Jingwei Shida Completes Series A Funding to Advance Confocal Laser Endomicroscopy for Early Cancer Diagnosis

VCBeat (WeChat ID: vcbeat) learned at the earliest opportunity that in April 2022,Viestar Medical Technology (Wuhan) Co., Ltd. (“Viestar”) announced the completion of its tens-of-millions-of-RMB Series A financing round, led by Northern Light Venture Capital and participated in by Boxing Capital.. This round of financing will be primarily used for the continued research, development, and production of the visualized biopsy platform, as well as for promoting its clinical application.

Founded in 2014, viestar is a high-tech enterprise dedicated to the research and development, manufacturing, and promotion of innovative medical devices. It focuses on providing clinically valuable advanced technologies for the early precise diagnosis and treatment of tumors. Its product portfolio spans three key technological areas: minimally invasive diagnostic and therapeutic access technologies for early-stage tumors, real-time non-invasive visualized biopsy technologies, and minimally invasive therapeutic technologies for early-stage tumors.

Guided by its mission to continuously innovate for high-quality life, viestar has been committed since its inception to advancing cancer prevention, precise diagnosis, and efficient treatment. By relentlessly developing breakthrough medical technologies and products, the company strives to become a core force in innovative cancer diagnosis and therapy, thereby contributing to progress in the healthcare sector.

In 2019,Viestar Obtains the World’s Second and China’s First Medical Device Registration Certificate for Confocal Microendoscopy. In 2021,viestar’s New-Generation Confocal Microendoscopy System, Beixi® Confocal Microimager, Approved for Market Launch, it has already completed trials at more than 30 Grade A tertiary hospitals across China, including renowned institutions such as Beijing Friendship Hospital, Shanghai Changhai Hospital, Beijing Changgung Hospital, Wuhan Union Hospital, and Zhongnan Hospital of Wuhan University.

The breakthrough in confocal laser endomicroscopy represents a milestone in the development of China’s endoscopy industry. It signifies that China’s technological capabilities in laser confocal endomicroscopic imaging have reached an internationally leading level, and marks the entry of the country’s endoscopic technology into a new era of real-time, in vivo, pathology-grade visualized biopsy.

Regarding the investment in viestar, Yu Fang, Partner at Northern Light Venture Capital, stated:“With the advancement of early tumor screening technologies, there is a growing demand for precise tumor screening. Coupled with the widespread adoption of ESD and EMR procedures, Aurora is highly optimistic about the application of confocal microscopy-based visual biopsy technology in these areas. The viestar team has accumulated extensive experience in this field over many years, and we are delighted to have the opportunity to collaborate with them to advance patient care.”

Chen Lei, Partner at Boxing Capital, stated:“Confocal laser endomicroscopy, as a platform technology, enables cellular-level examination of organs such as the gastrointestinal tract, biliary and pancreatic ducts, and liver, facilitating early tumor detection and precision treatment. The viestar team has been deeply engaged in this field for many years, with its products already widely adopted in clinical practice. We remain firmly optimistic about the company’s development prospects and look forward to its continued provision of superior diagnostic and therapeutic solutions for patients.”

Confocal Laser Endomicroscopy (CLE) is an endoscopic technique that generates real-time, in vivo optical histological sections, also known as "optical biopsy." Leveraging the principles of confocal microscopy, it magnifies tissue up to 1,000 times, enabling clinicians to directly visualize cellular structures during endoscopy. This facilitates the diagnosis of early-stage minute lesions, particularly neoplastic changes, thereby enhancing biopsy precision and reducing missed diagnoses.

However, due to the extremely high technical barriers, only a handful of companies worldwide have mastered this technology and are capable of product development. Meanwhile, high product costs have severely limited its application, making clinical adoption in China particularly challenging. In 2017, viestar was approved to lead the National Key R&D Program project titled “Development of Confocal Endoscopy” under the 13th Five-Year Plan. Two years later, viestar’s product received regulatory approval, making it the second company globally capable of commercializing confocal laser endomicroscopy systems.

Source: viestar

CLE is compatible with any conventional endoscopic biopsy channel and has a wide range of clinical applications. For example, in the diagnosis of gastrointestinal lesions, it enables targeted and precise biopsies, reducing trauma and missed diagnoses; in minimally invasive surgeries, it allows for accurate determination of resection margins, complete removal of lesions, and minimal residual disease with low recurrence rates. Taking early diagnosis of gastric cancer as an example, according to the latest 2020 data from China, gastric cancer ranks third in both incidence and mortality among all malignant tumors. Globally, there are approximately 1.2 million new cases of gastric cancer each year, with China accounting for about 40% of these cases. The proportion of early-stage gastric cancer in China is very low, at only about 20%, with most cases being detected at an advanced stage, resulting in an overall five-year survival rate of less than 50%. When confocal visualization biopsy is combined with traditional endoscopic biopsy, the diagnostic accuracy for superficial gastric tumors can be improved to 98.1%.

Currently, digestive diseases represent the primary clinical application scenario for confocal laser endomicroscopy (CLE). Furthermore, CLE has demonstrated application potential in other fields, including the respiratory and urinary systems. As clinical research on CLE expands, its clinical value has been further validated, leading to its inclusion in relevant guidelines and consensus statements, while also garnering broader anticipation.

Persistence and focus are the keys to innovative exploration. As one of the earliest teams globally engaged in related technological research, the viestar team has been deeply rooted in this field for 13 years, establishing a solid technical reserve and accumulating extensive clinical data. Meanwhile, by leveraging independent design and supplier development, viestar has achieved reasonable cost control over its products, significantly enhancing the potential for widespread adoption of its technology.

Northern Light Venture Capital, founded by Mr. Deng Feng in 2005, is a venture capital firm dedicated to “empowering world-class Chinese entrepreneurs and cultivating world-class Chinese enterprises.” The firm currently manages six U.S. dollar funds and four RMB funds, with assets under management exceeding RMB 30 billion. It has long focused on investing in early-stage, technology-driven innovative companies, and has to date invested in more than 400 outstanding enterprises in the fields of new technologies, healthcare, and new consumption.

Northern Light Venture Capital entered the healthcare sector in 2009. Over the past decade-plus, its investments have spanned multiple sub-sectors—including innovative drugs and biotechnology, medical devices, IVD, life sciences, digital health, and novel healthcare services—covering nearly the entire industry chain. The firm has invested in more than 90 innovative healthcare companies, such as CITIC Pharmaceutical, BGI Genomics, Burning Rock Biotech, Zelt Pharma, iRay Technology, Conatus Pharmaceuticals, Cytek Biosciences, Guoke Hengtai, Taimei Medical Technology, Belief BioMed, Yidao Biology, Eastern Speech Therapy, and CoYDx, among others. Northern Light is committed to advancing technological development and social progress, working hand in hand with entrepreneurs.

Boxing Capital is a venture capital firm focused on early-stage healthcare investments, founded by partners with extensive experience in healthcare industry investing. The firm currently manages funds totaling nearly RMB 2 billion and has strategically invested in more than 40 innovative medical device and healthcare service companies with significant market potential. Many of these portfolio companies have grown into leaders in their respective niche sectors, and the firm has successfully realized profitable exits from multiple investments. Boxing Capital’s limited partners include top-tier domestic fund-of-funds, healthcare industry entrepreneurs, and seasoned investors. Leveraging in-depth industry research, clear investment logic, and comprehensive post-investment management capabilities, Boxing Capital has secured ongoing support from its investors and earned long-term respect from entrepreneurs, firmly establishing itself as a trusted long-term partner for leading Chinese investors and business founders.