Kangfeng Biotech Secures Hundreds of Millions RMB in Series B Funding, Led by Hillhouse Capital, with Hygeia Capital as Exclusive Financial Advisor

Recently, Cryofocus, a global innovator and platform enterprise specializing in minimally invasive cryoablation therapy, announced the completion of its Series B financing round, raising hundreds of millions of RMB.This round of financing was led by Hillhouse Capital Management’s venture capital arm, with participation from FutureX Skyline Capital, Ningbo Tongshang Venture Capital, Qingdao Guoxin, Shenzhen Furong, and existing shareholder Prolight Ventures., Haoyue Capital served as the exclusive financial advisor for this round of financing. The proceeds from this round of financing will be used to advance the clinical registration of the company’s existing cryoablation and natural orifice therapeutic products, support new product development, and expand the team.

At the end of 2020, Cryofocus completed a strategic integration with Ningbo Shengjie Kang Biotechnology Co., Ltd., becoming a globally leading platform enterprise for innovative cryoablation-based minimally invasive therapies. Leveraging its advanced liquid nitrogen ablation technology platform, the company offers advantages such as non-toxic and readily available cold sources, highly efficient cooling, ease of operation, and enhanced safety.The company’s management team possesses decades of operational experience in cardiovascular interventions and natural orifice transluminal endoscopic surgery (NOTES). Its R&D team works closely with clinical experts across various specialties, focusing on cryoablation technology and innovative medical devices.

The company focuses onVascular Intervention and Natural OrificeTwo Major Therapeutic Areas: Strategic Focus on Cardiovascular, Respiratory, Urological, and Gastrointestinal InterventionsA Multi-Billion-Dollar Golden Track, with a product pipeline covering indications such as atrial fibrillation, hypertension, pulmonary arterial hypertension, chronic obstructive pulmonary disease (COPD), asthma, benign and malignant airway stenosis, bladder cancer, esophageal cancer, gastric cancer, gastroesophageal reflux, and endoscopic closure, possessing10+ First-in-Class Products in China and Abroad, and continue to expand into other innovative multi-specialty indications. Among them,Cryoablation Products for Atrial Fibrillation, Hypertension, and Early-Stage Bladder Cancer Receive National Special Approval for Innovative Medical Devices. To date, patient enrollment for the pivotal clinical trials of cryoablation therapy for atrial fibrillation and early-stage bladder cancer has been completed; clinical trials for cryoablation therapy for asthma and gastric cancer are underway; ethical approvals have been obtained for multiple novel cryoablation indications, which are poised to enter pivotal clinical trials; furthermore, the company already has several Class III medical devices for natural orifice interventions approved and commercially available. Based on the progress of clinical registration,The company’s atrial fibrillation cryoablation product is expected to be the first domestically approved in China, while its other cryoablation products are all first-of-their-kind innovations globally or within China, maintaining a leading position.。

For consecutively securing investments from renowned institutions,Mr. Zhu Jun, CEO of Cryofocus, stated, Cryofocus is a leading platform company specializing in minimally invasive cryoablation. The company has always adhered toInnovativeness, ExclusivityGuided by our development philosophy, our products encompass minimally invasive therapies across numerous specialized medical fields. Through years of dedicated refinement and accumulation in collaboration with industry leaders across multiple specialties, we have adopted a strategy of broad observation and selective adoption. Focusing on the tissue selectivity and precision of cryoablation therapy, we have strategically developed innovative indications addressing significant unmet clinical needs. As products for these indications are launched sequentially, we are confident they will bring substantial benefits and positive surprises to patients. We extend our gratitude to Hillhouse Venture Capital, Tianji Capital, Ningbo Commerce Group, Qingdao State-owned Investment Holding Co., Ltd., and Shenzhen Furong Capital for joining this funding round, as well as to existing shareholder Prolumina Venture Capital for their continued participation. We also thank the Hywin Capital team for their professional assistance, and express our deepest appreciation to all existing shareholders for their unwavering support. We remain committed to working together, advancing continuous R&D and innovation. With persistent effort, the future holds great promise!

Mr. Yi Nuoqing, Co-Chief Investment Officer of Hillhouse Capital and Head of Biopharmaceuticals and Medical Devices at Hillhouse VenturesCryofocus possesses a globally leading innovative liquid nitrogen cryotherapy platform technology, focusing on cardiovascular intervention and Natural Orifice Translumenal Endoscopic Surgery (NOTES). Its therapeutic areas cover high-demand conditions such as atrial fibrillation electrophysiology, resistant hypertension, tumor intervention, and respiratory intervention. The company boasts a robust R&D pipeline, including multiple China-first-in-class and global-first-in-class innovative products. Its management team has decades of industrialization and operational experience in cardiovascular intervention and NOTES. Hillhouse aims to support Cryofocus in continuous innovation, enabling patients to benefit earlier from advanced minimally invasive cryoablation therapies.

Mr. Zhang Hanqin, Partner at FutureX Skyline CapitalCryofocus and the Sheng Jiekang team have independently developed a substantial portfolio of core, proprietary technologies in the field of minimally invasive cryoablation over many years, achieving remarkable preliminary results across multiple clinical indications. Given its numerous advantages over existing minimally invasive techniques, cryoablation is poised to alleviate patient suffering, significantly improve quality of life, and benefit a broader population across various clinical specialties. Following strategic integration, Cryofocus has further strengthened its platform capabilities, demonstrating strong potential to emerge as a leader in the minimally invasive cryoablation sector. We look forward to Cryofocus continuing to set industry benchmarks and leading the advancement of cryoablation technology to better serve humanity.

Mr. Yu Wenbin, Deputy General Manager of Ningbo Tongshang Fund Management Co., Ltd.It stated that the company has focused for many years on applying cryotechnology to innovative minimally invasive interventional medical devices in fields such as cardiovascular care, establishing itself as a globally leading platform enterprise for cryoablation-based minimally invasive treatment solutions. Its strategic layout in the minimally invasive interventional sector holds substantial commercial value. Tongshang Venture Capital, dedicated to supporting the development of major industries in the Ningbo region, believes that its participation in Cryofocus’s financing round will further enhance the local medical industry ecosystem. We sincerely hope that, under the leadership of an experienced and decisive management team, the company will continue to advance cutting-edge medical devices and bring benefits to patients worldwide at an early date.

Mr. Sun Xiaolu, Partner at Proxima VenturesProxima Ventures stated that it has consistently focused on innovative minimally invasive precise ablation technologies, aiming to achieve revolutionary breakthroughs in addressing clinical pain points and major unmet needs. As a company specializing in precise cryoablation, Cryofocus has pioneered innovations in two major therapeutic pathways—transvascular access and natural orifice transluminal endoscopic surgery—complemented by a portfolio of non-cryo innovative devices. In recent years, its indications for multiple conditions have reached leading levels both internationally and domestically. We are confident that Cryofocus will become a globally leading platform for minimally invasive cryotherapy and will continue to experience rapid growth. Proxima Ventures is honored to collaborate with the Cryofocus team and our investment partners in striving to realize this goal.

Mr. Yang Zhenjun, Partner at Haoyue CapitalIt stated that, leveraging its globally innovative minimally invasive cryoablation platform based on liquid nitrogen, the company has strategically entered blue-ocean sectors including cardiovascular, respiratory, gastrointestinal, and urological interventions. With a portfolio of more than ten innovative products domestically and internationally, the company maintains close collaborations with leading clinical principal investigators (PIs) across various specialties, ensuring a leading position in clinical registration progress. Haoyue Capital is honored to have served as the exclusive financial advisor for this financing round and remains bullish on the company’s leadership in the field of cryoablation therapy.

Hillhouse Ventures is the venture capital fund under Hillhouse Capital, dedicated to early-stage innovative companies. It primarily focuses on 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 health sector to benefit more patients.

FutureX Capital was founded in early 2018 under the leadership of Ms. Zhang Qian, the founder of the private equity business at China Asset Management Co., Ltd. The firm specializes in investing in high-tech enterprises in their growth stages within China, with a particular focus on exceptional companies driving disruptive innovation. Emphasizing value creation and industrial empowerment, FutureX Capital engages deeply throughout the entire lifecycle of portfolio company development. Its primary investment targets are global companies possessing the most advanced innovative technologies and those benefiting from rapidly expanding downstream applications. The firm excels at integrating these advanced technology companies into industrial platforms to help them further unlock their potential. Furthermore, adhering to an open-source philosophy, FutureX Capital continuously attracts extensive industrial resources, financial capital, and expert networks. By fostering multi-faceted collaborations with top-tier entrepreneurs, it aggregates leading-edge insights to generate forward-looking perspectives and cross-industry synergies.

Ningbo Tongshang Venture Capital, established with capital from Ningbo Tongshang Group, has a subscribed fund size of RMB 5 billion. It operates and is managed in a market-oriented and professional manner, focusing on investing in strategic emerging industries prioritized by Ningbo City. The fund is committed to cultivating new engines for economic growth and contributing to the high-quality economic development of Ningbo City.

Qingdao Guoxin Financial Holdings Co., Ltd. was established in August 2013 as Qingdao’s first state-owned financial holding company, approved by the Municipal Committee and Municipal Government of Qingdao, with a registered capital of RMB 3.7 billion. The company’s core businesses span investment and operation of financial and financial service institutions, asset management and fund management, equity investment and capital operations, securities and fund investments, as well as investment planning and consulting services, providing comprehensive financial solutions to support the development of the real economy. As of the end of 2019, the total assets of Guoxin’s financial segment reached RMB 39.8 billion, with assets under management nearing RMB 50 billion; it achieved annual revenue of RMB 3.4 billion and profits of RMB 650 million.

Proxima Ventures focuses on the healthcare industry, serving companies with outstanding medical technology innovations and significant growth potential. We manage both RMB and USD funds, covering stages from angel to growth. Our team boasts diverse and international expertise, professional backgrounds, and resource networks, along with extensive clinical resources and industrialization experience, as well as years of impressive venture capital experience and achievements. We believe that active and effective collaboration with entrepreneurial teams not only brings substantial economic returns but also leads to meaningful improvements in public health.

HaoYue Capital was founded in January 2014, with a mission to serve 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 senior investment bankers with extensive experience in China’s healthcare sector. By closely monitoring market dynamics and investment trends 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.