Meio CadiNav Medical Completes Pre-A Financing to Advance Clinical Trials of Titian Robotic Navigation System for Cardiac Electrophysiology Procedures

VCBeat has learned that Meio CadiNav Medical, a company specializing in robotic systems for cardiac interventional procedures, recently completed its Pre-A financing round. The proceeds will be used to establish its own GMP-compliant cleanroom facilities and to advance the clinical trials of its “Titian” cardiac electrophysiology surgical navigation robot.

This round of financing was exclusively invested by TusStar, with Mingxi Capital serving as the exclusive financial advisor in this transaction.

Mayo CardioMag, founded in June 2018 by Dr. Chen Yuemeng and Professor Lu Caiyi, Director of the Department of Cardiology at the 301 Hospital, is dedicated to the research and development of navigation technologies for interventional cardiology procedures and interventional surgical robots. The company has developed a magnetic navigation platform for cardiology and a product portfolio of magnetic catheter consumables. Mayo CardioMag has established R&D barriers based on independent intellectual property rights, securing 27 granted patents and filing 47 invention patent applications. Its core products include the Titian “Titian” Electrophysiology Surgical Navigation Robot and the Raphaello “Raffaello” Surgical Robot—a flexible magnetic navigation stereotactic positioning and precise ablation system.

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It is reported that Mayo Magnetic Heart has established its headquarters in Shaoxing, Zhejiang Province, with core R&D centers located in Shanghai, Hangzhou, and Shaoxing. The company’s innovatively developed “Tixiang” cardiac electrophysiology surgical robot is compatible with universal electrophysiological mapping and ablation catheters as well as guiding sheaths. For the first time, it adopts a dual-control propulsion system to achieve integrated manipulation of sheaths and catheters during procedures. Its millimeter-level catheter control precision fully meets the requirements for atrial fibrillation ablation surgeries, thereby reducing intraoperative X-ray radiation exposure. In the first half of 2021, Mayo Magnetic Heart successfully completed the animal testing phase for the “Tixiang” cardiac electrophysiology surgical navigation robot.

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As the sole investor in this financing round, Liu Bo, General Manager and Managing Partner of TusStar Venture Capital, stated that Mayo Heart Magnetism was co-founded by Dr. Chen Yuemeng, a serial successful entrepreneur with many years of work experience in Silicon Valley, and Professor Lu Caiyi, Director of the Cardiology Department at a renowned hospital. Jointly developed with Zhejiang University, the company boasts strong R&D capabilities, abundant clinical resources, and a reserve of sales channels. “The founding team has an international perspective, profound understanding of the industry, and extensive professional experience. The team is highly cohesive and pragmatic, comprising entrepreneurs who are both capable and passionate, truly inspiring others.”

Since its inception, Mayo Cardio-Magnetic has been committed to becoming a leader in cardiac interventional surgical robotics, developing revolutionary smart catheterization laboratory solutions, and has garnered widespread recognition from all sectors of society. In 2020, it won the First Prize in the Biopharmaceutical Category of the National Finals of the China Innovation and Entrepreneurship Competition; in 2021, it achieved the Second Prize in the “Bethune Cup” Medical Device Innovation and Entrepreneurship Competition.

Mayo XinCi addresses the significant shortage of medical resources for cardiac radiofrequency ablation and breaks the monopoly held by foreign giants. The high technical barriers and vast market potential were also key factors in TUSStar’s decision to collaborate with the company. With advances in positioning and navigation technologies and the maturation of minimally invasive interventional techniques, the detection rate of heart diseases has increased significantly, leading to rapid development in cardiac electrophysiological intervention for the diagnosis and treatment of arrhythmias.

According to data from the 301 Hospital, approximately 300,000 new cases of cardiac arrhythmia are diagnosed annually in China, with the total patient population now exceeding 70 million. Among these patients, 30% (approximately 20 million) require surgical intervention. However, in China's cardiac electrophysiology device market, there remains a significant gap between the market share held by domestic manufacturers and that of international industry giants. In 2020, domestically produced electrophysiology devices accounted for only 9.6% of the market, while international leaders Johnson & Johnson, Abbott, and Medtronic collectively held over 85% of the market share.

Notably, the pace of domestic substitution is accelerating. On one hand, breakthroughs by Chinese companies in R&D and industrial applications have narrowed the gap between domestically produced and imported products. The market size for domestically produced electrophysiology medical devices is growing steadily, with their market share expected to reach 12.9% in 2024.

On the other hand, with the gradual implementation of favorable policies by the State Council and local governments promoting the domestic substitution of medical devices, the market size of domestically produced electrophysiology medical devices is expected to grow at a faster rate than that of imported products, thereby accelerating the process of domestic substitution. From 2020 to 2024, the compound annual growth rate (CAGR) of the domestic electrophysiology medical device market is projected to reach 42.3%, surpassing the CAGR of the imported market during the same period.

Liu Bo, General Manager and Managing Partner of TusStar Venture Capital, stated that Mayo Magnetic has leveraged multidisciplinary integration to design and develop "Raffaello," the world’s first electrophysiology surgical robot based on flexible magnetic navigation driven by electromagnetic principles. The company has also launched the more user-friendly "Titian" surgical robot, along with compatible consumables that adapt to mainstream 3D mapping systems, positioning it as a promising candidate for the safest domestic solution for atrial fibrillation ablation in the future. TusStar can provide Mayo Magnetic with in-depth medical resource matchmaking and customized support throughout its entire lifecycle, integrating market, brand, talent, and capital resources to comprehensively empower tech entrepreneurs.

Feng Yi, founding partner of Mingxi Capital, believes that driven by the trend of domestic substitution, the cost of cardiac surgery will decrease significantly, leading to higher adoption rates. Consequently, Mayo Cardio-Magnetic operates in a sector with substantial growth potential. Mingxi Capital is optimistic about the founding team’s decades of experience in digital signal processing in Silicon Valley, as well as their ability to translate over 30 years of clinical experience in cardiovascular interventional procedures in China into tangible outcomes. The firm believes that Mayo Cardio-Magnetic will drive comprehensive upgrades in technology and therapeutic efficacy within China’s cardiac electrophysiology field.

TusStar Venture Capital, established in 2014, is an investment management platform under Tus-Holdings dedicated to early-stage hard technology investments. To date, TusStar Venture Capital has achieved multi-industry, multi-regional, and multi-fund coverage in the early-stage hard technology sector through direct investments, fund management, and limited partner commitments. It has been entrusted with the management of thirteen series of science and technology venture capital funds, holds stakes in over 20 funds, and manages a total capital scale of RMB 2 billion. For many consecutive years, it has been ranked among the “First Tier” and “Top 10” early-stage technology investment institutions by authoritative media and organizations such as Zero2IPO Research Group, CVSource, 36Kr, Lieyunwang, the Fund of Funds Alliance, and Science and Technology Daily. Leveraging TusStar’s 24 years of experience in incubation and investment, TusStar Venture Capital is progressively refining its strategic layout characterized by financialization, specialization, internationalization, networking, and clustering. It is committed to building a comprehensive innovation ecosystem for its portfolio companies, encompassing capital chains, industrial chains, and service chains.

Mingxi Capital’s core team comprises industry veterans from McKinsey, Stanford Graduate School of Business, and other leading institutions. Guided by the core philosophy of uncovering enterprise value and fostering long-term, shared growth, the firm focuses on high-quality startups in their early and growth stages within the internet, high-tech, and healthcare sectors. By integrating capital with deep industry expertise, Mingxi Capital provides tailored financial advisory services and premium resources to help companies rapidly emerge as industry leaders.