Suzhou-based Thoth Medical Secures Hundreds of Millions in Series C Funding Led by Orchid Asia and CMBI Capital, with Qushi Capital as Exclusive Financial Advisor

VCBeat has learned that THOTH, a leader in the clinical-grade digital medical sensor industry, recently completed a C-round financing of hundreds of millions of yuan. The round was led by Orchid Asia and China Merchants Bank International Capital, with participation from China Growth Capital, Sinopharm Capital, Shenzhen Oriental Fortune Capital, and Hangzhou Financial Holdings Group. Existing shareholders Vensys Capital and Dark Horse Fund continued to increase their investments. Qushi Capital served as the exclusive financial advisor.

Gao Linming, founder of THOTH, stated: “The proceeds from this round of financing will be allocated to three key areas. First, we will continue to expand our marketing and service teams, broaden market channels, and enhance our ‘customer-success-centric’ service system. Second, we will strengthen R&D for new products, extending our focus from single-disease solutions to multi-parameter vital signs data products. Third, we will strategically position ourselves in the upstream industry chain by increasing investment in fundamental research on chips, new materials, and other core technologies.”

Previously, THOTH had secured investments from numerous renowned investment institutions and star funds, including Jingxu Venture Capital, Rongan Fund, Hongtai Fund, Yuanhe Capital, Vises Capital, Renhe Capital, Dark Horse Fund, Hemeng Venture Capital, and Qushi Growth Fund.

According to reports, THOTH Medical, established in 2016, is a high-tech enterprise integrating research and development, production, and sales. The company specializes in the R&D of clinical-grade flexible digital medical sensors and intelligent data algorithms. It possesses comprehensive system development capabilities in medical sensor networks, encompassing new materials, chips, and intelligent algorithms, and has filed more than 20 invention patents. Among its products, dynamic ECG monitoring, continuous temperature monitoring, and fetal heart rate monitoring sensors have successively received Class II medical device registration from the National Medical Products Administration (NMPA). Additionally, product lines such as multi-parameter vital signs monitoring (covering ECG, blood pressure, blood oxygen, and respiration) and multi-channel sleep monitoring sensors are being gradually commercialized.

So, why is THOTH highly favored by numerous investment institutions? What are its core competitive advantages? To answer these questions, VCBeat conducted an exclusive interview with Gao Linming, founder of THOTH.

From a product demand perspective, THOTH’s R&D portfolio—including dynamic ECG monitoring, fetal heart rate monitoring, bedside patient monitoring, and sleep monitoring—addresses essential patient needs. For instance, China has 290 million patients with cardiovascular diseases, and clinical guidelines recommend that most of these patients undergo dynamic ECG examinations twice a year. With an average of 13 million pregnant women annually in China, clinical guidelines advise continuous fetal heart rate monitoring during the pre-labor and labor stages, as well as weekly fetal heart rate monitoring between the 28th and 37th weeks of gestation.

As can be seen, the industry in which THOTH operates has significant growth potential, with a market size exceeding RMB 100 billion.

On the other hand, current clinical offerings have yet to fully meet patient needs. At present, only 50 million people in China undergo dynamic electrocardiogram (ECG) monitoring annually, representing a penetration rate of 17.24%, which indicates significant room for growth. This also presents a development opportunity for THOTH.

Gao Linming stated: “Currently, the penetration rate of medical monitoring sectors—such as dynamic ECG monitoring, sleep monitoring, and fetal heart rate monitoring—remains low. However, driven by policy support, technological innovation, and heightened health awareness, the medical monitoring industry is poised for significant growth opportunities.”

First, as China’s population ages further, the onset of cardiovascular diseases is trending toward younger age groups, and the number of domestic patients will continue to grow at a high rate. In addition, with China’s economic development, residents’ health awareness is gradually increasing, leading to rising demand for healthcare services.The rising patient population and growing health awareness will spur greater demand for medical monitoring, thereby driving the development of companies such as THOTH.

Secondly, in 2016, the National Health and Family Planning Commission, together with nine other ministries and commissions, issued the Guiding Opinions on Strengthening Health Promotion and Education, which clearly stipulated a shift from a disease-centered approach to a health-centered one. Based on the concept of “Big Health,” the guidelines emphasized prevention as the priority and moving interventions upstream, with attention paid to the entire life cycle and the full continuum of health.As can be seen, with the advancement of national policies, clinical-grade monitoring products used for diagnosing, monitoring, and preventing diseases will rapidly gain widespread adoption.

Meanwhile, various domestic medical guidelines and expert consensus statements have been vigorously promoting medical monitoring products such as ambulatory ECG monitoring, sleep monitoring, and fetal heart rate monitoring.Against the backdrop of steadily improving clinical awareness, the incidence, mortality, and disability rates of diseases in China will decline significantly with the aid of medical monitoring products, health management measures, and other interventions.

Furthermore, medical monitoring products currently face numerous pain points, such as the bulkiness of clinical-grade devices, the low accuracy of compact and portable monitoring solutions, and the scarcity of physicians in China with interpretive expertise. With the iterative advancements in big data AI, new materials, micro-sensors, and wireless low-power transmission technologies, wearable intelligent clinical-grade monitoring products have achieved breakthroughs in form factor, accuracy, and other aspects. Assisted by AI, the efficiency of clinical diagnosis has been significantly improved.Therefore, driven by technological innovation, clinical-grade monitoring products will be rapidly promoted and widely adopted.

Overall, driven by the combined effects of policy support, market education, and technological innovation, the medical monitoring industry is expected to experience rapid growth.

According to data from the official website of the National Medical Products Administration (NMPA), THOTH has obtained NMPA medical device registration certificates for 16 products, covering dynamic ECG monitoring, continuous temperature monitoring, and fetal ECG monitoring. Gao Linming stated, “The company’s core product, the wearable ECG sensor, is the first wearable ECG sensor in China to receive an NMPA medical device registration certificate. It has been used by over one million patients across nearly 2,000 hospitals in more than 20 provinces and municipalities, earning high recognition from both healthcare institutions and users.”

In addition, THOTH has also emerged as a notable player in the field of sports medicine. By entering into a strategic partnership with the Chinese Olympic Committee’s preparatory team to support the 2022 Beijing Winter Olympics, it monitored and assessed athletes’ heart rate variability for exercise fatigue and recovery, thereby providing robust support for coaches to implement targeted, science-based training programs.

Athletes have praised THOTH’s products: “Although worn in direct contact with the skin, they remain exceptionally comfortable. Adhesion is not compromised during physical activity, and privacy protection is excellent. Even under high-intensity training and competitive conditions, the real-time nature and accuracy of monitoring data are consistently maintained.”

In addition to its sports medicine products, THOTH’s dynamic ECG, temperature monitoring, and fetal ECG monitoring solutions have also garnered consistent recognition from both users and physicians. This high level of user acclaim stems from THOTH’s breakthrough innovations in four key technological areas: micro-sensors, big data and artificial intelligence, wireless low-power transmission, and new materials.

In the field of micro-sensor development technology, THOTH has developed the world's smallest and thinnest clinical-grade medical sensor.Its dimensions are 32 mm × 18 mm × 6 mm, and it weighs only 3.5 g.. Gao Linming introduced, “This sensor was developed by a semiconductor technology team with over fifteen years of experience. It can accurately capture various bioelectrical signals and features excellent anti-interference capability.”

In the field of big data and artificial intelligence technologies, THOTH has developed an AI-assisted image interpretation system. Based on the interdisciplinary integration of big data AI algorithms and clinical medicine, this system performs real-time analysis of acquired signal data and rapidly generates conclusions, thereby assisting physicians and enhancing their work efficiency.Compared with traditional image reading methods, efficiency can be improved by 5-8 times.

In the realm of wireless low-power transmission technology, THOTH leverages chip-level underlying development technologies to minimize power consumption for data transmission. Its devices can operate continuously for over a week on a single disposable button cell battery, thereby further highlighting the clinical value of its monitoring products.

In the field of new material technology, THOTH has independently developed sensors and adhesive materials. This material is the only novel biomaterial in China to have passed biocompatibility evaluation, and it can be repeatedly applied and reused.

Driven by breakthroughs in these four core technologies, THOTH’s products have achieved significant improvements in precision, comfort, and convenience.

For example, clinical validation through a parallel controlled trial against conventional ambulatory ECG monitoring products demonstrated that the wearable ambulatory ECG recorder achieved a report result consistency rate of up to 96.97%. 

It should be noted that THOTH’s products feature a “band-aid” design; they are thin, soft, and do not cause any sensation of a foreign body even during prolonged wear. Compared with traditional devices that require numerous electrodes attached to the body and connected via lead wires, the “band-aid” style product offers greater comfort.

Meanwhile, leveraging big data and AI algorithms, THOTH can analyze and process reports more rapidly, assisting physicians in generating an average of 100 reports per day.

In terms of product usage, THOTH’s products feature innovative designs that significantly lower the barrier to entry. They are easy to operate and offer a high tolerance for potential user errors. According to reports, non-professionals can become proficient in using the products within five minutes after brief training.

Additionally, THOTH’s dynamic ECG products can provide continuous ambulatory ECG monitoring for up to 120 hours, thereby improving the detection rate of intermittent conditions compared with traditional devices. Data show that the disease detection rate is 60% with 1-day ambulatory ECG monitoring, whereas it reaches 99% with 5-day ambulatory ECG monitoring.

In addition to the innovations and breakthroughs currently achieved in the field of medical sensors, THOTH continues to intensify its fundamental research and exploration in areas such as chips, materials, and batteries. Gao Linming stated, “In the future, the company will develop multi-parameter monitoring sensors for continuous blood pressure, blood oxygen, electroencephalogram (EEG), blood glucose, motion, emotion, and sleep, thereby constructing a clinical-grade, multi-parameter medical sensor network based on the human body surface. Future medical sensors will be akin to our skin, accompanying users over the long term or even for life. We aim to provide low-cost, efficient, and reliable sensor infrastructure for the future digital healthcare ecosystem.”

Based on THOTH’s product portfolio, we can envision a future where a small piece of “electronic skin” integrates multiple physiological parameters—including ECG, blood pressure, blood oxygen, blood glucose, and sleep metrics—with AI algorithms enabling real-time monitoring and alerts. Upon receiving AI-assisted decision support, clinicians can intervene promptly to provide optimal treatment plans, thereby safeguarding user health.

As can be seen, the future digital healthcare sector will evolve into an entirely new ecosystem.

Mao Chen, Managing Director of Lanxin Asia, stated:Currently, there are 290 million patients with cardiovascular diseases in China. Due to uneven distribution of medical resources, a shortage of electrocardiogram (ECG) physicians, and the poor experience associated with traditional ambulatory ECG monitoring, only 17% of these patients actually undergo ambulatory ECG examinations. THOTH’s self-developed patch-style ECG monitor fills this unmet clinical need, significantly improving both patient experience and the work efficiency of ECG physicians. Meanwhile, the company has developed a series of domestically pioneering wearable medical devices, effectively addressing the pain points of traditional treatment methods. With the continuous growth of per capita income in China and the increasingly prominent issue of population aging, we anticipate rapid growth in domestic demand for high-end medical devices, indicating substantial growth potential in the wearable medical device market. The founders and team of THOTH possess deep industrial expertise in chip technology, new materials, and intelligent algorithms, have a thorough understanding of clinical needs, and demonstrate strong product development capabilities, leading the company to continuouslydevelopment, achieving remarkable results. Lanxin Asia aims to leverage this partnership to combine the complementary strengths of capital and industry expertise, thereby supporting THOTH’s strategic growth and helping it become one of the leading enterprises in the wearable medical device industry.

Rong Jing, Managing Director of China Merchants Bank International Capital, stated:Under the leadership of Mr. Gao and its professional management team, THOTH has continuously strived for improvement, refining the manufacturing processes for its flexible wearable products. Its series of high-standard, rigorously tested products have successfully addressed multiple pain points, including device size, biocompatibility, battery life, and accuracy. By establishing a mobile healthcare channel that connects hospitals with patients, THOTH has not only facilitated physicians’ work but also significantly improved patient compliance. With the advancing aging population and the high prevalence of cardiovascular and cerebrovascular diseases, THOTH is poised to become an important supplement in disease screening and a key node in long-term monitoring and care, thereby contributing to the implementation of the Healthy China 2030 initiative.

Wang Gang, Founding Managing Partner of Vise Capital, stated:China’s wearable medical device market suffers from a severe supply shortage. We are optimistic about THOTH’s medical-grade wearable products, which resemble “band-aids” and are developed using new materials, wireless low-power transmission, and micro-sensors. These innovations can help bridge the gap left by the insufficient supply of traditional products. Furthermore, THOTH’s products have significant potential for expansion, with their product concept being horizontally replicable across broader demands and fields. In addition, the THOTH team demonstrates strong product commercialization capabilities; some of its products are currently the only consumables in China to have obtained Class II medical device registration certificates, granting them a certain first-mover advantage.

Xiong Weiming, Partner at China Growth Capital, stated:We are highly optimistic about the opportunities for consumption upgrades in healthcare scenarios. Wearable technology has undergone rapid advancements over the past decade, and THOTH’s dynamic ECG products, developed by a team with cross-disciplinary expertise, have already achieved extensive clinical adoption and market validation. We also see significant potential for THOTH’s wearable medical sensors to expand into a broader range of application scenarios.

Zou Min, Partner at Sinopharm Capital, stated:We have long focused on the wearable medical device sector, where clinical acceptance of wearable products has remained a persistent industry challenge. THOTH’s patch-style ECG monitor has gained clinical acceptance, achieved relatively widespread adoption, and earned high recognition. Furthermore, leveraging its technological expertise in sensors, new materials, and artificial intelligence, the team continues to expand its product portfolio with offerings such as fetal heart rate monitors and multi-parameter vital signs monitoring systems, thereby providing additional solutions to address existing clinical pain points. As the product line diversifies and data assets accumulate, we are optimistic about THOTH’s strategic evolution from a wearable device supplier to a comprehensive digital healthcare solution provider.

Zhou Shaojun, Partner at Shenzhen Oriental Fortune Capital, stated:We are honored to participate in this round of financing for THOTH. The Fuhai SME Development Fund is dedicated to investing in and supporting China’s most outstanding technology-driven innovative enterprises. The THOTH team possesses profound technical expertise in microelectronics and communication signal processing, and has remained focused on the R&D and innovation of flexible vital signs sensors for many years. Cardiovascular disease is a major health concern affecting humanity. Starting with dynamic ECG monitoring, the THOTH team has developed clinical-grade innovative products that have significantly enhanced the diagnostic and screening capabilities of healthcare institutions. We are highly optimistic about the team’s product development capabilities, channel expansion strengths, cohesion, and sustained creativity. We believe that THOTH will continue to broaden its path in the field of vital signs monitoring.

Hu Xiang, Partner at Dark Horse Fund, stated:THOTH’s wearable medical devices, such as dynamic ECG monitors and fetal heart rate monitors, demonstrate strong competitiveness and have achieved breakthroughs in market penetration, enabling large-scale coverage of both hospitals and patients. We are optimistic about the THOTH team’s capabilities in product development, technology, and market expansion, and believe the company is poised to become a leading player in China and globally in the fields of clinical-grade digital medical sensors and data-driven intelligent algorithms.

Wang Huaping, Chairman of Hangzhou Jintou Industry, stated:Digital healthcare services, such as smart healthcare and internet-based diagnosis and treatment, represent a key strategic focus for the company. THOTH’s independently developed flexible wearable medical devices have obtained multiple medical device registration certificates and possess independent intellectual property rights in both hardware and software. These products have already been deployed in over 1,800 hospitals and hold significant potential for high-quality growth, with future opportunities to be applied as internet-based diagnosis and treatment solutions. Both parties will further explore collaboration opportunities in the field of digital healthcare.

Zhang Junqi, Partner and Head of the Healthcare Sector at Qushi Capital, stated:Qushi Capital is honored to have assisted THOTH in securing two consecutive rounds of financing. As capitalization accelerates across various fields of early disease screening, sectors focused on screening for major diseases—such as cancer, structural heart disease, and stroke—have successively witnessed surges in investment. THOTH’s ECG product line not only provides accessible “tools” for screening and companion diagnostics of major heart rate disorders, but its AI and hospital-based systems also address the “image interpretation capabilities” gap across hospitals at all levels. Having already served over one million patients, the product line has established a formidable barrier in the serious healthcare sector and is poised to meet the rigid demand for more than 100 million heart rate screenings and monitoring instances annually. We eagerly anticipate the company’s continued replication of its extensively validated product technologies into additional scenarios, including fetal heart monitoring, bedside monitoring, and multi-channel sleep studies, thereby establishing an entry point for human vital signs management through its “AI + small patch” solution.

Orchid Asia Group (hereinafter referred to as “Orchid Asia”) was established in 1993 and is one of the first international private equity firms to enter China, with offices in Hong Kong, Shanghai, Beijing, Guangzhou, and Shenzhen. Orchid Asia primarily invests in high-tech, retail, consumer products and services, healthcare, and other sectors, focusing on companies with sustained growth potential, high barriers to entry, and those in their expansion phase. The assets under management by Orchid Asia amount to approximately USD 6 billion, with investors including globally renowned institutional investors, independent private banks, university endowments, insurance companies, public and private pension funds, family offices, and others. The management team of Orchid Asia comprises more than 40 seasoned professionals with extensive investment experience in China and across Asia. Orchid Asia is committed to providing comprehensive support to its portfolio companies in formulating long-term development strategies, financing plans, and daily operational schedules.

China Merchant Bank International Capital Management (Shenzhen) Ltd. (“CMB International Capital”) is a wholly-owned subsidiary of China Merchants Bank. It has established a comprehensive business layout in the fields of private equity investment, investment fund management, mezzanine fund management, cross-border capital operations, and other innovative financial services. Committed to development, transformation, and innovation, CMB International Capital strives to build a high-quality integrated investment platform and an alternative asset management platform under China Merchants Bank. Since its establishment, CMB International Capital has accurately grasped industry development trends and capitalized on emerging opportunities, leading and participating in numerous prominent investment cases within the industry, thereby establishing itself as a leading private equity investment institution in China.

Vise Capital, established in 2009, is a private equity investment firm dedicated to value investing. It has achieved remarkable industry recognition in sectors such as clean technology, TMT (Technology, Media, and Telecommunications), and healthcare. To date, Vise Capital manages six RMB-denominated funds. The core team has historically invested in 48 companies, with 23 successful exits and 13 initial public offerings (IPOs). Vise Capital focuses on investing in leading enterprises with high growth potential and IPO prospects. Committed to nurturing industry leaders, facilitating industrial upgrades, and integrating global resources, the firm provides value-added services to its portfolio companies to maximize enterprise value. It aims to deliver sustained and stable returns to its fund investors, striving to become an enduring, century-old private equity institution that creates long-term value. Funds under Vise Capital have consistently garnered recognition and investment from numerous government guidance funds, industrial capital partners, and funds of funds (FOFs).

Founded in 2006, China Growth Capital focuses on early-stage investments in enterprise software, frontier technologies, life sciences, and consumption upgrades. Leveraging its extensive resources and experience, the firm assists portfolio companies with strategic planning, business development, and team building. Currently, China Growth Capital manages a combined total of RMB 8 billion in RMB and USD funds, with investments ranging from angel rounds to Series C, and investment amounts spanning from several million to hundreds of millions of RMB. Representative portfolio companies include: SMZDM (ChiNext: 300785), Missfresh (NASDAQ: MF), Wish (NASDAQ: WISH), Tongdun Technology, Tiger Brokers (NASDAQ: TIGR), Ezbuy (NASDAQ: LITB), Bieyanghong (acquired by Meituan, HKEX: 03690), Caiyun Technology (acquired by ByteDance), Xiaoman Technology (acquired by Alibaba, NYSE: BABA), PingCAP, Deephi Technology (acquired by Xilinx, NASDAQ: XLNX), Airlango (acquired by Meituan, HKEX: 03690), Nreal, ABIS Intelligence, LandSpace, Huake Jingzhun, Singleron Group, Fubei Biologics, Biocytogen Pharmaceuticals, and InnoCare Pharma.

Sinopharm Capital Management Co., Ltd. was established in 2012 as an equity investment institution focused on the healthcare sector, jointly initiated by Sinopharm Group and its management team. The firm currently manages funds exceeding RMB 6 billion. Composed in accordance with market-oriented mechanisms, its management team makes it one of the earliest investment institutions in China to specialize in healthcare and wellness investments.

Shenzhen Oriental Fortune Capital Co., Ltd. (hereinafter referred to as “Oriental Fortune Capital” or “OFC”) is a professional venture capital management firm founded by several industry veterans with extensive experience, proven track records, and significant influence in China’s venture capital sector. Since its establishment, the company has managed a cumulative fund size of nearly RMB 25 billion, with 45 funds currently under management. OFC focuses on investing in companies within the technology sector that feature innovative products, advanced processes, forward-looking technologies, and distinctive business models. It has established a comprehensive post-investment service system tailored to support projects at the early incubation, accelerated growth, and standardized maturity stages. To date, OFC has invested in over 480 projects, with 125 projects successfully exited through IPOs, mergers and acquisitions, and other means.

SME Development Fund (Shenzhen Nanshan Limited Partnership) was established in 2016. It is a national-level fund directly funded by China SME Development Fund Co., Ltd., with a total size of RMB 4.5 billion. The fund manager is Shenzhen Fuhai SME Development Fund Equity Investment Management Co., Ltd., which is controlled and managed by Oriental Fortune Capital. The fund primarily invests in high-growth strategic emerging industries encouraged by the state, including semiconductors, artificial intelligence, biopharmaceuticals, information security, and enterprise services.

Dark Horse Fund was established in 2014 as a private equity fund manager specializing in venture capital. It focuses on early-stage startups in fields such as artificial intelligence, enterprise services, robotics, and supply chain upgrading. Committed to identifying "dark horses," the fund invests in early-stage entrepreneurial enterprises with innovative spirits and high-growth potential. By leveraging its extensive resources and experience across industry, technology, and capital sectors, Dark Horse Fund helps portfolio companies become leaders in their respective niches. To date, it has invested in nearly 100 early-stage innovative startups.

Hangzhou Jintou Industry is a professional investment platform under Hangzhou Financial Investment Group, responsible for industrial investment and financing operations, with assets under management nearing RMB 10 billion. The company focuses on key real-economy sectors such as hard technology, advanced manufacturing, the digital economy, healthcare, new materials, and new energy. By leveraging various instruments—including fund of funds, equity funds, specialized funds, mezzanine investment, M&A funds, and investment advisory services—it provides comprehensive financial solutions to leading enterprises and listed companies in the real economy. The company has initiated or participated in the establishment of more than 60 funds, directly or indirectly investing in over 1,000 projects, among which more than 100 have gone public.

Qushi Capital, a subsidiary of Qushi Holdings Group, serves as the group’s boutique investment banking arm. It has provided services to dozens of top-tier enterprises, including Haijieya, New羿 Biotech, THOTH Medical, Yunyi Medical, Huxiu Technology, Leyan Technology, Hema Coding, and 36Kr Jingzhun, facilitating billions in financing from renowned domestic and international funds. Investors include China Reform Holdings Corporation, Hillhouse Capital, Yunfeng Capital, China Growth Capital, Ascentum Asia, CMB International, Sinopharm Capital, Boyuan Capital, Lilly Asia Ventures, and Yuanhe Holdings.

Qushi Growth Fund, a private equity fund for the primary market under Qushi Holding Group, has invested in companies including ByteDance, HiJia, THOTH, and 36Kr Jingzhun.

Qushi Holdings Group is committed to becoming a premier research-driven holding group. The company’s business segments include boutique investment banking services (Qushi Capital), primary equity investments (Qushi Growth Fund), secondary equity investments (Hongzhou Capital), research services (Qushi Research Institute), and real economy and industrial incubation (Qushi Industrial). The company positions itself as a comprehensive service platform behind China’s top entrepreneurs.