Likai Medical Secures Over RMB 200 Million in Series B+ Financing, Set to Launch Seven Innovative Neurointerventional Products in 2022

VCBeat (WeChat: vcbeat) learned at the earliest opportunity that,In March 2022, Shanghai Like Technology Co., Ltd. (“Like Tech”) completed a Series B+ financing round exceeding RMB 200 million. The round was co-led by Shenzhen Capital Group and Lingang Science and Technology Innovation Investment, with participation from Zhangjiang Haoheng, Shanghai Science and Technology Innovation Fund, and Beida Biopharmaceutical Industry Fund. Existing shareholder Hengxu Capital made an additional investment. WinX Capital continued to serve as the exclusive financial advisor. Amidst a tightening macroeconomic environment and a cooling capital market over the past six months, Like Tech’s ability to break through and successfully close two consecutive financing rounds fully demonstrates the capital market’s strong recognition of the company. Previously, Like Tech had received investments from multiple funds, including Hillhouse Ventures, Hengxu Capital, Yangyun Capital, Taifu Capital (under Tigermed), and Taiyu Investment.

Likai Technology was established in 2019, specializing in the research and development, manufacturing, and sales of neurointerventional implantable medical devices. Its product portfolio comprehensively covers hemorrhagic, ischemic, and access solutions. Committed to leveraging neurointervention as its strategic entry point, the company is driven by a dual-engine strategy combining robust in-house R&D capabilities with extensive global business development (BD) exploration. Supported by a closed-loop system integrating R&D, product development, and marketing sales, Likai Technology aims to become a leading innovation technology and service platform in the field of cerebrovascular disease devices, and indeed across the broader medical device industry.

Since its establishment, the company has been dedicated to building a foundational technology platform for neurointervention. To date, it has fully established technological platforms for catheters, guidewires, balloons, and stents. The development of these foundational technology platforms in both China and the United States has facilitated the rapid R&D and iteration of the company’s new products. In July 2021, the company’s first product—the distal access device “Skathi™ Intracranial Distal Access Catheter”—was officially approved for market launch, with the entire approval process taking only eight months. Market supply commenced in September 2021, achieving sales revenue far exceeding expectations within three months, thanks to precise pre-launch sales planning and strong team execution. It is expected that at least seven self-developed innovative products will be successively approved for launch in 2022. To date, the company has successfully completed four U.S. business development (BD) projects, established a comprehensive internal and external licensing and collaboration system, and steadily built out its international market team. Investors in this round believe that Likai Technology holds absolute leading advantages in global R&D, global operations, and global sales within the domestic neurointervention sector.

The stroke patient population in China is steadily increasing, with high mortality risk factors. In 2019, the number of stroke patients in China reached 14.8 million, including 11.9 million with ischemic stroke; the incidence was 2.3 million cases, and it is projected to rise to 2.7 million cases by 2030. Statistics also show that at least one in every five deaths in China is due to stroke, accounting for approximately one-third of global cerebrovascular disease deaths and ranking as the leading cause of death. In recent years, with the accelerated establishment of stroke centers across China and the continued penetration of neurointerventional procedures into primary healthcare institutions, the market size of the neurointerventional field has been expanding. Driven by factors such as growing procedure volumes and advancements in domestic product development, international brands still dominate 80% of China’s neurointerventional market, leaving substantial room and potential for growth for domestic brands.

Following the completion of this round of financing, Likai Technology will continue to dedicate itself to the in-depth research and development of foundational technologies for interventional medical devices. The company will accelerate the introduction and incubation of the latest international products, building a multi-product, interdisciplinary, and continuously iterated product pipeline aligned with market demands. Meanwhile, it will establish a sales network covering top-tier hospitals and key experts across China, while rapidly expanding its international sales channels, with the aim of transforming the enterprise into an international, comprehensive platform for innovative medical devices.

For this round of financing,Liu An, Chairman of Likai TechnologyStatement: We extend our gratitude to Shenzhen Capital Group, Lingang Sci-Tech Innovation Investment, Zhangjiang Haoheng, Shanghai Science and Technology Innovation Fund, Beida Biopharmaceutical Industry Fund, and our existing shareholders for their trust, as well as to the WinX Capital team for their continued support. Since its inception, Likai has adhered to a technical roadmap that emphasizes both internal strengthening and external development, with a strong focus on foundational R&D. Through years of dedicated investment and technological accumulation, we finally bore fruitful results in the highly competitive landscape of 2021. As competition within the industry intensifies, innovation must rely not only on a “rapid iteration” strategy but also on targeting “first-in-class” breakthroughs in R&D. Moving forward, we will launch a series of neurointerventional products, along with other interventional devices, that offer revolutionary features and differentiated competitiveness.

Dr. Zhou Yi, General Manager of the Shenzhen Capital Group Hongtu Healthcare FundStatement: Shenzhen Capital Group (SCGC) and Hongtu Medical Fund are pleased to co-lead the latest financing round for Likai Technology. Neurointervention is a key sub-sector closely monitored by SCGC. After evaluating numerous companies, we selected Likai. The Likai team’s technological reserves, along with their proven track record in serial entrepreneurship and internationalization, are relatively scarce within the neurointervention sector. We look forward to the early market launch of the company’s more innovative products, providing better treatment options for patients and establishing Likai as a leading enterprise in the interventional field.

Wu Wei, General Manager of Lingang Sci-Tech Innovation InvestmentStatement: We are delighted to co-lead the new round of financing for Likai Technology. Likai and its founder possess first-class international vision and strong execution capabilities. Lingang Sci-Tech Innovation Investment is optimistic about achieving matrix-style development in the neuroscience field by integrating into the global industrial chain, and we look forward to leveraging Lingang’s resources to support the company’s growth.

Zhangjiang Haoheng Deputy General Manager Wang WenjieWe value the company’s robust foundational technology, which facilitates rapid iteration of future products, as well as the management team’s strong commercialization capabilities and execution prowess. We aim to leverage Zhangjiang High-Tech’s rich industrial ecosystem to support the company’s growth.

Yuan Zhide, Executive Vice President of Shanghai Science and Technology Innovation FundIt stated: “With its robust R&D capabilities in foundational technologies, comprehensive product pipeline, and highly efficient execution team, Likai Technology is well-positioned to achieve rapid growth. We are pleased to support the development of outstanding local enterprises in Shanghai and look forward to witnessing a promising future together.”

Beida FundStatement: We highly value Likai Technology’s team for their proven entrepreneurial track record, R&D capabilities, and internationalization expertise. Leveraging industrial resources, Beida Biopharmaceutical Industry Fund will work together with Likai to solidify its position as the leading enterprise in the neurointerventional field.

Lu Yongtao, Chairman of Hengxu CapitalStatement: As the lead investor in the Series B round, we continue to exercise our super pro rata rights. We believe that Likai Technology’s foundational core competencies will accelerate product iteration, enable rapid global expansion, and position the company as a global leader in the medical device industry.

Dr. Zou Guowen, CEO of WinX CapitalStatement: We are honored to have served as the exclusive financial advisor to Likai Technology for two consecutive rounds. As a rare innovative company in China that truly possesses the technical foundation and genetic heritage in neurointerventional technology, Likai Technology boasts an experienced R&D, management, and internationalization team, along with a comprehensive pipeline of interventional products. Its robust national sales network, combined with industry-leading overseas expansion capabilities, has laid a solid foundation for future global sales and policy responsiveness. We believe that Likai Technology will gradually emerge as a striking "dark horse" in the medical device sector, both domestically and internationally.