Sinovation Medical, Backed by Medtronic and PINS Medical and Led by Tsinghua-Peking Teams, Files for IPO

丨Medtronic, Pins Make Early Bets, Precisely Layout Hard Tech Track

Sinovation, established in 2015, focuses on the independent research, development, production, and technical services of neurosurgical and medical devices. Its core business is to provide comprehensive technical and product solutions for the treatment of brain diseases. In December 2022, it acquired Beijing Huake Hengsheng Medical Technology Co., Ltd., the world's third-largest intracranial electrode manufacturer, to build a technology system including underlying algorithms, image processing, artificial intelligence, optical ablation, navigation and positioning, ultra-precision signals, etc., bringing comprehensive technical and product solutions for the treatment of brain diseases in China's neurosurgery.

At the same time, the company's innovation capability has also been highly recognized by government departments, and it has been continuously rated as a national specialized, refined, novel "little giant" enterprise, a national high-tech enterprise, and a Beijing intellectual property demonstration unit, etc. It has led and participated in more than 10 national and provincial-level projects and has won several honors such as the winning unit of the Ministry of Industry and Information Technology's artificial intelligence industry innovation task list. This year, it ranked 19th in the "2025 China Medical Device R&D Strength Ranking".

Notably, in the early stages of the company's development, its innovative potential gained recognition from leading institutions in the industry. Medtronic, a global medical device giant, holds a 3.1169% stake through Suzhou Medtronic Venture Capital Partnership, while Beijing Pins Medical Co., Ltd., a benchmark company in China’s neuromodulation field, holds a 5.6104% stake, becoming one of its key early investors.

These two bets are not accidental. According to incomplete statistics, Sinovation has cumulatively completed multiple rounds of financing amounting to hundreds of millions of yuan, with investors including industrial capital, top VC/PE firms, and strategic institutions.

The neurosurgical medical device sector is characterized by high technological barriers and urgent clinical needs. At that time, the domestic market in China had long been monopolized by overseas brands, leaving enormous room for domestically produced alternatives. Sinovation focuses on niche markets such as surgical robots and laser ablation systems, which fall under the category of high value-added innovative devices, aligning with...Medical Device Industry"The development trend of high-end and intelligent."

丨Perfect Synergy of Founding Clinical, Engineering, and Industrialization Triad

Public information shows that the core team formed by the company's three founders, Wang Ke, Liu Wenbo, and Wu Di, possesses backgrounds in engineering, clinical medicine, and industrialization, laying a solid foundation for technological innovation and clinical transformation.

Founder Wang Ke, as the helmsman of the company, graduated from Peking University Health Science Center and has decades of clinical, research, and management experience in the medical field. Before founding Sinovation, he established Sinovation in 2005 and successfully developed China's first intracranial electrode product. With its robust technical strength, the product captured 90% of the Chinese market share, covering over a hundred top-tier hospitals across China.

This entrepreneurial experience gave Wang Ke a profound insight into the pain points of neurosurgical medical devices in China — the reliance on imports for high-end equipment and the disconnect between clinical needs and product supply. It also enabled him to master the full-chain operation logic from technology development to market implementation.

Co-founder and CTO Wenbo Liu, a graduate of the Department of Biomedical Engineering at Tsinghua University, has over a decade of experience specializing in surgical navigation and surgical robotics, serving as the core driving force behind the company's technological innovation. With the support of Professor Guangzhi Wang’s team at Tsinghua University, Wenbo Liu was involved early on in research related to neurosurgical navigation systems, building a strong technical foundation.

After joining Sinovation, he led the R&D team to overcome challenges. For instance, the neurosurgical robot he spearheaded uses 3D structured light technology, reducing patient registration time from 5-10 minutes with laser scanning to just tens of seconds, while improving positioning accuracy to 0.5 millimeters. He also led a collaboration with Tiantan Hospital and Tsinghua University to develop a magnetic resonance-guided intracranial laser ablation treatment system (LITT), known as the "LITT Knife," which precisely delivers a 1.8-millimeter-diameter laser fiber to the lesion for minimally invasive ablation—eliminating the need for craniotomy or suturing. This innovation offers new hope to patients with deep brain lesions. The product was selected as one of the major scientific achievements at the 2023 Zhongguancun Forum and has already provided treatment solutions for over 500 patients.

Wu Di, the co-founder, graduated from the Medical School of Xi'an Jiaotong University and previously worked at Xuanwu Hospital, Capital Medical University. As one of the top medical institutions in the field of neurosurgery in China, Xuanwu Hospital provided Wu Di with a platform to access cutting-edge clinical needs, giving him a deep understanding of the pain points and challenges in neurosurgical procedures. At Sinovation, Wu Di led the research, development, and clinical translation of intracranial electrode products. The products he was responsible for broke the monopoly of foreign brands and, with their stable performance and design tailored to clinical needs, have been safely used in more than a hundred medical institutions across China for nearly a decade, becoming one of the core instruments commonly used in clinical practice.

丨Systematic Layout Composed of Five Major Product Lines, Comprehensive Breakthroughs in Both Software and Hardware

Sinovation has currently developed five major product lines: the SR series of neurosurgical robotic systems, the Q300 series of miniature neurosurgical robots, the NS series of neurosurgical navigation systems, the Sinovation HuaKe HengSheng intracranial electrode series, and the LS series of magnetic resonance-guided laser ablation systems. These products cover key aspects of neurosurgical diagnosis, localization, execution, and treatment. Built on shared underlying algorithms, imaging processing, navigation and positioning, and signal acquisition capabilities, these products form a technical system that enables multi-form device collaboration.

Moreover, several technical achievements of the company have reached an internationally leading level, achieving comprehensive breakthroughs in both software and hardware in the field of neurosurgical operations.

In terms of software, the self-developed neurosurgical planning software SinoPlan? received NMPA approval in 2024, becoming the first domestically produced software of its kind in China with independent intellectual property rights. It supports one-stop preoperative planning for various devices such as stereotactic instruments and surgical robots. In terms of hardware, the new-generation 7-axis robotic surgical microscope ES-100 obtained NMPA market approval in 2025, featuring 7-axis intelligent follow-up, 4K-3D high-definition imaging, and enhanced fluorescence functions, significantly improving the precision of surgeries like brain tumor operations.

Previously, in 2023, the world's first 3D structured light registration neurosurgical robot, independently developed by the company, received FDA approval in the United States, becoming the first neurosurgical robot developed by a Chinese company to be approved in the U.S.

To date, the company has obtained more than 260 core national invention patents, with 7 products entering the "Special Review Procedure for Innovative Medical Devices." It has cumulatively received 11 NMPA Class III medical device registration certificates and over 30 products have passed overseas certifications such as FDA.

丨Scarce Track, Broad Market Prospects

As the technological pinnacle in the field of surgery, neurosurgical operations impose extremely stringent requirements on the precision and safety of instruments. The technology spans multiple disciplines, creating a very high industry threshold. This has led to a scarcity of enterprises with independent innovation capabilities globally, with the market being long dominated by international giants, leaving enormous room for domestically produced alternatives.

Data shows that the market size in China has exceeded 10 billion yuan in 2024, maintaining an annual compound growth rate of over 14.8%. It is expected to reach 18.88 billion yuan by 2025. The surgical robot sector is in a period of rapid growth, with the neurosurgical field, known for its particularly prominent technological scarcity, showing significantly leading growth rates and becoming a core growth engine.

Currently, Sinovation's products have entered over 200 medical institutions across China, benefiting tens of thousands of patients cumulatively. They have achieved "China’s first domestic innovation" in several key and scarce categories such as intracranial electrodes, effectively breaking the monopoly of imported products and establishing their leading position in neurosurgery.Precision MedicineA leading position in the field, core capabilities to fill the gap in domestically-produced high-end devices, and broad market prospects.

| In conclusion

In summary, Sinovation's development path has been clearly directed towards building an integrated "neurosurgical intelligent surgery platform." The initiation of IPO coaching this time will seek capital assistance to expand research and development and production capacity, serving as a critical test for the company’s product stability, clinical promotability, and system engineering capabilities. Its long-term value lies in whether it can continuously provide the market with stable, safe, and reproducible precision surgical solutions, thereby truly promoting the下沉 of high-quality medical resources and leading domestically-produced high-end neurosurgical devices to achieve a leap from catching up to running parallel.