Magnetic Medical Imaging Pioneer Mandi Medical Completes Over RMB 100 Million Series A Funding Round

VCBeat (WeChat ID: vcbeat) has learned that Mandi Medical recently announced the completion of its Series A financing round, exceeding RMB 100 million. This round was jointly invested by Guoke Development, CAS Capital, the Shanghai Institute of Microsystem and Information Technology of the Chinese Academy of Sciences, Shanghai Xinwei Group, and Shanghai Guoxin.

Previously, Mandi Medical had secured early-stage investments from well-known venture capital firms in the industry, such as Lianxin Capital and Zhongsai Capital.

Mandi Medical Instruments (Shanghai) Co., Ltd. was jointly founded by returning scientists and a team of researchers from the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences (CAS). Since 2006, the company has worked in close collaboration with the CAS Shanghai Institute of Microsystem and Information Technology to initiate the research and development of domestically produced magnetocardiography (MCG) equipment. With support from national, CAS, and Shanghai municipal projects, the company overcame technical barriers through more than a decade of dedicated R&D, mastering proprietary domestic MCG detection technology. The performance of its equipment reaches international standards, and in 2019, it became the first MCG manufacturer in China to obtain registration certification from the National Medical Products Administration (NMPA).

Magnetocardiography (MCG) is a functional imaging method that performs diagnostic analysis by detecting the spatial magnetic fields generated by the electrical activity of the human myocardium. When the human heart exhibits symptoms of ischemia, such as coronary artery stenosis or microvascular disease, MCG readings will present abnormalities. These abnormal magnetic field changes are extremely weak, amounting to only one-millionth of the Earth's magnetic field. Detecting these faint magnetocardiographic signals against the strong background of the Earth's magnetic field has long been a major challenge facing MCG technology. Mandi Medical’s MCG equipment employs Superconducting Quantum Interference Devices (SQUIDs), which offer ultimate magnetic field sensitivity, as its core magnetic detectors. This approach resolves the challenge of magnetocardiographic detection under open, unshielded conditions, significantly advancing the development of this technology.

As a non-invasive, radiation-free examination technique that requires no drug injections, magnetocardiography (MCG) is minimally affected by human bones and tissues, thereby providing more objective and authentic pathological information about the heart. After years of development, international clinical medical research on MCG has demonstrated that magnetocardiographs are medical devices with significant potential for clinical application. They can be primarily used for screening, assessment, and prognostic monitoring of myocardial ischemia, as well as for localizing arrhythmias. Consequently, they hold broad application prospects in cardiology departments, cardiac rehabilitation centers, health examination centers, and third-party imaging centers.

During the recently concluded 2021 Annual Meeting of the Chinese Society of Cardiology under the Chinese Medical Doctor Association (CCCP 2021) and the 14th Tongji Summit on Cardiovascular Diseases, the First China Magnetocardiography Technology Advisory Expert Symposium, hosted by Mandi Medical, was successfully held. Academician Ge Junbo from Zhongshan Hospital Affiliated to Fudan University and Director Xie Xiaoming from the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, were specially invited to serve as Conference Chairs throughout the event. Professor Xu Yawei from Shanghai Tenth People’s Hospital and Professor Zeng Hesong from Tongji Hospital Affiliated to Tongji Medical College of Huazhong University of Science and Technology served as the meeting moderators. More than 20 cardiovascular experts from across China gathered both online and offline to jointly discuss the principles and applications of magnetocardiography technology. At the conference, Academician Ge stated, “We are delighted to see the Mandi Magnetocardiograph today, a domestically produced device with fully independent intellectual property rights. It is foreseeable that, with a deepening understanding of magnetocardiography technology, it will become a powerful tool for the diagnosis of cardiovascular diseases, particularly for the early identification of such conditions, thereby making due contributions to achieving the great goals of Healthy China 2030.” The participating experts fully affirmed the clinical value of magnetocardiography technology in functional assessment of myocardial ischemia, expressed high expectations for its future development, and clarified the direction for the advancement of this technology in China.

Leveraging magnetocardiography (MCG) technology as a strategic entry point, Mandi Medical will accelerate the research and development of biomagnetic technologies and clinical studies, while comprehensively deploying biomagnetic imaging diagnostic equipment, with the aim of becoming a globally recognized leader in this field. In addition to its already approved MCG devices, Mandi Medical is developing and seeking regulatory approval for fetal magnetocardiography (fMCG) systems, which will provide unique diagnostic value for early screening, precise diagnosis, and prognostic assessment of congenital heart diseases.

Xie Xiaoming, Director of the Shanghai Institute of Microsystem and Information Technology (SIMIT), Chinese Academy of Sciences, and founder of the institute’s Superconducting Bioimaging Team, stated that SIMIT has targeted biomedical magnetic imaging as a key medical field. Starting from scratch, the team has engaged in over a decade of arduous research to overcome critical technical challenges, including high-sensitivity magnetic detection chips, environmental noise suppression, and weak magnetic signal detection. As a result, they have mastered proprietary biological magnetic imaging technologies with independent intellectual property rights, striving to make core contributions to the development of domestically produced biomagnetic imaging technologies and equipment.

“Mandi Medical has entered a new stage of development,” Zhang Shulin, General Manager of Mandi Medical, told VCBeat. “In the future, we will leverage magnetocardiography as our starting point to build an R&D and translation platform for high-end biomagnetic medical imaging technologies. We aim to promote deep integration and collaborative innovation among industry, academia, research, and clinical practice, accelerate the development and market expansion of biomagnetic imaging products, and comprehensively establish our presence in the fields of magnetic imaging, magnetic detection, and magnetic therapy. Committed to becoming a pioneer and leader in biomagnetism, we strive to achieve high-level development of China’s independently developed magnetic medical equipment.”

Bai Jianwei, General Manager of Guoke Development, stated, “Mandee Medical’s magnetocardiography (MCG) system provides clinicians with a fully open data analysis model and algorithms. Leveraging the technical team from the Institute of Microelectronics, it has established a comprehensive intellectual property portfolio in the field of MCG. As a strategic direct investment platform of the Chinese Academy of Sciences, we firmly support Mandee Medical and are committed to its joint development.”

Yuan Haoran of CAS Capital stated, “Mandi Medical was incubated by the Shanghai Institute of Microsystem and Information Technology of the Chinese Academy of Sciences (CAS) as part of the CAS Strategic Priority Research Program, specifically the major project for industrializing significant scientific and technological achievements in superconducting sensing devices. The medical diagnostic equipment sector in which it operates offers broad development prospects. With leading core technologies in biomagnetism and a team of outstanding talent, the company has substantial growth potential.”

Qin Xi, General Manager of Xinwei Group, stated, “As the platform for the transformation and industrialization of scientific and technological achievements from the Institute of Microsystem and Information Technology, Xinwei Group will closely align with the Institute’s 14th Five-Year Plan development strategy. We are committed to supporting outstanding scientist teams in their innovation and entrepreneurship, facilitating the transition ‘from bookshelf to market shelf.’ We hope that, through the joint efforts of all shareholder entities, Mandi Medical will grow into a leader in biomagnetic detection.”

Lu Zhen, CEO of Guoxin Investment, stated, “Mandi Medical is a pioneer in the field of magnetocardiography (MCG) in China. MCG provides a convenient and non-invasive diagnostic option for special populations, such as critically ill patients, individuals with contrast agent allergies, and pregnant women, serving as an effective complement to conventional imaging technologies. In the future, Guoxin Investment will provide long-term support to help Mandi Medical become a leading company in the international field of biomagnetic research.”

The Institute of Microsystem is one of China’s earliest engineering research institutions. It fully leverages its strengths in the two major disciplines of Electronic Science and Technology, and Information and Communication Engineering to address critical scientific and technological challenges in areas such as intelligent sensing microsystems, superconducting quantum devices and circuits, and high-end silicon-based materials. Relying on this institute, the CAS Center for Excellence in Superconducting Electronics specializes in the research, development, and application of superconducting electronic devices, circuits, and systems. It boasts an advanced fabrication platform for superconducting devices and has long been engaged in research on biomagnetic detection and imaging technologies based on superconducting technology.

China Science and Technology Development Investment Co., Ltd. is a wholly-owned enterprise of the Chinese Academy of Sciences (CAS), established through the comprehensive restructuring of the former State Planning Commission, the State Economic and Trade Commission, and the CAS Science and Technology Promotion Economic Fund Committee. Currently a wholly-owned subsidiary of CAS Holdings, it supports the commercialization of major scientific and technological achievements and the development of national strategic emerging industries through strategic direct investments.

CAS Capital Management Co., Ltd. (hereinafter referred to as “CAS Capital”), initiated and established by CAS Holdings Limited (hereinafter referred to as “CAS Holdings”), serves as a key vehicle for CAS Holdings to implement the “Outline for Collaborative Innovation.” Through business models including fund-of-funds management, direct investments via industrial funds, and technology innovation services, CAS Capital leads and promotes the development of related industries.

A high-tech investment company jointly initiated and established by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, and Shanghai United Investment Co., Ltd. Since its inception, Xinwei Group has adhered to the concept of innovation-driven development, making relentless explorations and practices in the field of technological venture capital. It has established a technological innovation service system spanning from R&D to startup incubation and then to industrialization, forming four major business segments: technology R&D, startup incubation, venture capital, and industrial cluster development.

Shanghai Guoxin Investment Development Co., Ltd. was established in October 2000 as a wholly-owned subsidiary of Shanghai State-owned Assets Operation Co., Ltd. With net assets exceeding RMB 10 billion, the company boasts substantial capital and strong capabilities. Adhering to the value investment philosophy of “discovering value and creating value,” Guoxin Investment optimizes resource allocation and facilitates the concentration of resources in advanced industries and among outstanding entrepreneurs. By pursuing shared growth with high-quality enterprises, Guoxin Investment fulfills its corporate mission of preserving and enhancing the value of state-owned assets.