MagicMed Submits IPO Prospectus: Pioneering Affordable Cardiac Care with Over 100,000 ECG Records and Top Global AI Performance

Latest data from the National Center for Cardiovascular Diseases shows that cardiovascular disease has become the leading cause of death among Chinese residents. Arrhythmias, primarily atrial fibrillation (AF), lead to worsening cardiac function and stroke, representing significant causes of mortality and disability in patients. According to experts, there are currently approximately 290 million people with cardiovascular disease in China, with up to 10 million suffering from atrial fibrillation, and the prevalence is higher in men than in women.

Meanwhile, the high prevalence, sudden onset, and insidious nature of cardiovascular diseases have become significant factors contributing to many patients’ failure to seek timely treatment. Given that electrocardiography (ECG) is the primary diagnostic tool for these conditions, the market for intelligent wearable ECG monitoring has experienced explosive growth in recent years. Both technology giants led by Apple, Xiaomi, and Huawei, as well as traditional medical device manufacturers, are vigorously expanding into this sector.

Unlike traditional ECG monitoring and diagnosis, intelligent wearable ECG monitoring makes bulky electrocardiographs lightweight and user-friendly. By leveraging artificial intelligence algorithms to analyze collected ECG data, it not only enables more efficient and accurate interpretation of massive volumes of ECG data but also makes long-term out-of-hospital monitoring for patients possible. The key barrier for wearable ambulatory ECG monitoring devices lies in “algorithms,” with computational analysis capability of ECG data being the core.

It is reported that the finals of the inaugural China ECG Intelligence Competition, hosted by Tsinghua University, are currently in full swing. Pulse Geek Medical Technology (Beijing) Co., Ltd. (hereinafter referred to as “Pulse Geek”) has stood out from over 100 participating teams worldwide, advancing to the final round with a top-five ranking after competing in the preliminary and semi-final rounds. Ma Long, founder and CEO of Pulse Geek, told VCBeat that the team has been engaged in physiological signal analysis and mobile medical equipment for more than ten years. In the automatic atrial fibrillation detection final of the prestigious global competition “PhysioNet Computing in Cardiology 2017,” the team achieved first place in the final stage and fifth place overall. Reportedly, this remains the best performance achieved by a Chinese team to date.

“Only by ensuring long-term follow-up and rehabilitation, prioritizing the screening and prevention of cardiac abnormalities, extending cardiovascular healthcare services, and shifting the focus of ECG monitoring from in-hospital to out-of-hospital settings can we reduce the rising incidence of cardiovascular disease in China,” Ma Long told VCBeat, noting that this is the direction for addressing the pain points in cardiovascular disease treatment.

Long-term follow-up is essential. In China, 1,000 people suffer sudden cardiac death each day, some of whom have no prior history of heart disease. Studies show that 72% of patients experience significant discomfort before cardiac arrest, with 70% of these patients having warning symptoms lasting more than 15 minutes. For cardiac patients, postoperative cardiac rehabilitation can reduce postoperative mortality by 26%. Therefore, throughout the process from cardiovascular disease prevention and screening to assisted diagnosis and postoperative rehabilitation, long-term continuous monitoring of dynamic cardiac conditions is crucial to proactively mitigate risks.

In China, the treatment of heart disease is heavily focused on in-hospital care, while out-of-hospital and home-based prevention and rehabilitation processes have not received adequate attention. Many patients choose to go to hospitals for electrocardiogram (ECG) monitoring; however, neither static ECG tests nor 24-hour Holter monitors can provide true continuous monitoring, and patients often waste significant time waiting in queues.

“The reason why heart monitoring has not become as widespread in home and out-of-hospital settings as blood pressure checks is largely due to the high threshold for interpreting electrocardiograms (ECGs), which requires analysis by professional cardiologists. Therefore, for dynamic ECG monitoring devices to be widely adopted for home use, they must not only possess medical-grade accuracy and be as intelligent, user-friendly, and portable as consumer-grade products, but more importantly, provide precise interpretation of the collected ECG data. Automated analysis of ECG data is key to making cardiac care universally accessible,” Ma Long added.

Xinmi Single-Lead ECG Monitor is Pulse Geek’s first medical-grade product, certified by the National Medical Products Administration (NMPA) as a medical device. Resembling a bandage in appearance, it weighs 25 grams and is 8 millimeters thick. By simply adhering the Xinmi device to the precordial area, users can accurately monitor cardiac electrical signals and record ECG waveforms. The device is rechargeable and reusable. Its easy-to-wear design addresses the medical need for continuous, anytime-anywhere cardiac monitoring.

The medical-grade cardiac monitoring device, Xinmi, offers two major advantages:

First, it features robust anti-motion interference capabilities. Leveraging proprietary hardware and software algorithms designed to mitigate motion artifacts, Xinmi can capture more stable electrocardiogram (ECG) signals across various scenarios, including rest, work, and physical exercise, thereby focusing on monitoring results indicative of cardiac events or stroke risk. For instance, even for asymptomatic individuals in daily life, it is advisable to monitor cardiac status during periods of high-pressure overtime work, sleep deprivation, or intense physical activity, so that any abnormalities can be detected promptly for timely medical intervention, thus preventing adverse incidents.

Second, AI-based ECG algorithms that are internationally leading. “Pulse Geek detects arrhythmias in ECG time series by training deep convolutional neural networks. To optimize the deep models, unique design approaches such as residual connections are applied. During our training process, we collected ECG records annotated and consensus-reviewed by a panel of clinical ECG experts, and compared these with the results generated by our algorithmic models,” introduced Dr. Bin Guangyu, Co-founder and Chief Scientist of Pulse Geek. “The one-dimensional convolutional neural network-based algorithm for automatic heartbeat recognition achieved a sensitivity of 95.7% and a specificity of 99.7% for identifying premature ventricular contractions (PVCs). It also significantly improved the recognition rate for supraventricular beats, with sensitivity and specificity reaching 88.7% and 98.7%, respectively.” Currently, Pulse Geek has accumulated more than 100,000 physician-annotated ECG datasets.

Leveraging its core technological advantages, Pulse Geek aims to build a full-lifecycle management platform for heart health and map out China’s cardiac data landscape. The company has deployed a diverse product portfolio in the market, including an AI-powered cloud platform for ECG data analysis, single-lead ECG monitoring devices, intelligent electrocardiographs, and portable multi-parameter physiological monitors. These products are applied across the entire spectrum of cardiac health management, encompassing heart risk screening, adjunctive therapy, in-hospital monitoring, and postoperative rehabilitation. It is reported that Pulse Geek has established deep collaborations with experts from numerous Grade III Class A hospitals, including Fuwai Hospital. By leveraging physician groups, the company provides users with more comprehensive health management consulting services. The natural advantage of its monitoring terminal entry points is expected to attract a substantial user base to its service platform.

“Individual consumers’ growing attention to heart health and their acceptance of intelligent ECG monitoring devices have already begun. We are cultivating user habits through service initiatives, including atrial fibrillation screening, aiming to make ECG monitors as indispensable in households as electronic blood pressure monitors.” According to Pulse Geek, the medical device market is shifting its focus downward, with substantial untapped potential in the primary care service sector. In the future, the market size for professional ECG monitoring at the primary care and household levels is expected to surpass that of electronic blood pressure monitors.

Pulse Geek has established in-depth collaborations with Grade 3A hospitals across multiple provinces and municipalities, primary care hospitals, and high-end clinics. Tailoring to the specific operational needs of these institutions and the varied requirements for patient cardiac health management, Pulse Geek provides differentiated application solutions.

To establish a cardiac health management platform and an electrocardiogram (ECG) network for primary care institutions, integrating medical-grade smart devices, artificial intelligence, cloud computing, and physician group resources to assist primary hospitals in managing patients with atrial fibrillation; to provide ambulatory ECG monitoring devices for early risk screening, early diagnosis, and postoperative rehabilitation follow-up monitoring services; and to establish channels for expert diagnosis of complex cases and surgical referrals. Moving forward, Pulse Geek will provide real-time intelligent mobile monitoring solutions within hospitals, enabling continuous real-time cardiac monitoring for inpatients through wearable wireless devices, significantly enhancing the convenience and comfort of cardiac monitoring. The ECG monitoring center solution for primary care medical consortia facilitates intelligent collaboration, promoting tiered diagnosis and treatment and the decentralization of high-quality medical resources.

As attention to heart health increases, the demand for cardiac monitoring and health management is gradually expanding from hospitals and medical institutions to non-medical settings. Currently, Pulse Geek has established partnerships with numerous health management organizations, elderly care providers, insurance companies, special operation units, and entities in the sports and rehabilitation sectors. Leveraging its professional-grade medical advantages, Pulse Geek provides partners with customized ECG product solutions and data analysis services, driving innovation in the electrocardiography field.

Driven by national policies, the transformation of China’s healthcare services is accelerating. To maximize the value of innovative technologies and cardiac health data, Pulse Geek has collaborated with multiple hospitals (including the 301 Hospital), pharmaceutical companies, and academic institutions to conduct research under the National Key R&D Program and clinical decision-making studies, thereby advancing research in the field of cardiovascular diseases.

It is reported that Pulse Geek will launch its Series A financing round to improve and enhance product quality, introduce more professional talent, and strengthen team building.