Yike Medical Secures Nearly RMB 100 Million in Series A Funding to Advance Innovative Neurovascular Intervention Devices

VCBeat has learned that Hangzhou ExceedMedical Technology Co., Ltd. (“ExceedMedical”) recently announced the completion of its nearly RMB 100 million Series A financing round, led by Shanghai Creation Investment, with continued participation from existing shareholders. Previously, ExceedMedical secured tens of millions of RMB in angel funding in September 2020.

ExceedMedical stated, “The funds raised in this round will be primarily used for new product research and development, the introduction of core equipment, and the recruitment of high-end talent. Meanwhile, the company will accelerate the clinical trials and regulatory submission processes for its products to promptly complete a comprehensive strategic layout for its neurointerventional product portfolio.”

ExceedMedical was established on June 18, 2020, by a team of seasoned industry experts from both China and abroad. Located in the Binjiang High-Tech Zone of Hangzhou, the company is currently dedicated to the development and industrialization of innovative neurointerventional medical devices, with future plans to expand its product portfolio into the broader field of pan-vascular interventions.

Jing Hongjuan, Founder and CEO of ExceedMedical, stated: “Currently, ExceedMedical is strategically focusing on the neurointerventional field, with its product portfolio primarily covering treatments for ischemic stroke, hemorrhagic stroke, and access devices.”

Although ExceedMedical has been established for only one year, it has filed more than 30 innovative patents related to its products under development, with five patents already granted. In addition, the novel stroke treatment device developed by ExceedMedical was launched in 2020,InChina Cardiovascular Physicians Innovation Club (CCI)5th Anniversary Celebration: Winner of the Best Project Award。

The latest Report on Cardiovascular Health and Diseases in China 2019, released by the National Center for Cardiovascular Diseases, shows that:China has 13 million stroke patients, with approximately 2 million new cases each year.In terms of harm, in 2019, cerebrovascular diseases accounted for more than 20% of deaths among Chinese residents.

It is precisely due to the large patient population and high mortality rate that cerebrovascular diseases, such as stroke, are receiving increasing attention. The accompanying rise in health awareness will drive rapid expansion of the neurointerventional market. Publicly available information shows that,The market size of neurointerventional medical devices in China increased from RMB 2.6 billion in 2015 to RMB 4.9 billion in 2019, with a compound annual growth rate (CAGR) of 17.3%. It is projected to further grow to RMB 37.1 billion by 2030, representing a CAGR of 20.2% from 2019 to 2030.

In response to the rapidly growing neurointerventional market, ExceedMedical has deployed a comprehensive product portfolio.In the field of therapeutic products for ischemic stroke, new-generation thrombectomy systems and aspiration catheters are under development; for hemorrhagic stroke treatment, novel flow diverter devices and aneurysm embolization instruments are being developed; in the category of access products, distal access catheters, microcatheters, and microwires are currently in development.

According to Jing Hongjuan, ExceedMedical currently has more than 10 products in development.

As is well known, the neurointerventional field is already highly competitive with multiple enterprises vying for market share. What advantages does the newly established ExceedMedical possess to compete on the same stage? Furthermore, how has ExceedMedical managed to complete two rounds of financing within just one year?

Jing Hongjuan, Founder and CEO of ExceedMedical, stated, “ExceedMedical’s core strengths lie in its R&D team composed of top-tier neurosurgeons from China and abroad and experienced engineers, its clinically driven innovation philosophy, and the rapid realization of innovative products.”

In terms of R&D capabilities, ExceedMedical’s clinical team has led several recent revolutionary stroke clinical trials, including the COMPASS Trial, demonstrating a clear understanding of the demands for clinical devices. The company’s engineering team possesses a rapid design and performance evaluation simulation platform for medical devices, significantly accelerating the product development process. The ExceedMedical team has assisted in the product validation, assessment, and design optimization of mainstream neurointerventional products worldwide, accumulating extensive experience in translating innovative concepts into reality and gaining profound insights into innovation.

Meanwhile, ExceedMedical adheres to an innovation mindset focused on clinical translation. Jing Hongjuan stated, “We aim to build a ‘youthful’ platform—not in terms of chronological age, but in the mindset of our employees and the atmosphere of our teams. Through this youthful platform, we hope every R&D professional will remain positive and proactive, demonstrating strong self-motivation and initiative in driving innovation.”We believe that such a work environment and philosophy will inspire everyone to generate more innovative ideas and inspiration.”

In addition to its soft R&D capabilities, ExceedMedical boasts strong hard R&D strengths. Currently, the company has established a GMP-compliant production workshop and R&D office space spanning approximately 2,000 square meters, along with a quality management system that conforms to ISO 13485 standards. Furthermore, ExceedMedical has procured numerous core R&D equipment items, such as laser engraving machines, and is in the process of building specialized R&D platforms for metal tubing, catheters, braided structures, and balloons.

In terms of differentiated innovative products, ExceedMedical avoids homogeneous competition with existing market offerings by proposing innovative solutions tailored to the clinical pain points of current products. For instance, thrombectomy stents currently on the market carry a risk of thrombus detachment; addressing this issue, ExceedMedical has innovated the product structure to develop an advanced thrombectomy device that not only captures various types of thrombi but also reduces the risk of detachment during retrieval. Similarly, while flow diverter stents available on the market are prone to shortening during deployment—leading to inaccurate placement and compromised therapeutic outcomes—ExceedMedical has successfully developed a non-shortening flow diverter stent to address this specific challenge.

Mr. Tang Haofu, Chairman of Shanghai Creation Investment, stated, “Advancements in minimally invasive neurosurgical technologies are an inevitable trend and a boon to patients. ExceedMedical’s technological foundation stems from long-term collaborations with top-tier global hospitals and engineers, backed by extensive clinical application data. We are honored to participate in this collaboration.”

Shanghai Creation Investment Group, established in 2006, is an investment firm integrating equity investment with the incubation of advanced medical industries. It is committed to investing in global high-end medical technologies and upholds the core philosophy of leading the upgrade of China’s healthcare industry. Creation has formed partnerships with renowned domestic and international medical institutions, including Cleveland Clinic, Stanford Health Care, Maccabi Healthcare Services, Chongqing Medical University, and Chengdu University of Traditional Chinese Medicine, to jointly build official platforms for the transformation of scientific and technological achievements. The assets under management by Creation Fund exceed RMB 3 billion, and it has invested in nearly 50 companies both domestically and internationally. As of June 2021, eight portfolio companies had successfully gone public, while seven others were queued for listing reviews.