Coreray Medical Secures Hundreds of Millions in Series C Funding Led by Hillhouse and Yuansheng, Files IPO Prospectus

VCBeat (WeChat: VCBEAT) has learned that CareCath Medical, an innovative Chinese platform for vascular intervention, recently announced the completion of its Series C financing round, amounting to hundreds of millions of RMB. The round was co-led by GL Ventures and YuanBio Venture Capital, with HAOYUE CAPITAL serving as the exclusive financial advisor. The proceeds will be primarily used to advance the clinical development of tumor intervention products, pursue regulatory approvals for multiple products in the pipeline, support R&D for subsequent pipeline projects, and enhance brand marketing and channel development.

Founded in late 2015, Cardiolink Science is a platform-based company specializing in the R&D, manufacturing, sales, and service of vascular interventional medical devices. Headquartered in Shenzhen, the company operates two distinctive technology platforms and maintains GMP-certified Class 10,000 cleanroom production facilities in both Shenzhen and Beijing. Its product portfolio spans three key areas: oncology intervention, vascular access, and cardiovascular intervention. Established by a founding team comprising clinicians and elite medical device R&D professionals, the company is driven by “therapy insights,” seamlessly bridging technical engineering language with clinical needs. It is committed to developing and manufacturing vascular interventional medical devices better suited for the Chinese population, aiming to alleviate suffering and extend lives for more patients. As a results-oriented, agile team, the company has obtained five Class III medical device registration certificates within five years of its establishment.

In oncology treatment, transvascular interventional therapy is gaining momentum. With the accumulation of growing evidence-based data, transarterial chemoembolization (TACE) has become a mainstream approach for tumor management. TACE-based combination therapies are increasingly accepted in clinical practice and widely implemented. The company has completed its comprehensive product portfolio layout for TACE procedures and will continue to strengthen its efforts in synergistic immune-precise targeted therapy.

Che Haibo, founder of Cardiolink Science, stated that the company is currently in a strategic development phase. By partnering with professional investors deeply entrenched in the healthcare sector, such as GL Ventures and YuanBio Venture Capital, the enterprise is better empowered to further enrich its product pipeline, secure regulatory approvals and market launch, and establish a controllable supply chain system. The company aims to provide intelligent diagnostic and therapeutic tools for clinical practice, create a platform where aspiring individuals can realize their dreams, and deliver strong performance to reward its investors. “It is an honor to journey together!”

The head of Biopharmaceuticals and Medical Devices at GL Ventures stated that interventional therapy is playing an increasingly important role in multiple fields, particularly in oncology, with minimally invasive intervention emerging as an unstoppable trend. The Cardiolink Science team possesses top-tier R&D capabilities and innovation prowess, successfully integrating cross-disciplinary technologies by organically combining medicine, mechanics, and materials science to provide differentiated, leading-edge products for clinical practice. GL Ventures will support Cardiolink Science in bringing more high-quality interventional products to market sooner, thereby promoting the high-quality development of China’s domestic interventional industry and addressing substantial unmet clinical needs.

Yin Jie, Partner at YuanBio Venture Capital, stated that tumor intervention and vascular intervention devices are in a period of rapid development in China, with clinical demand for high-quality domestic innovative products surging. Cardiolink Science has strategically positioned itself in the two major fields of tumor and vascular intervention, with multiple innovative interventional medical devices receiving exclusive or first-of-their-kind approvals in China, thereby growing into a highly competitive interventional platform enterprise domestically. We have known Mr. Che and Mr. Sun for many years and hold the core executive team in high regard. This team has remained cohesive throughout their transition from leadership roles at internationally leading medical device companies to senior management positions in private enterprises, and eventually to founding their own venture. With extensive industry experience, outstanding management capabilities, and keen market sensitivity, we expect this collaboration to help the company continue to deepen its presence in the interventional field, maintain its rapid growth momentum, consolidate its industry-leading position, and bring more high-quality, cost-effective medical device products to patients!

Yang Zhenjun, Partner at HAOYUE CAPITAL, stated, “We are honored to have assisted Cardiolink Science in completing this round of financing. As a comprehensive platform enterprise specializing in interventional therapy, Cardiolink Science continues to deepen its presence in high-potential sectors such as oncology intervention. Its core products boast numerous performance advantages and have gained continuous clinical validation and recognition. Furthermore, the core team led by Mr. Che possesses forward-looking strategic vision and extensive practical experience in corporate operations, fostering seamless and efficient collaboration within the company. These strengths have been highly recognized by numerous top-tier investment institutions and strategic partners. We believe that, with capital support, Cardiolink Science will continue to deepen and enrich its product portfolio, accelerate commercialization, and achieve new strategic breakthroughs. HAOYUE CAPITAL also looks forward to long-term cooperation with the Cardiolink Science team, continuing to support the company’s future leapfrog development.”

GL Ventures, the venture capital fund under Hillhouse Capital focused on early-stage innovative companies, covers key sectors including software and hard tech, biopharmaceuticals and medical devices, consumer internet and technology, and emerging consumer brands. 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.

YuanBio Venture Capital is an investment firm specializing in early-stage and growth-stage healthcare and life sciences companies. Headquartered at Suzhou BioBAY, it maintains a global reach. The firm currently manages approximately RMB 5 billion in assets and has completed investments in over 80 high-quality projects, primarily spanning novel drug development, medical devices, in vitro diagnostics (IVD), and healthcare services. YuanBio has delivered substantial investment returns and has been repeatedly recognized as one of the Top 10 venture capital funds in China’s healthcare sector and as one of the most active healthcare investment institutions in China. Bringing together a team of seasoned professional investors and world-class scientific advisors, YuanBio possesses extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and related fields. Leveraging its focused strategy and rich industry resources, YuanBio is committed to becoming one of the most successful healthcare and pharmaceutical venture capital funds in China.

HAOYUE CAPITAL was established in January 2014, with a commitment to serving as a bridge connecting China’s healthcare sector 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 industry. By closely monitoring market dynamics and investment trends in the healthcare sector over the long term, the firm releases weekly healthcare investment updates and thematic research reports, offering HAOYUE’s perspectives on new policies and emerging frontiers.