Menovex Medical Files for IPO to Accelerate Global Leadership in Mid-Infrared Pulsed Laser Medical Devices

Many years later, Dai Yixiang, a young man born in the 1990s, would still recall the night of September 8, 2021—a time when autumn was waning yet unexpectedly muggy. After four days of anxious waiting, he sat in his office on the fourth floor of Building C, Phase I of the Zhongcheng Life Science Park in Pingshan District, Shenzhen. Gazing out at the vast night sky dotted with sparse lights, he answered a phone call from a colleague in Beijing with apprehension.

The phone call was brief, conveying that MIL MED TECH had successfully delivered its first laser medical device to a client and initiated ex vivo experiments, with encouraging results.

Upon hearing the good news, Dai Yixiang appeared remarkably composed: “In the week leading up to delivery, our team of more than a dozen engineers strove for perfection, feeling that there was still room for improvement. We worked diligently late into the night every day. It was not because there were any issues that needed fixing, but rather because everyone believed we could do even better. Moreover, having conducted experimental testing, we had realistic expectations regarding the test results.”

With this, MIL MED TECH, an innovative enterprise in minimally invasive laser medicine, has achieved victory in its first commercialization battle.

MIL MED TECH, founded in Shenzhen, China in 2020 by two Tsinghua University Ph.D. “roommates,” is committed to becoming a world-class innovative enterprise in laser technology. Currently atShenzhenandBeijingEstablished in both locations,R&D and Production CenterandExperimental Center.

It is worth mentioning that in March 2021, after two months of design and construction,1,400 m² GMP-compliant production and office facility put into operation.Since then, MIL MED TECH has possessedClass 1,000 Cleanroom Environment for Laser R&DandProduction capacity for equipment at the scale of hundreds of units.

MIL MED TECH GMP Facility

MIL MED TECH's strategic positioning is“Laser + Healthcare”Field, with a focus on providingOral, Skin, Urology, Vascularminimally invasive laser medical surgical devices and ancillary products in fields such as . Meanwhile, the company provides to partners in the medical industryCore Components and Unit Modules for Minimally Invasive Laser Medical DevicesandSystem-level ODM solutions.

Unlike most laser medical device companies, MIL MED TECH possessesProprietary core laser component technologies, with the capability to independently produce specialized medical lasers.Possesses strong technical barriers.

Long before the establishment of MIL MED TECH, its core team had already forged a strong connection with laser technology.

CEO and CTO, Ji Cai, Ph.D. in Optical Engineering from Tsinghua University, is a high-level talent in Shenzhen. Former R&D Manager at Han's Laser, Secretary of the Guangdong Provincial Key Laboratory of Industrial Ultrafast Laser Technology, and Young Committee Member of the Laser Application Branch of the China Optical Association.

Co-CEO and COO Dai Yixiang, Ph.D. in Instrument Science and Engineering from Tsinghua University, is a Jiangsu Province "Shuangchuang" Talent. Former Chief Project Engineer at the Key Laboratory of Intelligent Sensing of China Electronics Technology Group Corporation (CETC), Member of the Intelligent Sensing Professional Committee of the Jiangsu Artificial Intelligence Society, Internal Auditor for Medical Devices, and Management Representative.

The two were classmates, tennis partners, and roommates during their doctoral studies. The rest of the MIL MED TECH team comprises PhDs from renowned universities in China and abroad, top-tier experts in medical-engineering interdisciplinary fields, experienced software and hardware engineers, and seasoned marketing professionals. They hail from world-leading companies such as Philips, Siemens, Han’s Laser, Alibaba, and Lepu Medical, bringing extensive work experience, proficiency in project management and development processes, entrepreneurial passion, and a steadfast spirit of innovation.

MIL Medical Team

Zhang Feng, the project lead at Oriental Fuhai, an existing shareholder, commented: “The team at MIL MED TECH is exceptional, demonstrating strong learning agility and execution capabilities. In the more than six months since our angel investment, we have been pleasantly surprised by the team’s operational efficiency, the rapid pace of business expansion, and their ability to leverage resources.”

Currently, MIL MED TECH has alreadyCompleted three rounds of financing, raising a cumulative total of approximately RMB 60 million.The most recent funding round was a Pre-A series in September 2021, raising tens of millions of yuan, with support not only from existing shareholdersEastern Fortuneof companionship, also haveYizhuang Capital、Ruiyi Capitalrecognition from industrial capital, as well as from high-end medical device manufacturersLAICAI Medicalsupport.

Laser technology is no longer rare in surgical procedures today, but the selection of laser wavelength requires careful consideration. The wavelength not only determines the “sharpness” of the laser scalpel, but also affects the precision of tissue cutting, as well as hemostasis and wound healing postoperatively.

MIL MED TECH has selected the 1940 nm thulium fiber laser, with its main product pipeline focused on thulium laser therapeutic devices in the mid-infrared spectrum.

MIL MED TECH has selected the 1940 nm wavelength.

The output wavelength of the thulium fiber laser is 1940 nm, with a wavelength range of 1.75 μm to 2.22 μm. Positioned near the strong absorption peak of water, it exhibits an exceptionally high absorption coefficient for water and a shallow tissue penetration depth of only 0.2 mm. This enables both efficient vaporization and precise cutting.It offers advantages such as simple and safe operation, minimal tissue damage, rapid hemostasis, and high precision.It has achieved rapid development and widespread application in clinical practice in recent years.

According to Dai Yixiang, thulium laser technologyExclusively targets the peak water absorption below 2.5 μm,On one hand, it can be coupled into silica-based optical fibers (silica fibers), significantlyReduce manufacturing costs for equipment and consumables.More critically, it relies on short-pulse thulium laser modulation technology,Thulium fiber laser can be described as the most precisely controllable laser with minimal thermal damage among wavelengths capable of entering the human body for minimally invasive surgery.

Jiang Dongxing, a partner at Ruiyi Capital, commented on the technology: “Thulium fiber lasers exhibit outstanding physical properties, and their application in the medical field is still in the early stage of market penetration. The project team holds a significant first-mover advantage.”

MIL MED TECH's current product portfolio targetsDepartment of Stomatology, Department of UrologyandDermatologyThree Major Clinical Departments.

Taking oral treatment as an example,Root canal irrigation requires the instillation of normal saline; however, conventional irrigation methods are associated with low debris removal efficiency and a high risk of residual debris.MIL MED TECH Laser EquipmentIt can induce a cavitation effect in water molecules, and through the oscillation of water itself, remove infectious materials within the root canal and the smear layer on the root canal wall. Additionally, it can melt the superficial dentin layer via photothermal effects to achieve sealing of the dentinal tubules.

The fine optical fiber of the laser can penetrate deep into the root canal. Utilizing the high temperature generated by the laser, residual debris within the root canal is thoroughly removed, achieving drying, sterilization, and cleaning. Additionally, after the application of filling agents, the laser’s momentum and thermal energy can be employed to propel the agents toward the apical region and lateral canals. This ensures comprehensive sterilization and obturation, helps prevent the formation of periapical abscesses, and reduces the risk of tooth fractures associated with traditional instrumentation.

In the field of urological treatment,Traditional laser lithotripsy typically employs holmium lasers; however, the prevalent retropulsion effect associated with holmium laser lithotripsy limits stone fragmentation efficiency and prolongs operative time. In some cases, additional consumables such as stone retrieval baskets are required to mitigate complications, thereby increasing surgical costs.

Since stones have a polycrystalline structure and high water content, thulium laser possesses 4–6 times the water absorption capacity of holmium laser.MIL MED TECH Laser EquipmentIt leverages the cavitation effect of water to fragment or even pulverize stones, which are then expelled from the body with urine, thereby reducing patient discomfort. Furthermore, numerous academic studies have demonstrated that thulium laser induces significantly less stone displacement than holmium laser.

In the field of dermatological aesthetic medicine,European and American brands dominate the market, with products better aligned with the skin characteristics and needs of Caucasian populations, albeit at higher unit prices. MIL MED TECH focuses on four key clinical demands—anti-aging, pigmentation removal, acne treatment, and scar reduction. By optimizing wavelength selection and pulse modulation specifically for Asian skin, the company provides medical devices that offer higher clinical efficiency, greater cost-effectiveness, and better suitability for Chinese patients.

Meanwhile, thulium fiber laser'sStrong technical extensibility, a "1+N" combination can be adopted to address the pain points of different medical application scenarios and better align with diverse clinical needs.

To forge iron, one must be strong oneself; development is the absolute principle. MIL MED TECH’s core technologies—including laser design, laser equipment design, industrial design, software development, and treatment handpiece design—all embody a high level of technical sophistication. Within just two years, MIL MED TECH has filed a total ofHolds over 20 patents, recognized as a National Technology-based SME, and is poised to apply for National High-Tech Enterprise status this year.

Meanwhile, MIL MED TECH hasYangtze River Delta RegionWith extensiveMarket Resource Channelsand many otherIndustry-University-Research Partners, and has established practical business collaborations with multiple medical device companies, laser application technology firms, and leading academic medical teams. Among themODM business for core laser medical devices and equipment systems is a significant component of the company's revenue.. Currently, MIL MED TECH's annual revenue has approached ten million yuan, achieving self-sustaining "blood generation."

Looking to the future, Dai Yixiang has outlined a grand blueprint for MIL MED TECH—grounded in the real-world needs of clinicians and patients, leveraging its “devices + core components” strategy to achieve comprehensive coverage across clinical departments and facilitate deployment in hospitals and private clinics. Guided by the vision of “letting the light of technology safeguard public health,” MIL MED TECH is committed to providing doctors and patients with laser treatment tools that are safer, more efficient, precise, and accessible. MIL MED TECH has longRecruiting talents with clinical or medical device industry backgrounds (resumes welcome at talent@milmedtech.cn), welcome industry partners to join hands with us in building a Chinese brand for laser medicine.

Thulium fiber lasers boast outstanding physical properties and are currently in the early stages of market penetration within the medical sector. Their strong technical extensibility allows for integration with high-demand, rigid-consumption specialties such as dentistry, medical aesthetics, and urology, indicating a broad market potential. Coupled with the rising wave of domestic substitution in China, MIL MED TECH is well-positioned for significant growth.