PVmed Secures Series A+ Financing, Completing Over RMB 100 Million in Series A Funding to Advance Multi-Pipeline Strategy for Precision Oncology

VCBeat has learned that,PVmed(hereinafter referred to as “PVmed”) recently completed a financing round led byBeijing Jinhui Feng Investment Management Co., Ltd.(hereinafter referred to as “JHF Investment”) exclusively invested in the Series A+ financing round, and the funds raised in this round will be primarily used forThe continuous R&D and commercial production of multi-line products will also actively drive the expansion into overseas markets.Furthermore,PVmed will also officially launch its Series B financing round,ByZero2IPO CapitalServed as a financial advisor for corporate financing.

PVmed, positioned as a provider of intelligent tumor treatment solutions, was established in May 2017. Since its inception, the company has distinguished itself in the field of AI-based medical imaging for tumor therapy, leveraging advantages such as an ultra-high-quality annotated imaging database and accumulated algorithmic expertise. It has experienced rapid growth over the past few years, emerging as a leading benchmark in the industry.

Public information indicates that PVmed completed its Series A financing in August 2021, led by Xenon Chentu and Philips. With this new boost from the Series A+ round, PVmed has now fully completed its Series A fundraising, bringing the total financing scale to hundreds of millions of yuan.

In Less Than a Year, PVmed Secures Further Investment: What Drives the Strong Interest from Multiple Investors?

According to the latest 2020 global cancer burden data previously released by the International Agency for Research on Cancer (IARC) of the World Health Organization, China recorded as many as 4.57 million new cancer cases and 3 million cancer deaths, making it a veritable “major cancer country.”

In February 2022, the National Cancer Center released the latest national cancer statistics: currently, the incidence and mortality of malignant tumors in China continue to rise, with annual medical expenditures exceeding RMB 220 billion. Over the past decade, the survival rate for malignant tumors has shown a gradual upward trend. The current five-year relative survival rate for malignant tumors in China is approximately 40.5%, representing an overall increase of about 10 percentage points compared to ten years ago. However, there remains a significant gap when compared to the 70% survival rate observed in developed countries.

Against this backdrop, China is expanding the coverage of cancer screening and early diagnosis and treatment, while promoting the standardized and homogeneous application of clinical cancer diagnosis and treatment through multiple measures, with the aim of reducing the mortality rate from malignant tumors in the country.

The primary modalities for cancer treatment include radiotherapy, surgery, and chemotherapy. According to a Sullivan Research report, 65–75% of patients in clinical practice require radiotherapy to shrink or eliminate tumors, or to prevent local recurrence; meanwhile, surgery serves as the main therapeutic approach for over 60% of cancer cases, with 90% of tumors utilizing surgical intervention for diagnosis and staging. This underscores the critical importance of radiotherapy and surgery in cancer management. Furthermore, WHO statistics indicate that, in terms of contribution to progression-free survival (PFS) in cancer treatment, surgery accounts for 49%, radiotherapy for 40%, and chemotherapy along with other treatments for 11%.

As a medical AI enterprise boasting an ultra-high-quality labeled imaging database and extensive algorithmic expertise among its international peers, PVmed has achieved domestic and global leadership in multiple technologies within the field of AI-assisted diagnosis and treatment based on medical imaging. Its previously launched, independently developed products—designed for workflows including image processing, assisted diagnosis, and precision therapy—have garnered strong acclaim following their clinical application.

Steady Progress for Long-Term Success, Proactive Steps for Greater Achievements. In contrast to the tentative, exploratory approach characteristic of its incubation phase, PVmed has demonstrated a dynamic and aggressive growth posture during its expansion stage. Following six months of meticulous planning and prudent evaluation, the company has formulated its PVmed 2.0 Innovation Strategy. Technological innovation serves as PVmed’s core competitive advantage, building upon its established foundation of intelligent diagnostic and therapeutic products.PVmed 2.0’s innovation strategy focuses on the AI-driven oncology treatment sector, which features higher barriers to entry.Focusing on radiotherapy and surgery, the two major cancer treatment modalities, we have developed targeted intelligent product solutions. Our business now covers more than 20 provinces and municipalities across China, as well as select international markets, having served over 140,000 clinical patients in total.

The medical device industry constitutes the “core” supply-side resource within the healthcare ecosystem. National macroeconomic policies strongly support innovation and development among medical device enterprises. Since its inception, PVmed has remained committed to empowering clinical practice with cutting-edge professional technologies, thereby fostering a robust healthcare industry ecosystem:

All products under PVmed possess fully independent intellectual property rights., as of July 2022, PVmed had filed more than 80 invention patent applications, all of which had entered the substantive examination stage; additionally, it had been granted 40 invention patents, 34 utility model patents, 18 design patents, and 41 software copyrights.

As technology continues to evolve, PVmed is also committed to commercializing its technological achievements and actively promoting market entry to serve a wider range of clinical applications. Currently, all of PVmed’s existing products have obtained market access approval in China, holding two NMPA Class III and three NMPA Class II medical device registration certificates.and obtained FDA 510(k) clearance in December 2021, advancing the internationalization of its commercial qualifications, providing multi-disease, multi-modal AI-assisted end-to-end treatment solutions for global healthcare institutions, device manufacturers, and technical service providers.

Furthermore, PVmed has been successively selected for national and provincial/municipal initiatives, including the National 5G+ Medical Health Application Pilot Project List and the Guangzhou Intellectual Property Strong Enterprise Cultivation Project. The company also participated in the drafting of two national standards related to artificial intelligence medical devices, leveraging its original scientific research and innovation strengths to contribute to the advancement of smart healthcare in China.

To further drive business innovation and product implementation at PVmed,In November 2021, Dr. Xu Chenyang was invited to serve as President and Co-Chairman of PVmed, overseeing the company’s integrated management across multiple dimensions—including team building, product technology, market sales, and corporate development strategy—and, as a core architect, leading the formulation of PVmed’s 2.0 Innovation Strategy.

The development trend is clear, and the team is high-spirited and forging ahead.PVmed’s core R&D team comprises elite technical talents from globally renowned institutions, including the University of Science and Technology of China, the University of Michigan, the Technical University of Munich, and Johns Hopkins University. Its management team consists of top-tier executives from leading domestic and international enterprises, continuously fostering new momentum, cultivating competitive advantages, and injecting fresh vitality to comprehensively ensure the company’s high-quality and steady development.

Zhou Lixia, Founding Partner and Chairman of JHF Investment, stated:We are delighted to participate in PVmed’s latest financing round and embark on this journey together. Boasting a top-tier AI healthcare team in China, PVmed has seen its products widely adopted by numerous leading hospitals across the country after five years of dedicated development under the leadership of Founder Professor Lu Yao and Dr. Shen Shuo. With Dr. Xu Chenyang assuming the roles of President and Co-Chairman, PVmed has further expanded and accelerated its global vision. Following the FDA 510(k) clearance of its products, PVmed’s commercial qualifications have extended from the domestic market to the international arena. We are confident that PVmed will achieve more robust commercialization, empowering clinical practice and serving more patients worldwide. The future of PVmed is promising.

Xiong Weiming, Partner at Huachuang Capital, stated:We are delighted to see PVmed continue to achieve success in the medical AI sector. With its products sequentially obtaining clinical certification qualifications, the appointment of Dr. Xu Chenyang, General Manager of Siemens Silicon Valley Innovation Center, and strategic investment from Philips, PVmed has become a rare contender that has secured all the necessary entry tickets in this field. We look forward to joining hands with the company to reach new heights!

Li Chengsheng, Executive General Manager of Guozhong Venture Capital, stated:PVmed is an AI healthcare project led by Guozhong Capital in early 2018. As a board-level investor, we have participated in and witnessed the company’s step-by-step development and growth. Driven by its vision to “transform healthcare with AI,” PVmed’s current products focus on high-barrier, deeply integrated applications within surgical procedures, holding significant innovative value both domestically and internationally. We also welcome JHF as a shareholder to jointly participate in PVmed’s future development.

Wei Xiaolin, Partner at Xie Nuo Chen Tu, stated:The right people, the right approach, doing the right things. This is our fundamental understanding of PVmed. The three leaders of PVmed possess technical expertise, industry insights, and seamless collaboration—this represents the right people. They hold a grand vision while precisely identifying implementation points and accumulating progress through meticulous efforts—this represents the right approach. AI will profoundly transform healthcare and even human health—this represents the right thing. I feel honored to join this team and create the future together.

Mr. Chen Shengyu, Senior Vice President of Philips Greater China and General Manager of the Precision Diagnosis Business Group, stated:Philips is leveraging local innovation and manufacturing in China, while collaborating closely with the local innovation ecosystem, to create optimal experiences for customers and patients with greater speed, precision, and optimization. Oncology is a key therapeutic area of focus for us. PVmed is one of our most important partners in this field in China. Since 2021, the two parties have engaged in deep collaboration, integrating advantageous resources, striving for excellence, and continuously iterating to enhance the precision, speed, and efficiency of integrated oncology radiotherapy systems. We congratulate PVmed on securing its Series A+ financing round. We hope that PVmed will proceed more steadily, further, and stronger on the path of technological R&D and commercialization, leveraging innovation and commitment to help healthcare professionals provide better patient care and bring greater benefits to the vast number of cancer patients in China. We are full of confidence and anticipation for our continued collaboration.

Xu Chenyang, President and Co-Chairman of PVmed, stated:We thank our investors for their trust and support in PVmed. Currently, in the field of oncology treatment, PVmed is focusing on innovation and implementation across two product lines: radiotherapy and surgery. We are committed to building a comprehensive product ecosystem that integrates AI-driven hardware and software solutions, end-to-end workflows, and cloud platforms for cancer treatment. Our products have been deployed in over 100 Grade A tertiary hospitals across China, serving the treatment needs of more than 100,000 cancer patients. With the continued support of our investors, we are confident that PVmed will maintain its leadership in the development of AI-powered oncology treatments, generate greater value, and establish China’s AI cancer care as a “world-class hallmark.”

Jin Huifeng Investment, established in 2010, has long been engaged in private equity investment, primarily focusing on start-up and growth-stage enterprises. The firm was founded by Zhou Lixia, a renowned investor and Chair of the Angel United Association. Its team members are graduates of prestigious institutions such as Tsinghua University, Fudan University, the Central University of Finance and Economics, and overseas universities, with many holding doctoral or master’s degrees and several being Certified Public Accountants (CPAs). Currently, the firm manages more than ten private equity funds. Jin Huifeng Investment is a professional equity investment institution characterized by a lean and highly skilled team, distinctive expertise, and particularly deep accumulation in finance, taxation, and risk control. Its healthcare-related investment portfolio includes Hui Lun Medicine, Sino Biological, Angpu Biotechnology, Guoxin Medicine, and Deweilan.

Xieno Investment Group was officially established on August 1, 2013, with its headquarters located in Guangzhou, China. The Group has been committed to the mission of “Letting Wealth Create Value.” It has established a presence in multiple business sectors, including securities investment (License No.: P1002332), equity investment (License No.: P1014565), and overseas industrial investment. The Group has set up more than 10 branches across China, covering Guangzhou, Shenzhen, Foshan, Dongguan, Zhongshan, Jieyang, Huizhou, Hangzhou, Changsha, Wuhan, Xi’an, Chongqing, and other regions. It has also expanded into overseas markets, extending its business reach to countries and regions such as those in Africa.Xieno Chentu is a private equity fund management company within the Xieno Group, specializing in primary market equity investments. It focuses on industries such as new energy vehicles, semiconductor new materials, and big health. Its investment portfolio includes CATL, CALB, Ronbay Technology, Haiyou New Materials, Sinofuse Electrical, SMIC Integrated Circuit Manufacturing, Maxio Technology, GenFleet Therapeutics, and GeneChem, among others.

Royal Philips is a leading health technology company dedicated to improving people’s health and well-being, and enabling better outcomes across the health continuum—from healthy living and prevention, to diagnosis, treatment, and home care. Leveraging advanced technology, rich clinical experience, and deep consumer insights, Philips continuously launches integrated innovative solutions. The company holds leadership positions in diagnostic imaging, image-guided therapy, patient monitoring, health informatics, and consumer health and home care. Headquartered in the Netherlands, Philips reported annual sales of EUR 17.2 billion in 2021, employs approximately 78,000 people worldwide, and provides sales and services in more than 100 countries.

Coco Capital was established in 2015, dedicated to providing premium capital services to innovative and entrepreneurial enterprises, including venture capital funds, private securities investment funds, and industrial investment and M&A funds. Our investors include state-owned enterprise groups, listed companies, government guidance funds, and professional fund-of-funds. Our primary investment sectors are intelligence technology and enterprise internet. Wei Feng, the founding partner of Coco Capital, has over a decade of experience in venture capital and was honored as one of Forbes China’s Best Venture Capitalists in 2019 and China’s Best Angel Investor in 2018. Notable investment portfolio companies include Will Semiconductor (603501), Neusoft Reach (688590), and Degute Energy Saving (300950).

Gaolue Capital is an emerging investment firm specializing in healthcare and next-generation information technology. Adopting a research-driven strategy, the company emphasizes deep industry expertise, carefully selecting and investing in high-quality projects with significant growth potential. It is committed to providing clients with comprehensive financial services throughout their entire lifecycle, delivering substantial value-added support. Recent investment portfolio companies include PVmed, Burui Technology, Huazhi Robotics, Xinshi Zhike, and Rouchu Intelligence.