China's First MCG Device Developer Mandi Medical Secures Tens of Millions in Pre-A Funding

Recently, VCBeat (WeChat ID: vcbeat) learned that Mandi Medical has completed a pre-A round of financing amounting to tens of millions of yuan, with this round exclusively invested by Zhongsai Capital. Previously, Mandi Medical had received angel-round investment from Lianxin Capital.

Mandi Medical Instruments (Shanghai) Co., Ltd. was jointly established by returning scientists and the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences (CAS). Since 2006, the company’s technical team has worked in close collaboration with the research team at the CAS Shanghai Institute of Microsystem to initiate the development of domestically produced magnetocardiography (MCG) equipment. With strong support from national, CAS, and Shanghai municipal projects, the company overcame significant technical challenges over more than a decade, breaking through foreign technological barriers and mastering proprietary MCG detection technology with full independent intellectual property rights. The performance of its equipment has reached an internationally advanced level. In 2017, after securing tens of millions of RMB in angel-round investment from Lianxin Capital, the company accelerated product clinical trials and registration processes. In 2019, it became the first MCG manufacturer in China to obtain registration certification from the National Medical Products Administration (NMPA).

The electric and magnetic fields generated by biological substances typically share a common physiological origin; the presence of a bioelectric field implies the existence of a biomagnetic field, and vice versa. Magnetocardiographic (MCG) signals and electrocardiographic (ECG) signals are同源 (homologous). Ionic activity within cardiomyocytes generates volume currents, the time-varying potential differences caused by these currents on the body surface constitute the electrocardiogram (ECG), while the spatial variations in the magnetic field produced by the volume currents constitute the magnetocardiogram (MCG). However, cardiac magnetic signals are extremely weak, amounting to only 10⁻⁷ times the strength of the Earth's magnetic field, making their precise and reliable measurement a significant challenge in the field.

Magnetocardiography (MCG) devices detect and display the extremely weak magnetic fields generated by cardiac electrophysiological activity using built-in Superconducting Quantum Interference Devices (SQUIDs). Magnetocardiographic signals contain more comprehensive physiological information than electrocardiographic (ECG) signals, providing a better reflection of the heart’s physiological status. Abnormalities in cardiac depolarization or repolarization, such as those caused by coronary artery stenosis or microvascular disease, are manifested as anomalies in magnetocardiographic signals.

In China, approximately 11 million patients suffer from myocardial ischemia caused by coronary heart disease (CHD), accounting for 45% of patients with non-hypertensive cardiovascular diseases and 9% of all causes of death. Magnetocardiography (MCG) is characterized by its non-contact, non-invasive, radiation-free nature, and high accuracy in early diagnosis. After years of technological evolution and extensive clinical research, MCG is regarded as a medical device with significant potential for clinical application, particularly demonstrating outstanding capabilities in the early diagnosis of ischemic heart disease.

Magnetocardiography (MCG) has the potential to become as widely accessible as electrocardiography (ECG) in the future. Compared with ECG, MCG can reveal more comprehensive and in-depth pathological information about the heart. Clinical medical research on MCG in Europe and the United States indicates that traditional ECG examinations capture only 10% of the pathological information carried by cardiac electrophysiological signals, whereas MCG can supplement and obtain the remaining 90% of cardiac pathological information.

In addition to its approved magnetocardiography (MCG) devices, Mandi Medical is concurrently developing fetal MCG systems and magnetoencephalography (MEG) equipment, thereby establishing a comprehensive portfolio of biomagnetic imaging diagnostic devices and striving to become a globally recognized leader in this field.

Magnetocardiography (MCG) systems can also overcome the limitations of existing cardiac imaging techniques. For prenatal screening, active four-dimensional color Doppler ultrasound imaging of the fetal heart is not recommended at or before 12 weeks of gestation, and active medical examinations of the fetal heart are not advised at or before 16 weeks of gestation. In contrast, magnetocardiographic examination of the fetal heart can be performed as soon as the fetal heart begins to take shape, without restrictions based on gestational age.

Ms. Zhang Feiyun, Founding Partner of Zhongsai Capital, stated, “We have always prioritized independently developed high-tech innovations in China, particularly new technologies and their applications in the healthcare and wellness sector. Mandi Medical has identified a viable commercialization pathway for medical services through the translation of biomagnetic signal technology and successfully obtained the first NMPA approval in its category. This represents a significant breakthrough in non-invasive, painless cardiac diagnostics, bringing substantial benefits to patients with heart disease and high-risk populations. We are highly optimistic about the company’s future growth.”

**Introduction to Zhongsai Capital:** Zhongsai Capital specializes in equity, stock, and industrial investments, with a focus on sectors including information technology, new consumption, healthcare, and real estate. The team excels in resource integration and unlocking potential value. By conducting in-depth analyses of China’s macroeconomic and microeconomic trends alongside comprehensive assessments of the global market environment, and leveraging mature operational expertise and strong execution capabilities, we identify and seize the highest-quality, scarce investment opportunities. Our strategic approach is designed to achieve long-term, stable asset appreciation.