Hygeia Medical Completes RMB 500 Million Series C Financing to Accelerate Minimally Invasive Oncology Therapies

VCBeat learned at the earliest opportunity that on April 26,Hygea Announces Completion of RMB 500 Million Series C Financing，Led by China Growth Capital, with participation from China Reform State-owned Enterprise Operation Investment Fund, Sinopharm Capital, and BioTrack Capital、Jointly invested by Yuanyi, Sharewin Investment, and Qushi Growth Fund, with strategic investment from AI leader SenseTime.。

Following the completion of this funding round, Hygea will accelerate market expansion and channel development for its flagship product, the Combo Knife, further promote the application of artificial intelligence in minimally invasive tumor surgery, comprehensively advance the R&D pipeline across its tumor intervention product portfolio, and continuously expand the development and application of its cryomedicine platform technology in areas such as atrial fibrillation ablation therapy.

According to available information, Hygea was established in 2010 as a national high-tech enterprise dedicated to the fields of minimally invasive interventional oncology and cryomedicine. Hygea has established the Beijing Key Laboratory of Cryobiomedical Engineering and a postdoctoral research platform. It has developed the world’s first composite cryo-thermal ablation system, which integrates deep-freeze cryoablation with high-intensity hyperthermia, providing a series of solutions for minimally invasive interventional tumor treatment.

China has a large number of cancer patients. The latest data show that there were approximately 4.57 million new cancer cases in China in 2020. With the deepening aging of the population, the high incidence of cancer will become increasingly severe.

In the face of this significant medical challenge, minimally invasive tumor treatment technologies, represented by Hygea’s Combo Knife, will find broad applications and are poised to contribute to the national efforts in cancer prevention and control.

Since its market approval in 2017 through the Special Approval Procedure for “Innovative Medical Devices,” the Kangbo Knife has been adopted by nearly 100 renowned medical institutions across China, including Peking University Cancer Hospital, National Cancer Center/Cancer Hospital Chinese Academy of Medical Sciences, Fudan University Shanghai Cancer Center, Tianjin Medical University Cancer Institute and Hospital, Peking University First Hospital, the Fifth Medical Center of PLA General Hospital, and Dongfang Hospital Beijing University of Chinese Medicine. To date, thousands of minimally invasive cryoablation surgeries using the Kangbo Knife have been successfully performed.

Data indicates that the ComboKnife can be used not only for curative treatment of early-stage malignant tumors but also for cytoreductive therapy in advanced-stage cancer. To date, the ComboKnife has been extensively applied in the treatment of solid tumors, including lung cancer, liver cancer, breast cancer, renal cell carcinoma, pancreatic cancer, prostate cancer, bone tumors, and soft tissue sarcomas. Clinical applications have demonstrated favorable efficacy and advantages, particularly providing a new therapeutic option for patients who are ineligible for surgery, have contraindications to radiotherapy or chemotherapy, or have responded poorly to these treatments.

Compared with traditional tumor treatment regimens, the ComboKnife employs a minimally invasive percutaneous interventional approach to deliver targeted physical ablation of tumor tissue. It innovatively integrates the advantages of deep cryoablation and high-temperature hyperthermia, achieving a broad therapeutic temperature range from -196°C to 80°C within a single micro-probe. This breakthrough overcomes the limitations of conventional standalone cryotherapy or hyperthermia by combining the benefits of both modalities. The new-generation minimally invasive technology creates an incision of only 2 mm, requiring no sutures. It offers minimal trauma, painless procedure, good tolerability, and rapid recovery. Additional unique advantages that accelerate the adoption of the ComboKnife in hospitals and clinical departments include the ability to perform the procedure under local anesthesia and a short learning curve for practitioners.

Furthermore, under the guidance of imaging modalities such as CT and ultrasound, the Kangbo Knife’s combined cryo-thermal ablation enables real-time monitoring of treatment boundaries, ensuring precise, visualized, and controllable treatment coverage. Following cryoablation, tumor tissues are inactivated in situ, and the release of cellular contents and inflammatory factors stimulates the body’s immune response, potentially inducing an abscopal effect (also known as heterotopic tumor suppression) in some patients.

Compared with other cryoablation devices, the Combo Knife employs an ultra-low-temperature ice ball to encircle and destroy tumors, followed by rapid high-temperature heating to eliminate the risk of needle-track seeding. The cauterization of the puncture track via its heating function significantly reduces the bleeding risk associated with traditional cryoablation.

Huang Qianfu, founder of Hygea, stated, “Cancer represents a major medical challenge facing human society. Interventional oncology is rapidly emerging as the fourth pillar of cancer treatment, following surgery, radiotherapy, and chemotherapy. Hygea’s focused expertise in cryomedicine offers distinct leading advantages in this field. Minimally invasive, precise, and intelligent approaches are key trends driving the robust development of cancer therapy. Hygea is committed to comprehensively deploying its portfolio of interventional oncology products and solutions, aiming to build a world-leading platform enterprise in the field of cancer diagnosis and treatment.”

Xiong Weiming, Partner at China Growth Capitalstated: “Amid the trend toward early diagnosis and treatment of cancer, we are highly optimistic that Hygea will emerge as a leading enterprise in the field of interventional oncology, leveraging its extensive product portfolio, demonstrated clinical benefits for patients, and operational convenience. Furthermore, we recognize the significant potential of combining cryo-ablation with immunotherapy, which can yield a synergistic effect greater than the sum of its parts (1+1>2) when integrating surgical interventions with immunotherapy, thereby benefiting a broad population of cancer patients.”

Zou Min, Partner at Sinopharm Capitalstated: “Hygea is a model enterprise among China’s new generation of innovative medical device companies. We are optimistic about Hygea’s technological advantages in the field of cryomedicine, as well as the substantial market potential for expansion across multiple clinical departments. Furthermore, we highly recognize the exceptional capabilities demonstrated by the Hygea team in fostering industry-academia-research-clinical collaboration and driving commercialization. We believe that, driven by innovation and aligned with the trend of vigorously developing domestically produced medical devices, Hygea’s product portfolio will secure a core market position in its respective fields, thereby providing clinicians and patients with higher-quality treatment solutions.”

Ma Jinbo, Project Director at BioTrack CapitalIt stated: “Hygea’s core product, the ‘Combo Knife,’ is the culmination of over a decade of continuous iteration by a core team comprising distinguished scientists and professionals born in the 1980s. It represents an extremely scarce category of ‘internationally original’ high-end medical devices in China. On one hand, Hygea’s currently marketed ‘Combo Knife’ has been extensively adopted in top-tier tertiary hospitals across China and has gained recognition for its efficacy. On the other hand, we are even more optimistic about Hygea’s future prospects. The company is not only focusing on various advanced technologies for minimally invasive tumor ablation but also expanding cryotherapy applications into the field of cardiovascular electrophysiology, thereby building a comprehensive platform for interventional oncology and cryomedicine. This positions Hygea to potentially become a leading platform-level healthcare enterprise.”

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 expertise, the firm assists its portfolio companies with strategic planning, business development, and team building. Currently, China Growth Capital manages RMB and USD funds totaling RMB 8 billion, with investments ranging from angel rounds to Series C, and ticket sizes from several million to hundreds of millions of RMB. Representative portfolio companies include Huake Jingzhun, Singleron, Fubei Biotechnology, Bichen Pharmaceuticals, and Innovent Biologics.

China Reform Holdings Corporation Ltd. is a wholly state-owned company and state-authorized investment institution established with the approval of the State Council, and it is a state-owned capital operating company designated by the State Council to undertake pilot tasks. The CRCC Central Enterprise Operation Investment Fund focuses on important industries and key fields related to national security and the lifeline of the national economy, as well as forward-looking strategic emerging industries with high technological content and development prospects.

Sinopharm Capital Management Limited Company is a professional equity investment institution focused on the healthcare sector, established by Sinopharm Group. Its management team comprises internal and external investment professionals from Sinopharm Group, operating under market-oriented mechanisms. With profound insights into the development, industrial operations, and capital management of the healthcare industry, the company effectively integrates industrial resources and capital strengths both within and outside Sinopharm Group. Upholding the responsibilities and aspirations of industrial capital, and adhering to the corporate culture of “Sincerity, Professionalism, and Win-Win Cooperation,” Sinopharm Capital is committed to becoming a discoverer, explorer, integrator, and realizer of value in China’s healthcare industry. By focusing on innovative and high-growth enterprises in specialized industry segments, it drives overall industry development and enhances management standards. It strives to provide portfolio companies with resource integration solutions aligned with their development strategies, thereby delivering better and more affordable healthcare services to the Chinese public.

BioTrack Capital, established in 2017, is a specialized investment firm dedicated to investing in and incubating outstanding healthcare startups in China. We are not just investors; we are long-term partners to entrepreneurs. We provide sustained support to the most distinguished healthcare founders, fostering the next generation of leading enterprises in China’s healthcare industry.

Yuanyi, an independent industrial investment fund managed by a professional team, was primarily initiated by Far East Horizon (HK.03360). Its initiator, Far East Horizon, owns more than 70 medical institutions with approximately 20,000 open beds, making it one of the largest hospital holding groups in China. Currently, Yuanyi manages assets exceeding RMB 5 billion and has led investments in a number of leading healthcare companies, including Peijia Medical, Changfeng Pharmaceutical, Zhiben Medical, MicroPort EP MedTech, and MicroPort MedBot.

Sharewin Investment is a venture capital firm with the deep characteristics of an industrial fund, boasting 18 years of investment management experience. Adhering to a specialized strategy, Sharewin focuses on the healthcare sector—centered on in vitro diagnostics (IVD) and biopharmaceuticals, medical devices and consumables, and smart healthcare—and the technology industry—centered on semiconductors, enterprise services, and new materials. Guided by the philosophy of “focused investment and intensive cultivation,” Sharewin deeply integrates into industrial chains and strategically lays out its ecosystem. Committed to long-termism, Sharewin strives to be a long-term partner for mission-driven and visionary entrepreneurs, providing the necessary capital and resources at different stages of corporate development; it also aims to be a long-term cultivator of emerging industries, promoting technological innovation and industrial upgrading. Sharewin’s investors include national and local government guidance funds for emerging industries, charitable foundations, family offices, and industry leaders with strong empowerment capabilities. After years of development, Sharewin has become one of the few institutions in the market with capabilities in both primary and secondary market investments, managing funds totaling over RMB 8 billion and assets exceeding RMB 20 billion.

Qushi Growth Fund, a private equity fund focused on the primary market under Qushi Holding Group, has invested in companies including ByteDance, Hygea, Sothink Medical, and 36Kr Jingzhun. Committed to becoming a premier research-driven holding group, Qushi Holding Group’s business portfolio encompasses boutique investment banking services (Qushi Capital), primary market equity investment (Qushi Growth Fund), secondary market equity investment (Hongzhou Capital), research services (Qushi Research Institute), and industrial operations and incubation (Qushi Industries). The company positions itself as a comprehensive service platform behind China’s top entrepreneurs.

SenseTime is a globally leading artificial intelligence platform company and the first national next-generation AI open innovation platform for “intelligent vision” designated by China’s Ministry of Science and Technology. Guided by its mission and vision of “upholding original innovation to let AI lead human progress,” SenseTime has independently developed and established world-class deep learning platforms and supercomputing centers. The company has launched a series of cutting-edge AI technologies, including facial recognition, image recognition, text recognition, medical imaging analysis, video analytics, autonomous driving, and remote sensing. SenseTime has become Asia’s leading provider of AI algorithms. It ranks among the top in market share across multiple vertical sectors, with its business spanning smartphones, internet entertainment, automotive, smart cities, as well as education, healthcare, retail, advertising, finance, and real estate.