Weimai Medical Secures RMB 100 Million Series C+ Financing Led by Hillhouse Capital, with HyChina Capital as Exclusive Financial Advisor

Vimai Medical recently announced the completion of its C+ round financing of RMB 100 million, exclusively invested by GL Ventures, with Haoyue Capital serving as the exclusive financial advisor. In October 2019, Vimai Medical completed its C round financing of tens of millions of RMB. Vimai Medical stated that the funds from the C+ round will be primarily used for brand promotion, product marketing, and the research and development of specialized models.

Weimai Medical, established in 2014, is the only provider in China dedicated to interventional diagnostic and therapeutic imaging equipment. Its team boasts over 15 years of experience in the design and industrialization of digital subtraction angiography (DSA) systems. Currently, Weimai has completed the research, development, and production of medical angiography systems (DSA/large C-arm), mobile angiography systems (medium C-arm), and surgical C-arms (small C-arm), as well as the development of innovative interventional surgical robots. It is a domestic enterprise offering a comprehensive portfolio of interventional solutions for diagnostic and therapeutic procedures.

According to a research report by Markets and Markets, the global comprehensive market size for angiography equipment was USD 9.77 billion in 2017, and is projected to reach USD 13.06 billion by 2023. Currently, the United States has 3.27 Digital Subtraction Angiography (DSA) systems per 100,000 people, whereas China has only 0.31 DSA systems per 100,000 people, indicating a significant gap compared to the configuration levels in developed countries. According to survey results from the China Association of Medical Equipment, 4,387 DSA systems were concentrated in 2,697 hospitals in 2017. These 2,697 hospitals accounted for only 8.6% of the total number of hospitals nationwide, meaning that approximately 91% of hospitals in China were not equipped with DSA systems.

As the country vigorously promotes the construction of a tiered diagnosis and treatment system and the “Five Major Centers,” including Chest Pain Centers and Stroke Centers, and increases investment in infrastructure and diagnostic and therapeutic equipment at hospitals across all regions and levels in the post-pandemic era, greater market expansion opportunities have emerged for DSA (Digital Subtraction Angiography) equipment. Under the new international landscape, the state will further strengthen support for domestically produced large-scale medical equipment, fully advance policies encouraging clinical end-users to procure large-scale domestic medical devices, and thereby accelerate the penetration rate and market share of such domestically manufactured large-scale medical equipment.

Weimai Medical’s new generation of floor-standing intelligent flat-panel DSA system, Aurora, obtained CE certification in early 2020, making it one of the first DSA products in China to receive EU certification. Recently, it has also secured NMPA approval, breaking the long-standing monopoly of international brands and achieving a breakthrough from zero to one for domestically produced high-end DSA medical equipment, thereby filling the market gap for high-end DSA systems in China. Currently, the Aurora DSA system has been deployed in several renowned hospitals, including Beijing Tiantan Hospital, the First Affiliated Hospital of Zhengzhou University, Zhengzhou Central Hospital, and the Affiliated Hospital of Hebei University, receiving widespread acclaim from clinicians.

In addition to the Aurora DSA system, Weimai Medical acquired EC Company, one of Italy’s top three mid-C-arm brands, through an overseas merger and acquisition as early as 2016, and successfully obtained the NMPA registration certificate for the Alien E flat-panel mid-C-arm product in China. Compared with large C-arms, mid-C-arm products offer more flexible application scenarios and hold significant market value for introducing interventional equipment and popularizing interventional procedures in specialized departments such as oncology, gynecology, urology, and peripheral vascular disease. To date, this mid-C-arm product has been sold overseas for more than ten years, with distribution spanning over twenty countries worldwide.

While focusing on the research and development of Digital Subtraction Angiography (DSA) systems, Vmai Medical identified a severe polarization in the domestic market for small C-arm devices used in orthopedic clinical applications. Imported products offer superior quality but often come with price tags ranging from RMB 1 to 2 million. In contrast, domestically produced models are priced as low as RMB 300,000 to 400,000 but typically feature limited functionality and inconsistent quality. Due to budget constraints, many hospitals in China are forced to purchase domestic equipment whose image quality and operational performance fall far short of imported alternatives. Leveraging its robust R&D capabilities in DSA technology, Vmai has simultaneously launched the Elfinbot 100, a high-end flat-panel small C-arm system for orthopedics. Positioned as a premium domestic product, it delivers performance comparable to imported brands at a highly competitive price point. The device has currently obtained registration certification from China’s National Medical Products Administration (NMPA).

With the entire Vmai product portfolio of large C-arm, medium C-arm, and small C-arm interventional systems obtaining regulatory approvals both domestically and internationally, the company not only meets the clinical interventional needs across various departments in China—including cardiology, neurology, peripheral vascular, oncology, urology, gynecology, and orthopedics—but also fills the gap in China’s reliance on imported high-end interventional diagnostic and therapeutic equipment, thereby driving the development of the domestic interventional diagnosis and treatment industry. Benefiting from strong national support for domestically produced medical devices and the overseas channel layout for its medium C-arm products, Vmai Medical will comprehensively accelerate sales and market expansion in both domestic and international markets.

After years of deep engagement in the field of interventional medicine, Weimai Medical has found that nearly one-third of interventional physicians suffer from various health issues due to long-term radiation exposure, posing significant physical and psychological harm. Relying solely on DSA equipment to reduce radiation doses cannot fully address the problem of high radiation exposure among interventional physicians. To help physicians stay away from radiation, the Weimai team has successfully developed an interventional robot that can be operated remotely and is compatible with DSA equipment.

In addition to reducing radiation exposure for interventional physicians during procedures, interventional robots will also play a significant role in training specialists and popularizing interventional surgeries. The learning curve for interventional physicians is steep, with high training requirements; traditional preceptorship models fail to establish a standardized procedural framework, thereby compromising the accuracy and efficiency of skills acquisition. Weimai Medical’s interventional robot features superior maneuverability and unique, precise haptic feedback capabilities, transforming interventional procedures into multidimensional, quantifiable data parameters such as length, angle, and force. This advancement facilitates more effective clinical adoption and professional training, helping to alleviate the shortage of interventional physicians in primary care hospitals across China.

Having overcome the technical barriers of high-end flat-panel DSA equipment, broken the monopoly of imported brands in the high-end DSA market, achieved a full product portfolio in the interventional field, and facilitated the commercialization of innovative interventional robot R&D outcomes, Vmai Medical will continue to deepen its presence in China’s interventional diagnosis and treatment market. With a foothold in the domestic market and a global perspective, the company is committed to providing customers with superior interventional medical equipment products and services, striving to become China’s “No. 1 Brand for Interventional Equipment Solutions.”

Mr. Yang He, CEO of Weimai MedicalHe stated that Weimai Medical adheres to the philosophy of “safeguarding life through technological innovation,” focusing intently on the field of interventional minimally invasive devices. Over the past five years, the company has completed its product portfolio across large, medium, and small categories, achieving a triple-pronged strategy that has established a leading position in the industry. Innovative projects in the company’s pipeline, such as interventional robotics, further extend Weimai Medical’s reach in the realm of minimally invasive therapies. The additional C+ round of financing this year, building upon the C round closed at the end of last year, reflects investors’ recognition of Weimai Medical’s rapid growth. Special thanks are also due to the Haoyue Capital team, whose professionalism and efficiency have been widely acknowledged as the exclusive financial advisor for two consecutive rounds of financing. We are honored to welcome GL Ventures into this round. I believe that, with the support of all shareholders, Weimai Medical will embark on another five years of vigorous development.

Head of GL VenturesIt was stated that cardiovascular and vascular intervention is a key sub-sector for GL Ventures in the medical device industry. Weimai Medical focuses on independent innovation in high-end interventional diagnostic and therapeutic equipment, possessing substantial technical expertise and clinical translation capabilities. The intelligent seven-axis flat-panel DSA system, independently developed and launched by the company, marks another step forward in the domestic production of high-end medical equipment. Furthermore, the company’s successful acquisition and integration of Italy’s EC Company demonstrate the management team’s global perspective and industry consolidation capabilities. We look forward to a long-term partnership with Weimai Medical, providing continuous strategic and resource support to accelerate its rise in the field of high-end innovative interventional diagnostic and therapeutic equipment, and jointly promoting the long-term development of interventional medicine in China.

Mr. Yang Zhenjun, Partner at Haoyue CapitalHaoyue Capital expressed its delight in once again partnering with Weimai Medical, a leading domestic interventional device manufacturer, to successfully complete its Series C+ financing round. Through its collaboration with Weimai Medical, Haoyue Capital has been deeply impressed by the diligent and professional spirit of Weimai’s R&D team and has marveled at the outstanding performance of its products. During the financing process, Haoyue Capital not only assisted Weimai in advancing the fundraising more efficiently but also made every effort to help the company optimize its equity structure, thereby providing momentum for its long-term future development. The two rounds of financing cooperation with Weimai Medical coincided with shifts in the international landscape and the continuous strengthening of policies promoting the substitution of imported products with domestically produced alternatives. This period also witnessed Weimai Medical’s significant transformations, including the initiation of clinical trials, their successful completion, and the successive regulatory approvals of its product series. Haoyue Capital extends its best wishes for the company to achieve leapfrog development with the support of capital.

Hillhouse Ventures is the venture capital fund under Hillhouse Capital, focusing on early-stage innovative companies. It primarily invests in four key sectors: biopharmaceuticals and medical devices, software services and original technological innovation, 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 160 outstanding pharmaceutical and medical device companies, including BeiGene, Innovent Biologics, Junshi Biosciences, I-Mab, Pharmaron, NanoMicro Technology, Medcaptain, PINS Medical, Primarius Technologies, Peijia Medical, MicroPort CardioFlow, Venus Medtech, Easysurg, Shenqi Medical, Biomime Medical, Antengene Corporation, Daming Group, Huamai Tech, MicroPort CRM, Demede Medical, Beikang Medical, Danxu Biology, Keyjia Robotics, Taimei Medical Technology, and Clover Biopharmaceuticals. We aim to partner with these enterprises as “friends of time,” jointly driving innovation and development in the healthcare sector to benefit more patients.

Haoyue Capital, founded in January 2014, is committed to serving 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 in healthcare over the long term, the firm publishes weekly healthcare investment newsletters and thematic research reports, offering Haoyue’s perspectives on new policies and emerging frontiers.