Shenzhen BioSens Co., Ltd. Files for IPO Following CNY Several Hundred Million Series C Funding to Build a World-Class Active Interventional Medical Device Innovation Platform

VCBeat has learned that Shenzhen Insight Lifetech Co., Ltd. (hereinafter referred to as “Insight”) recently completedSeries C Financing of Hundreds of Millions of RMB. This round of financing was led by Qiming Venture Partners, with continued support from existing investors SDIC Chuanghe, Sequoia Capital China, and Taiyu Investment. Dianshi Capital served as the exclusive financial advisor. This followsSeries B+ FinancingSubsequently, InSight Lifetech completed another round of financing in 2020. The funds raised in this round will be used to further accelerate market promotion, consolidate R&D capabilities, and expand new product lines.

InSight Lifetech, established in December 2015 and headquartered in Shenzhen, is a national high-tech enterprise. The company is committed to building an innovation platform for high-performance active interventional medical devices, striving to become a leading player in the field and grow into a world-class medical technology enterprise with lasting influence.

InSight Lifetech hasDelivering technically advanced, comprehensive solutions for the precise interventional diagnosis and treatment of coronary heart disease, while expanding into innovative technologies in the peripheral vascular and cardiac rhythm management sectors.InSight Lifetech will continue to provide doctors and patients worldwide with high-performance innovative medical device products and professional services that are “Intelligently Made in China.”

Fractional Flow Reserve (FFR), obtained through direct measurement via coronary intervention, is the clinical “gold standard” for diagnosing whether coronary stenosis causes myocardial ischemia and determining the need for stent implantation.TruePhysio® Pressure Microcatheters and VivoCardio® Fractional Flow Reserve Measurement Devices, independently developed and manufactured by InSight Lifetech, boast internationally leading technical performance and represent the first FFR direct measurement products independently developed and produced in China., it has obtained the Class III medical device registration certificate from China's National Medical Products Administration (NMPA) and the CE certification for Class III medical devices in the European Union.

NMPA's Product Evaluation of InSight Lifetech

Leveraging independently developed, globally patented innovative technologies, InSight Lifetech’s products not only deliver precise FFR measurements for clinical practice but also significantly enhance ease of use and applicability. The National Medical Products Administration (NMPA) has evaluated the product as “internationally leading and a domestic first… overcoming many of the problems and limitations associated with traditional pressure guidewires, simplifying the clinical workflow for FFR measurement… and filling the gap in China in the field of gold-standard Fractional Flow Reserve (FFR) measurement technology.”

InSight Lifetech’s Independently Developed TruePhysio® Pressure Microcatheter

Intravascular Ultrasound (IVUS) is an indispensable tool for performing precise interventional therapy in complex coronary artery disease.InSight Lifetech’s high-definition, high-speed intravascular ultrasound (IVUS) diagnostic system features globally leading imaging resolution and speed, along with advanced capabilities such as intelligent image registration and segmentation. This system enables physicians to obtain high-quality intravascular images more rapidly and conveniently, facilitating precise coronary intervention while potentially reducing procedure time, radiation exposure, and the risk of patient ischemia.

InSight Lifetech is also developing a one-stop solution for precise interventional diagnosis and treatment of coronary artery disease, integrating both intravascular imaging and functional assessment. Furthermore,It also provides interventionalists with leading innovative technical solutions in the field of complex coronary and peripheral interventions, such as chronic total occlusion (CTO) lesions and severely calcified lesions.

To date, InSight Lifetech has filed over 120 patent applications. While completing the development of its existing product portfolio, the company has also established capabilities in material design and precision manufacturing of micro-nano devices, focusing on high-frequency ultrasound transducers and MEMS packaging. It has formed a technical and process platform for precision interventional catheters, centered on ultra-fine braiding and the molding and processing of multi-layer polymer composite materials. Furthermore, it has built a high-performance medical electronics software and hardware development platform based on high-speed medical electronic design and intelligent signal and image processing. These achievements have laid a solid foundation for its further expansion into other innovative areas of active interventional medical technology.

InSight Lifetech's Production Workshop

Song Liang, Co-founder and Chairman of InSight LifetechHe holds a Ph.D. in Biomedical Engineering from Washington University in St. Louis (WUSTL) and is a recipient of the National Science Fund for Excellent Young Scholars, the Guangdong Provincial Leading Talent in Scientific and Technological Entrepreneurship, and the Shenzhen Youth Science and Technology Award. He has successively served as the principal investigator for the National Major Research Instrument Development Project and the Key Special Project on Digital Diagnosis and Treatment under the Ministry of Science and Technology.

Dr. Song Liangstated: “We are grateful for the excellent innovation and entrepreneurship environment in China and Shenzhen, as well as for the recognition and support from both new and existing shareholders. The value of InSight Lifetech stems from its ability to address critical clinical needs,”We have developed three major series of technical solutions focused on precision interventional diagnosis and treatment for complex coronary heart disease, precision interventional diagnosis and treatment for peripheral vascular diseases, and one-stop ablation therapy for arrhythmias. These include the fractional flow reserve (FFR) measurement system, intravascular ultrasound (IVUS) diagnostic system, and ablation therapy products, all of which are innovative technologies filling domestic gaps in China.Through the research, development, and production of existing products, InSight Lifetech has established a platform for technological innovation and high-end precision manufacturing in active medical devices, while building a high-caliber team of R&D experts and management professionals specializing in interventional active medical devices. Our original aspiration and unwavering commitment are to work alongside physicians and partners to shoulder the mission of “improving life and health through innovation and quality,” striving to become a world-class medical technology enterprise with enduring influence.”

Qiming Venture Partners Executive Director Zhang Aostated: “InSight Lifetech is a leading innovative team in China specializing in active interventional medical devices, having gained a first-mover advantage in the fields of coronary functional assessment, represented by FFR, and coronary imaging, represented by IVUS.“We believe that InSight Lifetech’s clear market strategy, exceptional commercialization capabilities, and open and inclusive corporate culture will enable the company to achieve more stable and sustainable long-term growth. We are delighted to collaborate with its outstanding team to support the company’s development.”

SDIC Chuanghe Biopharmaceutical Teamstated: “From an industry trend perspective, cardiovascular disease is one of the leading causes of death,”Developing innovative functional diagnostic technologies with independent intellectual property rights is expected to steer coronary intervention therapy in China toward a path that is “more precise,” “safer,” and “more cost-effective.”FFR- and IVUS-Guided PCI for Precision Therapy: Robust Global Clinical Evidence and Significant Patient Benefits"SDIC Capital will continue to fully support InSight Lifetech by leveraging its own resources, with both parties jointly building an outstanding platform-based medical device company."

Cao Yibo, Managing Director at Sequoia Capital Chinastated: “Pressure Microcatheter/Wire FFR Measurement: Validated Over Long-Term Clinical Use as the Gold Standard for Determining the Necessity of PCI Procedures“This test can identify suitable surgical candidates, holding significant implications for patients, physicians, and payers. In the future, Sequoia Capital will continue to support enterprises in scaling up and strengthening their market position, launching a series of innovative products in the field of vascular intervention that benefit patients.”

Ji Tianrong, General Manager of Taiyu Investmentstated: “InSight Lifetech boasts an innovative team specializing in active medical devices, with outstanding R&D capabilities and exceptional execution. The company has developed China’s first product for direct FFR measurement, benefiting 11 million coronary heart disease patients in the country."As an early investor in InSight Lifetech, we are committed to providing long-term support for the company’s development and growth, helping it become a leading platform enterprise in the field of active interventional medical devices."

Qiming Venture Partners was established in 2006 and has successively set up offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages nine U.S. dollar funds and six RMB funds, with total assets under management exceeding USD 5.6 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in sectors such as TMT (Technology, Media, and Telecom) and healthcare. To date, Qiming Venture Partners has invested in more than 370 high-growth innovative enterprises, among which over 120 have achieved exits through listings on exchanges including the New York Stock Exchange (NYSE), NASDAQ, Hong Kong Stock Exchange, Taipei Exchange (TPEx), Shanghai Stock Exchange, and Shenzhen Stock Exchange, as well as through mergers and acquisitions. More than 30 of these portfolio companies have become industry-recognized unicorns and super unicorns.

SDIC Chuanghe Fund Management Co., Ltd. is a professional industrial fund and guidance fund management institution under SDIC Group, with directly managed assets exceeding RMB 35 billion. The company focuses on equity investment, venture capital, and fund-of-funds investments in strategic emerging industries, having nurtured more than 2,000 innovative technology enterprises. As a practitioner of national strategies and a discoverer of market value, SDIC Chuanghe supports breakthroughs in key core technologies. With craftsmanship spirit, it researches, invests in, and cultivates leading technology enterprises, enhancing the value of its portfolio companies and participating funds through comprehensive and meticulous post-investment management and precise, in-depth value-added services.

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by bringing its member enterprises abundant global resources and valuable historical experience. Over the past 48 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. As “entrepreneurs behind entrepreneurs,” Sequoia Capital China focuses on investment opportunities in four key sectors: Technology/Media, Healthcare, Consumer Goods/Services, and Industrial Technology. Over the past 15 years, Sequoia Capital China has invested in nearly 600 companies characterized by distinct technological advantages, innovative business models, and high growth potential.

Taiyu Investment is an independent professional venture capital firm under Tigermed, a publicly listed company, established in 2014. Taiyu Investment focuses on equity investments in the healthcare sector at early and growth stages. Its management team possesses extensive backgrounds in the pharmaceutical and health industries, broad industry resources, and rich venture capital experience. To date, it has completed over RMB 1 billion in financing and investments, with early-stage equity investments in more than 40 projects, primarily serving as a lead investor in Series A or Pre-A rounds. Its investment portfolio covers medical devices, biopharmaceuticals, health supplements, and CRO companies. By empowering its portfolio companies, Taiyu Investment creates value for the development of the healthcare industry in China and globally, contributing to public health.