully committed to the R&D and regulatory certification of its 4K fluorescence camera system, while continuously advancing the independent development of specialized rigid endoscopes tailored for various medical specialties, including thoracoscopes, single-port laparoscopes, integrated hysteroscopes, and transforaminal endoscopes.

Figure 2: YingShu Life’s fluorescence optical laparoscope demonstrates internationally leading performance and is independently mass-produced.

Yingshu Life has also achieved breakthroughs in its disposable electronic endoscope portfolio. In April this year, it obtained registration certificates for two disposable endoscope products: the disposable electronic bronchoscope and the disposable electronic ureterorenoscope catheter. Notably, the disposable electronic bronchoscope is the first certified product in China with megapixel resolution. It is expected that by mid-next year, Yingshu Life’s other disposable electronic endoscope products—including hysteroscopes, nasopharyngolaryngoscopes, cystoscopes, and choledochoscopes—will receive successive approvals for market launch.

Yingshu Life is systematically advancing its strategic layout across R&D, marketing, and sales. Moving forward, in addition to its domestic presence, the company will continue to expand into international markets. Applications for CE marking and FDA registration for its flagship products are already underway. Yingshu Life is committed to becoming a globally leading platform enterprise in the medical endoscopy industry.

Chief Scientist and Angel Investor, Chen JieIt is indicated that the rapid advancement of CMOS image sensor chip technology, particularly the achievement of self-reliance and controllability in domestically produced chips, has ushered in significant growth opportunities for the endoscopy industry. Disposable electronic endoscopes have emerged as an optimal strategic choice for Chinese medical endoscope manufacturers to catch up with and surpass leading global enterprises. I believe that Yingshu Life Technology, leveraging its founding team’s extensive experience in the medical endoscopy sector, a highly efficient and comprehensive product portfolio, stringent cost and quality control systems, and robust market channel expansion capabilities, is poised to become an industry leader.

Liu Yu, Founding Partner of Huada Win WinStatement: The field of minimally invasive endoscopy is one of the key areas of focus for Huada Win Win. The impressive track record of YingShu’s founder in the medical industry, combined with the team’s extensive experience in the endoscopy sector, constitutes the primary reason for our optimism regarding YingShu. The company’s strategic deployment in fluorescence endoscopy and single-use electronic endoscopy targets two sub-segments poised for rapid growth in the global market over the coming years. We hope that the YingShu team will seize this opportunity to achieve a market breakthrough in its respective field, and we are confident that YingShu will emerge as a leading enterprise in China’s endoscopy industry in the future.

Feng Zhuangzhi, Founding Partner of Finnova DuoyingIt was stated that in just over a year, YingShu Life has obtained registration certificates for several products, including disposable electronic endoscopes, laparoscopic endoscopes, 4K endoscopic camera systems, and endoscopic cold light sources. These products cover clinical scenarios in general surgery, urology, gynecology, gastroenterology, and respiratory medicine, demonstrating the YingShu team’s strong R&D capabilities and efficient execution. Notably, the fluorescence rigid endoscope has achieved full domestic mass production, with performance surpassing that of international benchmark companies—a remarkable accomplishment. Through our interactions with the YingShu team, we have deeply appreciated the founding team’s profound industry insights, enterprising entrepreneurial spirit, and pragmatic work style. We hope that under the leadership of the founding team, YingShu will continue to launch excellent products and deliver services with a strong reputation, soon becoming a benchmark enterprise in the endoscopy industry.

Huada Win Win, as a venture capital firm with an industrial background from BGI Group, combines the dual advantages of Corporate Venture Capital (CVC) and traditional Venture Capital (VC) in terms of industrial resources and flexible decision-making mechanisms. Advocating the investment philosophy of "R&D-driven investment," it adheres to mapping out industry landscapes and proactively investing along the industrial chain. It focuses on comprehensive, full-stage investments in high-quality projects within the bio-economy sector, including gene technology, cutting-edge biopharmaceuticals, innovative medical devices, food nutrition, and biomaterials, striving to become a top-tier innovation investment management institution in the bio-economy field. It aims to achieve resource sharing and win-win development among industrial partners, fund limited partners, and portfolio companies. Since its establishment five years ago, Huada Win Win has launched eight funds, with assets under management exceeding RMB 2 billion, and has cumulatively invested in nearly 30 healthcare projects. The team’s historical cumulative investments cover nearly 80 projects, with close to 20 IPOs, representing an IPO rate of approximately 25%. It has consecutively received honors from prestigious institutions such as Zero2IPO Group, China Venture, Financing China, the Fund of Funds Research Center, and VCBeat.

Yuanchuang Duoying Investment Group was established in 2014, with branches in Beijing, Shanghai, Jinan, Yantai, and other locations. It possesses multi-tier investment platforms and the capability to invest across cycles, industries, and regions. Its business scope covers venture capital, private equity investment, innovation services, and fund-of-funds management, with a strategic focus on six key sectors: high-end manufacturing, new materials, semiconductors, healthcare, information technology application innovation (ITAI), and carbon neutrality. The group manages RMB 8 billion in equity assets, has invested in over 80 projects, 17 of which have achieved domestic listings. Upholding the professional ethos of “Striving for Precision and Excellence,” Yuanchuang Duoying adheres to the investment philosophy of “Deep Regional Engagement, Deep Industry Immersion, and Comprehensive Service.” It is committed to identifying and partnering with promising and ambitious entrepreneurs in emerging industries, fostering long-term collaborations for mutual growth, integrating and enhancing corporate value, and achieving continuous self-transcendence.