KeKu Medical Secures Over RMB 100 Million in Series A Funding to Advance Original-Design Cardiovascular Medical Device Platform

VCBeat (WeChat: vcbeat) has learned that Shanghai Koku Medical Technology Co., Ltd. (“Koku Medical”) recently completed an A-round financing of over RMB 100 million. The round was co-led by Puhua Capital and Qishen Venture Capital, with Hejun Capital serving as the financial advisor. The proceeds will be used to further enhance the company’s global medical device innovation platform.

Keku Medical was founded in 2016 by Mr. Yang Weiqiang and Dr. Elliot Reed, an expert in the translation of innovative American medical technologies. Focusing on the field of cardiovascular medical devices, the company seeks to source and license cutting-edge medical innovations and technology patents globally, while conducting product development and industrialization in China. Leveraging China’s pool of highly skilled clinicians, internationally competitive engineering teams, and a relatively mature supply chain system, this model allows for the full utilization of domestic low-cost, high-efficiency resources, thereby establishing a global competitive advantage.

Over the five years since its establishment, Keku Medical has been dedicated to exploring a development path distinct from the domestic substitution or fast-follower strategies adopted by most Chinese companies. It has gradually assembled a professional team comprising top Chinese clinical experts, international technology translation specialists, and cross-disciplinary generalist engineers, built a global platform for medical device innovation and translation, and established an increasingly mature system of combinatorial innovation.

Keku Medical’s inaugural product is expected to submit its registration application to the National Medical Products Administration (NMPA) in the fourth quarter of this year. Independently developed by Keku, this device is designed for patients undergoing atrial fibrillation ablation procedures. It integrates with existing radiofrequency or cryoablation workflows to enable high-energy posterior wall ablation without increasing the risk of esophageal injury, thereby improving the rate of freedom from atrial fibrillation recurrence and extending the interval to recurrence.

Meanwhile, the company is rapidly advancing multiple first-in-class (FIC) original medical device pipelines, including implantable products for stroke prevention in patients with atrial fibrillation, a next-generation endovascular navigation system, novel interventional solutions for surgical neuromodulation, and the ProRenata (PRN) volume management implant system for patients with heart failure.

Keku Medical has established a systematic model for project sourcing and due diligence, enabling the rapid identification of ideas and technologies with global potential for further industrialization. By working closely with clinical experts to accurately define unmet clinical needs, the company proactively builds its product pipeline.

Pursuing the path of original innovation can effectively establish competitive barriers and mitigate the risks associated with centralized procurement. However, developing global first-in-class (FIC) innovations requires a completely different skill set. The R&D process for original medical devices involves numerous risk points that must be validated individually, making it challenging to balance efficiency and risk.

KeKu Medical has developed a unique approach to combinatorial innovation through practical exploration. It serializes the R&D process for individual projects, conducts real-time dynamic assessments of project risks, and targets breakthroughs at nodes with the highest risk and lowest validation costs to mitigate risk. Meanwhile, it advances multiple pipelines in parallel, adopting functional modularity, shared middle- and back-office resources, and continuous innovation to enhance overall efficiency.

By employing a combinatorial innovation model, we continuously screen for projects with reasonable risk-to-investment ratios, assess risks in real time, and dynamically allocate resources across projects. This approach has significantly enhanced industrialization efficiency while minimizing the risks associated with original research and development innovation.

Implementing a combinatorial innovation model requires comprehensive capabilities. After more than five years of dedicated effort and accumulation, Keku Medical has successfully established an end-to-end process from idea to product with its first original research and development (R&D) product. Meanwhile, the advancement of multiple pipelines has validated the effectiveness of its combinatorial innovation system. The recent completion of the company’s new rapid prototyping and production base marks that Keku Medical has secured unique core competitive advantages and built a deep moat, positioning it to stride forward confidently on the path of original R&D innovation in the medical device industry.

Regarding this financing,Mr. Yang Weiqiang, Founder of Keku MedicalHe stated: “A clear trend observed over the past two years is that inventors are already filing patents in China for emerging overseas technologies, even those still at the stage of animal studies in research groups. This makes the ‘fast follow’ strategy increasingly difficult to pursue. While domestic substitution and fast-following have indeed promoted the progress of China’s medical device industry to some extent, only original innovation and internationalization can truly narrow the gap and achieve catch-up and surpassing similar to what has been seen in China’s high-speed rail and consumer electronics sectors. Following this round of financing, Keku Medical will continue to refine its innovation system and strive to explore a new path for sustained innovation in China’s medical device industry.”

Mr. Shen Hongquan, Founding Partner of Qishen Venture CapitalIt stated: Keku Medical is a highly scarce domestic platform for original innovative medical devices, characterized by its deep integration of medicine and engineering, global perspective, and extensive experience in the international translation of medical technologies. The company’s team is pragmatic, efficient, and passionate. Starting from real clinical pain points and targeting the entire disease course of atrial fibrillation, it has gradually built a differentiated product pipeline that combines forward-looking vision with practicality. The road ahead is long and challenging; we look forward to working hand in hand with Keku to continuously launch more innovative products originating from China and geared towards the global market, thereby contributing to the cause of innovation in domestically produced medical devices.

Mr. Zhou Mi, Managing Partner of Puhua CapitalStatement: Keku Medical’s commitment to integrating medicine with engineering and pursuing original innovation aligns closely with our investment philosophy. The medical device industry is an emerging sector characterized by multidisciplinary integration, knowledge intensity, and high value-added potential, where independent innovation serves as a strategic imperative for enhancing corporate and product competitiveness. As a venture capital firm, promoting technological innovation and facilitating the commercialization of research outcomes constitute our core mission. Amidst the intense competition currently prevailing in the medical device sector, Keku Medical has established a competitive moat by building an efficient innovation system, thereby mitigating the risks associated with price reductions under centralized procurement. We look forward to and are confident that Keku Medical will pioneer a successful path in the realms of original innovation and internationalization.

Qishen Venture Capital is an emerging investment fund focused on “innovative drugs and innovative medical devices,” with the vision of “helping Chinese pharmaceutical innovation enterprises go global and give back to society.” The core team members possess over 26 years of industry experience and have led investments totaling tens of billions of yuan. Its historical portfolio includes numerous high-quality companies such as Borui Medicine (688166), Haichuang Pharmaceutical (688302), Jingjie Bio, Calibra, Stermune, Changfeng Pharma, Xiantong Pharma, Weimai Medical, Tongxin Medical, and Lijin Biopharma.

Puhua Capital, founded in 2004 and headquartered in Hangzhou, is a professional venture capital and asset management firm with investment offices in Beijing, Shanghai, Shenzhen, and London, UK. Since its inception, Puhua Capital has adhered to its vision of “Upholding a Universal Heart, Pursuing Substantive Excellence,” by investing in early-stage and growth-stage innovative startups, empowering entrepreneurs to realize their dreams, and striving to generate robust returns for investors. Through years of unwavering commitment, Puhua Capital is proud to have invested in more than 400 outstanding entrepreneurial ventures. The firm remains dedicated, diligent, and astute, continuing to support more exceptional entrepreneurs and enterprises.

Hejun Capital was established in 2009, with headquarters in Beijing, Shanghai, and Shenzhen. Focusing on sectors such as healthcare, consumer goods, and technology, the firm provides comprehensive financial services including equity investment, financial advisory, and management consulting. It has cumulatively managed over RMB 10 billion in equity investment funds, and its investment banking services cover more than 2,000 active investment institutions and industrial groups both domestically and internationally. The team members of Hejun Capital come from leading domestic and international securities firms, renowned private equity (PE) and venture capital (VC) institutions, law firms, and accounting firms, with an average of over 10 years of experience in investment and investment banking.