Pioneer in Global Vascular Interventional Precision Diagnosis, Bod Medical Completes Over $100M Series C Funding Led by Hillhouse Capital and Philips, with Goldman Sachs and Boyu Capital Co-Leading

Pulse Medical Imaging Technology (Shanghai) Co., Ltd. (“Pulse Medical”), a global leader in precision diagnosis and treatment for vascular interventions, announced the completion of its Series C financing round, raising over USD 100 million. The round was co-led by existing investor Hillhouse Venture Capital and strategic investor Philips, with Goldman Sachs Asset Management and Boyu Capital participating as co-lead investors. Follow-on investments were made by Lingdao Capital and existing investor Boxing Capital, among others. Hopu Capital served as the exclusive financial advisor for this financing round. The proceeds will be used to accelerate the commercialization of the company’s products, support new product development and clinical registrations, and further enhance its global layout in vascular interventional diagnosis and treatment.

Pulse Medical Imaging Technology, established in Shanghai in September 2015, was co-founded by an experienced industry management team and world-leading scientists. The company is committed to becoming a global leader in the field of vascular interventional diagnosis and treatment. Its product portfolio covers the entire value chain of vascular interventional care, including precision screening for vascular diseases, intraoperative diagnosis and surgical planning, as well as postoperative efficacy evaluation and patient risk prediction. To date, Pulse Medical Imaging Technology holds more than 70 patents in China, the United States, Germany, Japan, and other countries, and possesses numerous globally pioneering cutting-edge technologies.

Pulse Medical Imaging Technology boasts the world’s most comprehensive portfolio of vascular interventional diagnostic and therapeutic products, with a business model encompassing devices, consumables, and services. Its pioneering technologies—including non-invasive coronary FFR diagnosis and PCI surgical navigation based on intraoperative DSA angiography (QFR)—are global firsts. The company also possesses an internationally leading CT-FFR system (CT-QFR) and the world’s first intraoperative multimodal intravascular imaging-physiology device. Its “Eagle Eye” series of interventional consumables includes the world’s first combined IVUS/OCT/QFR catheter, as well as dual-modality (OCT/IVUS) and single-modality catheters. Four of its products have entered the National Medical Products Administration (NMPA) of China’s special approval channel for innovative or priority medical devices and have obtained EU CE certification; two products have received NMPA registration certificates. As a pioneer and leader in the field of computational coronary functional assessment, Pulse Medical Imaging Technology has achieved a globally leading position at the intersection of cardiovascular imaging and hemodynamic analysis.

Published clinical studies comprising over 100 trials and more than 20,000 cases across more than 20 countries worldwide have demonstrated that Pulse Medical’s QFR technology significantly enhances the diagnostic accuracy of coronary artery disease (CAD) by 33%. This improvement not only markedly improves patient prognosis but also reduces healthcare costs. The QFR series of technologies has been incorporated into the official interventional cardiologist training materials of the European Society of Cardiology (ESC) and the expert consensus on percutaneous coronary intervention for acute myocardial infarction and quantitative coronary angiography in Japan, garnering high international academic recognition and gradually becoming the “new standard” for intraoperative diagnosis of CAD. As the first and largest-scale randomized controlled trial (RCT) in the history of image-based fractional flow reserve (FFR), FAVOR III China, led and initiated by Fuwai Hospital of the Chinese Academy of Medical Sciences, is expected to release its results in November 2021. These findings are poised to directly facilitate the inclusion of computational coronary physiology technology (QFR) into national guidelines for the diagnosis and treatment of coronary interventions.

To advance the development of China’s vascular interventional diagnosis and treatment system, Pulse Medical Imaging Technology (Shanghai) Co., Ltd. has established collaborations with Shanghai Jiao Tong University, the National Center for Cardiovascular Diseases, Fuwai Hospital of the Chinese Academy of Medical Sciences, the National Clinical Research Center for Radiology and Therapy, and Zhongshan Hospital Affiliated to Fudan University, among others, to accelerate the implementation and widespread adoption of QFR series technologies—original innovations from China—in hospitals at all levels.

QFR System in the Catheterization Laboratory of Fuwai Hospital, Chinese Academy of Medical Sciences

Pulse Medical’s core team possesses robust capabilities in industry-academia-research integration and commercialization, having cultivated deep expertise across the sector for many years and seamlessly connecting all value chain segments. The company’s QFR series technologies and medical service offerings have secured exclusive pricing approvals in more than ten provinces. Meanwhile, the team is accelerating the clinical implementation and market promotion of innovative interventional diagnostic and therapeutic technologies, achieving comprehensive clinical coverage and full penetration among China’s top 50 hospitals. Additionally, Pulse Medical has established strategic partnerships with multiple international medical device giants, including Philips, to further accelerate and deepen its commercial footprint both domestically and globally.

The “Report on Cardiovascular Health and Diseases in China 2019,” released by the National Center for Cardiovascular Diseases, shows that the total number of patients with cardiovascular diseases in China has reached as high as 330 million, among whom more than 11 million suffer from coronary heart disease. The prevalence and mortality rates remain among the highest and continue to rise.

Guideline-Recommended Diagnostic and Treatment Pathway for Coronary Heart Disease

Typically, after a potential risk of coronary heart disease (CHD) is identified, patients need to undergo relevant diagnostic tests. Among these, coronary computed tomography angiography (CTA) is a non-invasive method suitable for outpatient or health screening purposes. Coronary angiography is the most commonly used imaging technique in clinical practice for CHD, allowing dynamic and accurate assessment of the degree of vascular stenosis. Intravascular imaging techniques, such as intravascular ultrasound (IVUS) or optical coherence tomography (OCT), can precisely display the fine structures within blood vessels and the nature of plaques. Fractional flow reserve (FFR) testing promotes the advancement of CHD diagnosis from a "structural" to a "functional" approach. Currently, both European and Chinese PCI guidelines recommend FFR at the highest level (Class I, Level A) for diagnosing coronary functional status to assess the extent of myocardial ischemia, while IVUS or OCT is recommended at Class II, Level A for guiding optimal stent implantation.

Traditional fractional flow reserve (FFR) is an invasive interventional procedure performed using single-use pressure guidewires to reflect the degree of myocardial ischemia caused by coronary stenosis. However, due to numerous limitations—including narrow indications, high cost, complex operation, prolonged procedure time, and intraoperative risks—its adoption rate in China remains below 1%. Pulse Medical’s quantitative flow ratio (QFR) is a wire-free, ultra-rapid computational FFR technology based on coronary angiography images. It requires no additional interventional consumables or vasodilator drugs, and can accurately assess both the anatomical structure and physiological function of coronary vessels within one minute. QFR enables precise preoperative diagnosis of whether stent implantation is necessary for stenotic lesions, guides stent selection and virtual stent implantation intraoperatively, and evaluates therapeutic efficacy postoperatively. By overcoming the drawbacks of traditional FFR, QFR has achieved rapid market penetration leveraging its inherent advantages.

Pulse Medical has established a comprehensive product line encompassing full-image functional assessment and surgical navigation, ranging from coronary artery disease (CAD) screening to intraoperative precision diagnosis and optimization of treatment strategies. In addition to the aforementioned angiography-based QFR technology, the company offers FFR products based on coronary CTA and IVUS/OCT. In the future management of CAD, patients will be able to obtain immediate functional diagnostic results following any coronary imaging examination, thereby enabling precise patient triage and tailored treatment strategies. Computational coronary functional assessment will eliminate the need for additional complex procedures, becoming a routine diagnostic method for patients with coronary artery disease.

Based on Pulse Medical Imaging Technology’s data from 2020 to 2021, hospitals that have routinely implemented QFR applications report that over 30% of patients undergoing coronary angiography opt for QFR. By 2030, the number of coronary angiography procedures in China is projected to exceed 10 million annually. With QFR’s market penetration reaching 50% of all coronary angiography patients, the potential market size is estimated at RMB 20 billion per year. As a non-invasive preliminary screening diagnostic method, the number of coronary CT angiography (CTA) examinations in China is expected to surpass 12 million, with CT-QFR tests accounting for 30% of CTA cases, yielding a potential market size of RMB 10 billion per year. In the post-centralized procurement era for coronary stents and balloons, driven by further advancements in indigenous Chinese technologies and localization, China’s coronary intervention industry will gradually enter an era of precision diagnosis and treatment. In 2021, the penetration rate of IVUS/OCT narrowed the historical gap with Europe and the United States, with usage rates surging significantly and leading to temporary domestic shortages. By 2030, the penetration rate of IVUS/OCT is estimated to reach 40% of all annual PCI procedures, corresponding to a market size of approximately RMB 10 billion per year.

In the future, Pulse Medical will drive product technology innovation and academic promotion across multiple interventional fields, including cerebrovascular and peripheral vascular interventions. By delivering more effective and cost-efficient technologies and products to patients, the company aims to accelerate the adoption of precision medicine in China and globally. Against the backdrop of China’s transition from a large healthcare nation to a leading healthcare power, Pulse Medical will leverage technological innovation to provide physicians with more reliable diagnostic and therapeutic tools, thereby contributing to the health and well-being of patients worldwide.

Ms. Liu Bing, Co-founder and CEO of Pulse MedicalPulse Medical Imaging Technology (Shanghai) Co., Ltd. stated that it is a platform company dedicated to continuous innovation and R&D in the field of vascular intervention, striving to build China’s most original and globally leading portfolio of diagnostic and therapeutic products for vascular intervention. Over the past six years since its inception, Pulse Medical has consistently adhered to the development and promotion of innovative technologies and products that deliver tangible benefits to patients and physicians while aligning with health economic principles. The company is honored to have partnered with multiple investment institutions that share its values. Pulse Medical will continue to increase strategic resource allocation toward product R&D, market access and promotion, and global expansion.

Professor Tu Shengxian, Co-founder of Pulse Medical and Professor at the School of Biomedical Engineering, Shanghai Jiao Tong Universitystated that Pulse Medical is committed to developing innovative technologies that practically address clinical pain points, accelerating the industrial and clinical translation of new interventional diagnostic and therapeutic technologies, and collaborating with clinical experts to promote original clinical research featuring “Chinese elements.”

Mr. Yi Nuoqing, Co-Chief Investment Officer of Hillhouse Capital and Head of Biopharmaceuticals and Medical Devices at Hillhouse VenturesIt was stated that digital-enabled precision diagnosis and treatment hold vast market potential and application scenarios in the field of cardiac and vascular intervention. Leveraging its globally leading technological innovation capabilities, Pulse Medical has proactively established a multi-modal product portfolio encompassing vascular functional assessment and intravascular imaging, thereby constructing a digital precision diagnosis and treatment system for cardiovascular interventions. The company has built a robust commercialization team and, through strategic collaborations with multinational medical giants such as Philips, will accelerate the adoption of digital precision diagnosis and treatment technologies across healthcare institutions at all levels, jointly promoting the establishment of new standards for vascular interventional diagnosis and treatment both domestically and internationally. Hillhouse will continue to support Pulse Medical in developing more globally leading innovative products in the field of cardiac and vascular intervention, providing physicians and patients in China and worldwide with comprehensive solutions that deliver clinical value and health economic benefits.

Mr. He Guowei, Member of the Philips Global Executive Committee and President of Greater China“[We] are pleased to participate in Pulse Medical’s financing round, further deepening our collaboration with the company. As a global leader in image-guided therapy, Philips is committed to innovation not only within our organization but also through the principles of ‘open innovation’ and ‘platform thinking.’ By working closely with the local ecosystem to foster collaborative innovation, we tightly integrate advanced technologies with clinical practice, delivering comprehensive, meticulous, and safe solutions for our customers. Our partnership with Pulse Medical will complement and optimize Philips’ solutions in the diagnosis and treatment of coronary artery disease (CAD), supporting the development of a precision diagnosis and treatment system for CAD and facilitating the dissemination of interventional techniques to primary healthcare institutions. This effort aims to benefit a broad population of CAD patients and jointly contribute to the Healthy China 2030 initiative.”

Mr. Xu Xiao'ou, Managing Director of Goldman Sachs Asset ManagementIt was stated that precise diagnosis holds significant importance for the assessment and treatment of cardiovascular diseases; however, its widespread adoption in China has been substantially constrained by high costs and the limited affordability for both patients and medical insurance schemes. We believe that Pulse Medical’s intelligent solutions surpass existing diagnostic and therapeutic standards, significantly improving patient outcomes through a cost-effective and efficient approach, thereby narrowing the gap between clinical practices in China and international standards.

Mr. Li Zhenming, Partner at Boxing CapitalWe are highly optimistic about the development prospects of Pulse Medical. The company has launched multiple world-first cardiovascular imaging diagnostic and therapeutic tools, with its proprietary technologies ranking among the most advanced globally. Its clinical efficacy has been thoroughly validated through numerous international multicenter clinical trials, delivering significant clinical value to patients and earning consistent recommendations from experts both domestically and internationally. Pulse Medical’s management team possesses extensive global perspective and local expertise, having secured regulatory approvals for multiple products in the United States, Europe, Japan, and many other countries within a short period, while jointly expanding into international markets with partners. We warmly welcome new investors and firmly believe that Pulse Medical’s management team demonstrates exceptional execution and leadership capabilities, enabling it to deliver more high-quality products to cardiovascular patients worldwide.

Mr. Yang Zhenjun, Partner at Hywin CapitalWe are honored to have assisted Pulse Medical Imaging Technology in completing this round of financing. As a global leader in the field of vascular interventional diagnosis and treatment, Pulse Medical offers products covering the entire workflow of vascular interventional imaging and functional diagnostics, including QFR, CT-QFR, IVUS, and OCT. All its products possess fully independent Chinese intellectual property rights, with several being global firsts that have garnered high recognition from academic experts worldwide. The company boasts an experienced management team, a strong R&D team, the most comprehensive clinical evidence in the industry, and has achieved stable commercialization of its products. Through this financing round, the company has introduced globally renowned strategic and financial investors. HAOYUE Capital remains bullish on the company’s ability to further consolidate its global leading position in the field of vascular interventional diagnosis and treatment.

Royal Philips is a leading health technology company dedicated to improving people’s health and well-being, and enabling better outcomes across the health continuum—from healthy living and prevention, to diagnosis, treatment, and home care. Leveraging advanced technology, rich clinical experience, and deep consumer insights, Philips continuously launches integrated innovative solutions. The company holds leadership positions in diagnostic imaging, image-guided therapy, patient monitoring, health informatics, and consumer health and home care. Headquartered in the Netherlands, Philips reported annual sales of €19.5 billion in 2020, employs approximately 80,000 people worldwide, and provides sales and services in more than 100 countries.

Hillhouse Ventures is the venture capital fund under Hillhouse Capital, focusing on early-stage innovative companies. It primarily invests in four key sectors: biopharmaceuticals and medical devices, software and hard technology, consumer internet and technology, and emerging consumer brands and services. Biopharmaceuticals and medical devices have long been a core investment focus for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding enterprises in the fields of biopharmaceuticals, medical devices, and healthcare services. We aim to partner with companies as “friends of time,” jointly driving innovation and development in the broader healthcare sector to benefit more patients.

Goldman Sachs Asset Management integrates traditional and alternative investment businesses, serving global clients with a focus on long-term performance. As a primary investment division of Goldman Sachs (NYSE: GS), we leverage our extensive global network and tailored professional insights to provide investment and advisory services to leading institutions, financial advisors, and individuals across major regions and markets worldwide. As of March 31, 2021, our global assets under management exceeded $2 trillion. Client outcomes are our priority, and we strive to build long-term partnerships grounded in strong convictions, sustainable results, and mutual success. Goldman Sachs Asset Management’s investments span the entire alternative asset landscape, including private equity, growth equity, private credit, real estate, and infrastructure. The Growth Equity division of Goldman Sachs Asset Management comprises more than 75 professionals and has cumulatively invested over $13 billion in companies led by visionary founders and executives since 2003. We focus exclusively on growth-stage and technology-driven companies, covering sectors such as enterprise technology, fintech, consumer goods, and healthcare.

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, with key investments in more than 30 innovative medical device and healthcare service companies possessing significant market potential. Many of these portfolio companies have grown into leaders in their respective niche sectors, and the firm has successfully achieved profitable exits from multiple projects. 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 entrepreneurs.

Lingdao Capital focuses on long-term equity investment opportunities in the Asia-Pacific region, targeting growth-stage innovative enterprises in the biomedicine and intelligent technology sectors. Managing both RMB and USD funds, Lingdao Capital is committed to identifying and investing in domestic and overseas companies with cutting-edge technologies in these fields from a medium-to-long-term perspective, while continuously exploring effective models for long-term capital investment.

Haoyue Capital was founded in January 2014, with a commitment to serving as a bridge connecting China’s healthcare industry with capital. Its research and transaction coverage spans multiple sub-sectors, including biopharmaceuticals, innovative medical devices, in vitro diagnostics (IVD) and precision medicine, healthcare services, and smart healthcare. The Haoyue Capital team comprises seasoned investment bankers with extensive experience in China’s healthcare sector. By closely monitoring market dynamics and investment trends in healthcare over the long term, the firm publishes weekly healthcare investment reports and thematic research studies, offering Haoyue’s perspectives on new policies and emerging frontiers.