Visee Medical Secures Hundreds of Millions RMB in Series C Financing Led by Hillhouse Capital to Advance Comprehensive Stroke Solutions

VCBeat (WeChat ID: vcbeat) has learned that Wallaby Medical recently announced the completion of its Series C financing round, raising over RMB 100 million.Led by GL Ventures, with follow-on investments from Innovation Works and Songbo Capital; Gelo Capital served as the exclusive financial advisor for consecutive rounds.. The proceeds from the financing will be used for the comprehensive commercialization of the company’s core products, as well as the domestic and international launch of its stroke-related products. It is reported that Wallaby Medical completed its previous round of financing in August this year.

The neurointerventional product sector has garnered significant attention in recent years. Currently, the Chinese neurointerventional market remains dominated by foreign enterprises such as Medtronic and Stryker, presenting substantial potential for domestic substitution. Against the backdrop of policy dividends released to the medical device industry through initiatives promoting the replacement of imports with domestically produced alternatives, Wallaby Medical, as a distinguished brand offering both high cost-performance and advanced technological content, is seizing this developmental opportunity. Recognizing the vast potential of the future market, the company is accelerating its growth pace. This round of financing will support Wallaby Medical in deepening its comprehensive layout in the field of neurovascular diseases, enabling it to rise rapidly amidst the tide of domestic substitution in this niche segment.

Wallaby Medical has assembled a highly efficient R&D and management team, bringing together cross-disciplinary talent in neurointerventional medicine and business management. By integrating professional expertise with an innovative vision, the company aims to become “the medical technology company that saves the most stroke patients’ lives globally.” To this end, Wallaby Medical has established a comprehensive presence in the fields of intracerebral hemorrhage and cerebral ischemia, leveraging the superiority of its stroke-related products,Approved by the FDA, CE, and PMDA, its products are exported to 15 countries, including the United States and Germany. It is currently the only neurointerventional company in China that has successfully entered the international market, competing with multinational giants such as Medtronic overseas and gaining recognition.。

Stroke is the leading cause of death in China. According to data from the 2019 Health Statistical Yearbook, there were 5.67 million discharges for cerebrovascular diseases in public hospitals in 2018, including over 720,000 cases of intracranial hemorrhage, 3.73 million cases of cerebral infarction, and 87,000 cases of cerebral artery occlusion and stenosis. Characterized by high mortality and high disability rates, stroke necessitates timely intervention to save lives and reduce the incidence of disability, which holds significant social importance.

The domestic neurointerventional industry is still in its early stages of development; in 2019, the penetration rate of mechanical thrombectomy for acute ischemic stroke in China was only approximately 1.18%. Driven by rising treatment penetration and the release of demand at the primary care level, the industry has entered a period of rapid growth. With a potential market size of RMB 30 billion, it represents one of the most promising segments for innovative domestically produced medical devices.

Stroke can be classified into two major categories: ischemic and hemorrhagic. Wallaby Medical is one of the few medical device manufacturers with a strategic presence in both fields, boasting a rich product pipeline that includes key offerings such as coils, aspiration catheters, thrombectomy stents, flow diverter stents, balloons, and guidewires. Among these, coils and aspiration catheters are currently the company’s most rapidly advancing products.

Coils are the core product in the hemorrhagic stroke market, with a global market size exceeding RMB 10 billion. Despite years of efforts by domestic manufacturers, the localization rate remains below 10%. “The fundamental reason for the low localization rate is that cerebral blood vessels are slender and tortuous, resulting in high surgical risks. Only when product technology and quality reach global leading levels can genuine import substitution be achieved.”Wallaby Medical CEO Amukstated: “Globally, no more than five multinational corporations monopolize the vast majority of the neurointerventional market. A ‘Me-Too’ strategy is ineffective in this sector; only by achieving international leadership can a company stand out.”

Wallaby MedicalAvenir™ Mechanically Detachable Coils (hereinafter referred to as Avenir™)Crafted from the industry’s finest platinum wire and available in over one hundred specifications, Avenir™ demonstrates international leadership in key technical areas, including conformability, basket formation reliability, softness of the finishing coil, detachment time, detachment reliability, and complication rate. Avenir™ has been adopted by renowned overseas hospitals such as UCLA, Kaiser Permanente, Columbia Presbyterian, and Klinikum Stuttgart, earning recognition from leading experts and receiving continuous acclaim abroad.Queen's University Hospital, Essex Neuroscience Centre, Neurointerventional Radiologist Dr. Shahram Derakhshani, commented after using Avenir™: “Avenir™ is a highly effective mechanically detachable neurovascular system. Its tapered design ensures smooth and effortless delivery, while its 3D basket formation and packing density are excellent. Meanwhile, the simple and eco-friendly detachment mechanism enables faster detachment, thereby shortening procedural time.”

Wallaby Medical’s Avenir™ mechanically detachable coil has completed domestic clinical trials in China and passed the special review application for innovative medical devices submitted to the National Medical Products Administration (NMPA), making itThe only product in this field to have entered the “Green Channel” for special review procedures to date, and is expected to obtain regulatory approval and launch in the Chinese market next year.

The company’s independently developed aspiration catheter for ischemic stroke is another flagship product. Aspiration catheters primarily utilize negative pressure suction to reach the proximal end of the occluded vessel and remove the thrombus. However, the manufacturing of aspiration catheters is widely recognized within the industry as particularly challenging, with stringent requirements for anti-kink performance, intraluminal coating, and trackability. Currently, 80% of interventional treatments for ischemic stroke in the U.S. market initially employ aspiration catheters, which are regarded as the future trend in mechanical thrombectomy.

By leveraging stringent quality control standards and advanced technologies, Wallaby Medical has taken the lead in conquering this “high-barrier castle,” launching its independently developedEsperance^®Thrombectomy CatheterIts specially designed large inner lumen (0.071") delivers superior aspiration force for enhanced clinical efficiency. The patented coating technology, combined with thin walls and a multi-stage tapered transition design, ensures robust support and high deliverability, providing greater stability during navigation. Unlike competitors in this field who rely on overseas technology licensing and OEM partnerships, Wallaby Medical adopts a strategy of 100% independent R&D and in-house manufacturing. This approach guarantees internationally leading product performance, cost advantages, and sustained technological innovation capabilities in catheter development.

Wallaby Medical is actively pursuing U.S. FDA clearance and EU CE marking for this catheter. In China, clinical trials are being conducted in close collaboration with medical institutions such as Xuanwu Hospital. The company’s intermediate catheter product is expected to launch in the Chinese market in the first quarter of next year.

Co-Chief Investment Officer, Hillhouse CapitalYi Nuoqing, Head of Biopharmaceuticals and Medical Devices at GL Venturesstated: “Since its inception, Wallaby Medical has been committed to developing internationally leading products, competing in overseas markets, gaining a foothold and continuously expanding its market share in sectors dominated by several multinational corporations. This fully demonstrates Wallaby Medical’s outstanding product performance and commercialization capabilities. GL Ventures will continue to support local innovative enterprises, helping Wallaby Medical bring its products to the Chinese market as soon as possible, thereby benefiting a broad patient population.”

Yang Xiaolong, Partner at Innovation WorksIt stated: “Amid the global trend of population aging, neurointervention represents one of the healthcare markets with the strongest essential demand and greatest growth potential. Through years of accumulation, Wallaby Medical has developed distinct technological and product advantages, rapidly gaining recognition from industry experts and customers both domestically and internationally. Innovation Works is optimistic about Wallaby Medical’s development strategy—rooted in China with a global perspective—as well as its solid operational capabilities and open, transparent corporate culture. Meanwhile, both Wallaby and we place high emphasis on the automation and intelligent upgrading of neurointerventional procedures, and we will join hands to pursue continuous innovation and exploration in this field.”

As an investor who has consecutively invested in Wallaby Medical across two successive funding rounds,Li Xin, Partner at Maison Capitalstated: “We are delighted to see that the company successfully completed two significant rounds of financing in 2020, an extraordinary year. We also extend our sincere gratitude to the new institutional investors for their recognition of Wallaby Medical. From another perspective, this further demonstrates the capital market’s acknowledgment of Wallaby Medical’s team capabilities and business progress. Shenzhen Maison Capital Co., Ltd. began focusing on the neurointerventional field in 2014. While recognizing the immense market development potential of the industry, we highly value the substantial benefits it provides to society as a whole. This aligns with Maison Capital’s long-standing ESG investment philosophy, which emphasizes addressing and resolving issues of significant importance from a long-term perspective. We believe that under the leadership of its outstanding team, and with broader platform and resource support, Wallaby Medical will achieve greater success and create even more value for society.”

GL Ventures is the venture capital fund under Hillhouse Capital 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 healthcare sector to benefit more patients.

Founded by Dr. Kai-Fu Lee in September 2009, Sinovation Ventures aims to help young Chinese entrepreneurs build world-class companies through comprehensive startup services. As a leading international service-oriented venture capital firm, it currently manages dual-currency funds totaling approximately RMB 15 billion. The firm primarily focuses on artificial intelligence, healthcare, education, consumer and internet sectors, and B2B enterprise upgrading, with a dedicated investment strategy targeting high-growth technology enterprises in their early to mid-stages. To date, Sinovation Ventures has participated in over 350 investments. Headquartered in Beijing, the firm maintains offices in Shanghai, Shenzhen, Nanjing, Guangzhou, and other cities. Continuously exploring and innovating, Sinovation Ventures is committed to building an all-encompassing ecological investment service platform that integrates startup support platforms, capital funding, and post-investment services.

Maison Capital currently manages four RMB-denominated funds and one USD-denominated fund, with investment activities primarily focused on the consumer, healthcare, and technology sectors. With an independent industry research team, Maison Capital has dedicated its investment and research efforts to a select few specialized fields for over a decade. Leveraging profound insights into the essence of business and industry dynamics, the firm has consistently delivered superior investment returns within the industry. Maison Capital has integrated ESG (Environmental, Social, and Governance) principles into its corporate framework, striving to become a respected professional investment institution.