Micromedical Completes Over RMB 100 Million Series A Financing Led by Hillhouse Ventures to Advance MeshCoil Aneurysm Embolization Device

VCBeat (WeChat ID: vcbeat) has learned that on February 22, Shanghai MicroMedTec Co., Ltd. (hereinafter referred to as “MicroMedTec”), a company dedicated to the R&D of innovative products in the field of neurointerventional devices, announced the completion of its Series A financing round, exceeding RMB 100 million.This round of financing was led by Hillhouse Capital’s venture capital arm, with participation from Jisu Capital and Zhongxin Innovation.This round of financing will help MicroMedTec accelerate the further development of its neurointerventional products and advance the clinical trials, regulatory approval, and market launch of China's first MeshCoil aneurysm occlusion device.

Previously, MicroMedTec secured angel-round funding in November 2018 and raised tens of millions of yuan in Pre-A round financing from Chende Capital in January 2020.

MicroMedTec, located in the Shanghai Pudong International Medical Zone, is dedicated to the research, development, and promotion of innovative technologies in the fields of minimally invasive and precision medicine. The company has established professional R&D laboratories and GMP-compliant clean production workshops with a Class 10,000 cleanliness rating. Currently, its core business focuses on minimally invasive treatment technologies for cerebrovascular diseases, including innovative minimally invasive interventional devices for intracranial aneurysms, such as the MeshCoil intracranial aneurysm occlusion device, providing novel solutions for patients with cerebrovascular disorders through technological innovation.

Regarding the completion of this round of financing, Xiang Yonggang, Founder and CEO of MicroMedTec, stated, “We are greatly honored to receive strong support from a group of renowned professional investment institutions. Since the company’s inception, our team has steadily expanded and strengthened, and our product pipeline has achieved continuous breakthroughs. These accomplishments would not have been possible without the consistent recognition from our shareholders and the dedicated efforts of our team members, to whom we extend our heartfelt gratitude. Following the completion of this financing, the company will continue to advance the research and development of its innovative neurointerventional products, ultimately benefiting patients.”

MicroMedTec’s founding team comprises senior engineering professionals and clinical experts from both China and abroad, with many years of experience in the minimally invasive interventional medical device industry. The R&D team’s robust technical capabilities have laid a solid foundation for MicroMedTec to launch more innovative medical products in the future. It is reported that MicroMedTec has filed 10 product-related patent applications, with 4 patents granted, and has received support from programs such as the Shanghai Science and Technology Support Program.

The current neurointerventional device sector resembles the cardiac intervention market of 15 years ago, presenting substantial and rapidly growing market opportunities. China is one of the largest markets for stroke treatment worldwide, with millions of patients hospitalized for cerebrovascular diseases annually. Among the two major categories of stroke, China’s incidence and mortality rates for hemorrhagic stroke are both twice the global average. Existing treatment methods rely primarily on neurointerventional products, such as traditional embolization coils.

Embolization coils are soft, metallic helical coils made of alloy. A small incision is first made in the groin area, and the embolization coils are delivered via a catheter into the aneurysm sac, where they gradually promote thrombus formation to occlude the aneurysm. However, coil embolization has several limitations, including prolonged procedural time, high cost, inability to achieve dense packing, difficulty in treating bifurcation or wide-necked aneurysms, high long-term recurrence rates, and significant radiation exposure for the operating physicians.

To address the limitations of such interventional products, MicroMedTec has developed a next-generation solution—the MeshCoil flow diverter. The innovative minimally invasive interventional device, “MeshCoil Aneurysm Occlusion Device,” developed by MicroMedTec, can achieve rapid, single-session embolization for the treatment of hemorrhagic stroke. It is reported that MicroMedTec has developed MeshCoil flow diverters in various designs and specifications to meet the clinical treatment needs of different types of hemorrhagic stroke.

Currently, the MeshCoil flow diverter, independently developed by MicroMedTec, has entered the phase of registration clinical trials. The trials will be conducted at ten hospital institutions, with Beijing Xuanwu Hospital serving as the lead investigator site. The company also has multiple innovative neurointerventional devices in various stages of research and development.

Hillhouse Venture Capital is the venture capital fund under Hillhouse that focuses 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 health sector to benefit more patients.

Jisu Capital, established in 2016, is a venture capital fund focused on the healthcare sector in China. Guided by the philosophy of “Passion for Innovation, Value Creation,” the firm has invested in outstanding enterprises such as Venus Medtech, Broncus Medical, Dejin Medical, Zhiyun Health, Weiqiang Medical, and Xinmai Medical. Looking ahead, Jisu Capital will remain dedicated to its focus, aiming to create value for more companies and grow alongside entrepreneurs.

Suzhou Zhongxin Innovation Investment Management Co., Ltd. was established in 2015, focusing on investment opportunities in three major sectors: advanced manufacturing, biopharmaceuticals and medical devices, and frontier technologies. Currently, the company manages assets exceeding RMB 2 billion, demonstrating outstanding performance in industrial layout, project exits, and ecosystem development, earning high praise from partner fund-of-funds, government guidance funds, securities firms, banks, and other institutions. Zhongxin Innovation has received numerous honors, including “China Finance’s Most Promising Investment Institution in China’s Healthcare Sector for 2019–2020,” “Outstanding Venture Capital Team of Jiangsu Province,” and “Excellent Partner Fund of the Suzhou Industrial Park Guidance Fund for 2019.” The CanSino Biologics project, invested by the Zhongxin Innovation team, was ranked among the Top 10 Best Exit Cases in China’s Medical and Health Services Industry for 2019 by CVSource.