Jingfan Technology Files IPO Prospectus: Unveils Medical-Grade Smart Chip for Cardiovascular Disease Monitoring via Pulse Wave Analysis

In an era where cancer is met with widespread fear, people are striving to transform malignant diseases like cancer into chronic conditions for better management. For a long time, this chronic disease management mindset has also been applied to cardiovascular diseases. Cardiovascular diseases include stroke, coronary heart disease, cor pulmonale, heart failure, rheumatic heart disease, congenital heart disease, and hypertension.

The "China Cardiovascular Disease Report 2017," released by the National Center for Cardiovascular Diseases, points out that cardiovascular disease accounts for more than 40% of resident disease deaths, ranking first, higher than tumors and other diseases, while the prevalence and mortality rate of cardiovascular disease in China are still on the rise. Therefore, for most people, cardiovascular disease remains a malignant condition. In addition, since 2004, the annual growth rate of hospitalization costs for cerebrovascular and cardiovascular diseases has far exceeded the growth rate of GDP, making the treatment and rehabilitation of cardiovascular disease an increasingly heavy economic burden.

Real-time monitoring of physiological data such as heart rate and blood pressure is essential for the prevention of cardiovascular diseases. In recent years, smart wearable devices with physiological data monitoring capabilities have entered the market. Although the physiological data detection functions of most smart wearables on the market are more entertainment-oriented than medical-grade, these data can indeed predict many cardiovascular pathologies. For instance, arrhythmia, or even atrial fibrillation, typically occurs before a myocardial infarction.

As early as the 1980s, some universities and research-oriented hospitals began collecting data such as heart rate and vascular elasticity by monitoring human pulse waves. At that time, pulse waves could only be detected based on pressure changes, requiring bulky mechanical equipment, which confined pulse wave monitoring to laboratory settings. In recent years, with the maturation of photoelectric sensor technology and continuous improvements in chip embedding techniques, pulse waves can now be captured with high precision using photoplethysmography (PPG) principles, paving the way for their practical application.

As the heart undergoes periodic systole and diastole, the intensity of external light penetrating the subcutaneous capillaries fluctuates. When these fluctuations are captured by photoelectric sensors, they generate electrical signals that reflect the functional status of the heart and blood vessels, enabling the estimation of heart rate and blood pressure. Furthermore, in-depth analysis of the pulse wave morphology can yield additional insights into vascular elasticity, blood oxygen saturation, and microcirculation.

In 2013, Zhang Jindong began working with photoplethysmography (PPG) pulse wave acquisition technology. Over the next five years, he and his team integrated this technology into a chip, achieving medical-grade performance. In 2015, Zhang founded Jingfan Technology to commercialize the self-developed pulse wave monitoring chip.

Jingfan Technology secured two rounds of angel financing in March 2016 and March 2017, respectively, and completed small-batch mass production and delivery in August 2016. According to Zhang Jindong, Jingfan Technology currently ships nearly 500,000 chip sets annually and has established partnerships with multiple domestic consumer appliance suppliers and health management organizations. Recently, VCBeat (WeChat ID: VCbeat) conducted an exclusive interview with Zhang Jindong, founder of Jingfan Technology, in which he provided a detailed overview of the company’s technological characteristics and commercialization strategy.

Jingfan Technology’s core product is the JFC series of chips. The JHC integrates display functions for heart rate, blood oxygen saturation, vascular elasticity, blood pressure, and pulse waves. Characterized by low cost, compact size, and low power consumption, it can be embedded in hardware such as earphones, sports headbands, and home appliances. The JFC module offers high adaptability to various hardware platforms, with algorithms capable of real-time optimization. Furthermore, the JHC chip empowers health management solutions for elderly care, home, and office scenarios by providing extensive, detailed data on the cardiac and circulatory systems, thereby enabling medical-grade health analysis.

The JFC chip embedded in hardware devices collects pulse wave data in real time via photoelectric sensors and uploads it to the cloud. When abnormal fluctuations in the pulse wave are detected, the JHC chip generates alerts for potential pathological conditions based on feedback from the cloud. The health alerts provided by the JFC chip include precise timing and intensity of the anomalies, facilitating accurate assessment and localization of the underlying issues.

Regarding the security of cloud-based data, Zhang Jindong told VCBeat that Jingfan Technology prevents user data leaks through program encryption algorithms, customized sensors, and bound service IDs.

Furthermore, Zhang Jindong pointed out that although the JFC chip is currently entering the market with consumer-grade product certification and reaching users through consumer channels, Jingfan Technology has strictly adhered to medical-grade standards in its research and development and production. “The user base for medical-grade products is relatively smaller, yet the time-to-market is longer; therefore, our initial step was to pursue the consumer-grade route,” stated Zhang Jindong. He indicated that Jingfan Technology will subsequently apply for medical device certification for the JFC chip. “Additionally, enabling users to leverage the JFC chip as a core component in their end-products to apply for medical device certification from the China Food and Drug Administration (CFDA) represents another pathway for us to enter medical-grade applications.”

According to Zhang Jindong, Jingfan Technology will attempt to integrate and analyze pulse wave data from different parts of the body in the future, breaking through the boundaries of cardiovascular disease prediction.

In terms of commercial promotion, Jingfan Technology targets hardware equipment suppliers and health management institutions as its primary users. On the hardware side, Jingfan Technology positions its end users as athletes and individuals in a sub-health state. For athletes, Jingfan Technology collaborates with manufacturers of wearable devices such as smartwatches, fitness bands, headbands, and armbands to provide precise exercise intensity data, thereby enhancing workout effectiveness. For individuals in a sub-health state, Jingfan Technology partners with manufacturers of health check-up robots to deliver quantified health assessments.

For health management institutions, Jingfan Technology explores embedding sensors into clothing and daily necessities for the elderly to provide real-time monitoring data, serving as a key reference for developing customized health management plans.

Furthermore, Jingfan Technology’s applications in the smart home sector are actually progressing the fastest. Zhang Jindong told VCBeat that several TV, massage chair, and smart toilet manufacturers—whose names cannot be disclosed at this time—have already showcased products equipped with JFC chips at the China International Medical Equipment Fair (CMEF) in autumn 2018, and these products will be launched on a large scale by the end of this year at the latest.

Team Overview. Jingfan Technology’s R&D team comprises 15 members, specializing in data, healthcare, and hardware manufacturing. Most team members have many years of experience at renowned electronics companies, with extensive expertise in the R&D, production, and sales of software and electronic products. Zhang Jindong previously held positions at Huawei, China Security & Surveillance Technology, and Tsinghua University, where he engaged in R&D related to embedded systems, small-signal processing, and video processing.

Zhang Jindong disclosed to VCBeat that Jingfan Technology is currently seeking a new round of financing amounting to approximately RMB 10 million. The funds will be primarily allocated to the development of next-generation chips, enhancement of cloud-based service capabilities, and strengthening of marketing channels.