Zhonghang Chuangshi Completes Nearly RMB 100 Million Series B Financing Led by Cowin Capital, with Participation from Leading Shaanxi Investment Firms

VCBeat has learned that, recently,AVIC Chuangshi Robot (Xi'an) Co., Ltd. (hereinafter referred to as "AVIC Chuangshi")The Series B financing of nearly RMB 100 million was completed through a private capital increase agreement. This round of financing was led by ShenzhenCO-WINLead Investor,Shaanxi Jinzi Fund, Fengxi Fund, Qingshi Capital, Chunde Investmentwith follow-on investments from multiple leading investment firms in Shaanxi.

The funds raised in this round will be primarily used to support AVIC Chuangshi’s focused innovation in the field of neurological rehabilitation, rapidly expand its product portfolio, and build regional markets and sales networks across China, thereby accelerating its emergence as a leader in China’s neurological rehabilitation sector.

AVIC Chuangshi Robot (Xi'an) Co., Ltd. was established in 2017 as the first mixed-ownership emerging high-tech enterprise specially approved by the Aviation Industry Corporation of China (AVIC), focusing on rehabilitation medicine and civil-military integration. To date, the company holds 62 patents and 23 software copyrights, with over 100 intellectual property rights, including patent applications, pending. It has received numerous qualifications and honors, such as "2022 Annual Innovative Growth Enterprise in China's Automation Field," "Golden Ruyi Award for Preferred Solutions in 2022 under the Professional Promotion Project for High-Quality Development of Chinese Hospitals," "Top 100 Emerging High-Performance Medical Device Enterprises in China 2022," inclusion in the "2023 Shaanxi Province List of Reserve Companies for Listing," the "2022 Shaanxi Province List of Industrial Enterprises Above Designated Size," and the "2022 Shaanxi Province List of Specialized, Refined, Differential, and Innovative SMEs." Additionally, it was approved as the "2022 Xi'an Intelligent Rehabilitation Robotics Engineering Technology Research Center," recognized as one of the "2022 Xi'an Future Stars TOP 100" and "2022 Xi'an Hard Tech Enterprise Stars TOP 50," and designated as part of the "Second Batch of Civil-Military Integration Enterprises (Units) in Xi'an." The company has completed multiple key provincial and ministerial-level scientific research projects, and its products have won two national-level technology and design awards.

Rehabilitation medical services are one of the two core businesses of AVIC Chuangshi.According to industry research reports, the market size of rehabilitation medical devices in hospitals alone is expected to reach RMB 16 billion by 2025. Among all hospitalized rehabilitation patients, those requiring neurological rehabilitation account for as high as 37%, meaning the neurological rehabilitation segment will constitute at least one-third of the overall hospital-based rehabilitation medical device market.

Since 2017, AVIC Chuangshi has leveraged aviation-grade military technology and quality standards, and through sustained high investment in research and development, has established a portfolio centered onRobotics, Artificial Intelligence, and Brain-Muscle Electrophysiological Fusion Sensingthree core technological advantages. Addressing the clinical pain points and intelligent demands in the field of neurological rehabilitation, we have established“1+5+N” Genealogical Product Platform, namely 1 intelligent software technology platform for “Rehabilitation Big Data and Informatics,” and 5 categories (“Rehabilitation Assessment,” “Central Modulation,” “Physical Therapy,” “Occupational Therapy,” “Speech Therapy”)An intelligent hardware technology platform covering the entire process of neurological rehabilitation, along with N types of products and applications developed on the basis of this software and hardware technology platform.

Meanwhile, AVIC Chuangshi has completed the full development and launch of its self-developed app, “Squirrel Rehab.” Going forward, it will provide optimal end-to-end and whole-lifecycle solutions for neurological rehabilitation by leveraging the spectrum of products generated through the hospital-side “1+5+N” platform and the extended services delivered via the home-based “Squirrel Rehab” platform.

Currently, AVIC Chuangshi’s “1+5+N” lineage-based product platform has more than 20 products either launched or under development. Its sales network covers nearly 30 provinces, over 60 cities, and more than 300 benchmark hospitals across China, with a coverage rate of over 30% among the top 100 hospitals nationwide and over 50% among the top 100 rehabilitation-specialty hospitals. The company has cumulatively served more than 1 million patients.

Zheng Weihe, Chairman of CO-WINstated: “Rehabilitation medicine is currently one of the fastest-growing and largest sub-sectors within the broader healthcare industry. With population aging and the continuous improvement of living standards, the intelligent upgrading of rehabilitation medical products has become a major industry trend with broad prospects. Leveraging aviation and military technologies, the AVIC Chuangshi team focuses on addressing clinical pain points and intelligent needs in the field of neurological rehabilitation, while also deeply deploying civil-military integration products. Its product technology and market promotion are already at a leading position nationwide. We firmly believe that AVIC Chuangshi will achieve greater breakthroughs and become the leader in China’s neurological rehabilitation sector.””

Wan Cheng, General Manager of Shaanxi Jinzi Fund Management Co., Ltd.stated: “Rehabilitation medicine, together with clinical medicine, preventive medicine, and healthcare medicine, is referred to by the World Health Organization as the ‘Four Major Medical Disciplines’”’China has the largest global demand for rehabilitation services, yet it still faces a prevailing imbalance that prioritizes treatment over rehabilitation. Developing rehabilitative medicine is a major national strategy and mission to comprehensively advance the Healthy China Initiative and actively respond to population aging, creating enormous market demand for rehabilitative medical services. Originating from a core research institute of the Aviation Industry Corporation of China (AVIC), AVIC Chuangshi Robot (Xi'an) Co., Ltd. was recognized as a Shaanxi Province enterprise on the 2023 IPO reserve list and as a specialized, refined, distinctive, and innovative SME in 2022. By innovatively applying technologies such as control systems, artificial intelligence, and robotic joints to the field of rehabilitative medicine, AVIC Chuangshi has developed rehabilitation robots with fully independent intellectual property rights, emerging as a leader in the niche segment of domestic rehabilitative medical equipment. Extending its capabilities from the technology chain to the industrial chain, AVIC Chuangshi has applied its technological expertise in rehabilitation to the development of single-soldier exoskeleton robots and humanoid robots. The investment by the Qin Chuang Yuan Two-Chain Integration Fund, managed by Shaanxi Jinzi Fund Management Co., Ltd., will further support AVIC Chuangshi in advancing the effective integration of rehabilitative medicine and artificial intelligence, strengthening scientific and technological innovation in Shaanxi Province, and facilitating the innovative development of the province’s artificial intelligence and robotics industrial chains.