Shenwan Innovation Files IPO Prospectus for Medical-Grade Wearable Brain-Computer Interface Products

In October 2023, the National Institutes of Health (NIH) Brain Research through Advancing Innovative Neurotechnologies (BRAIN) Initiative published a series of 21 papers in a special issue of Science. These substantial research findings elucidate the organizational architecture of the human brain at the single-cell level with unprecedented granularity, thereby advancing our understanding of the brain.

Neurons are the most basic structural and functional units of the brain. Each human brain consists of hundreds of billions of neurons, with each neuron connected to tens of thousands of other neurons. Together, neurons and their intricate connections form a highly complex neural network in the brain, which also constitutes the foundation of our behavior and cognition.

This network possesses a highly advantageous trait for environmental adaptation: it retains neuroplasticity throughout life. In other words, from the moment we are born, our brains begin to explore the surrounding world and environment, with information continuously shaping the brain’s structure and function.

Shenwan Innovation Technology (Shenzhen) Co., Ltd. (hereinafter referred to as “Shenwan Innovation”) has also taken “plasticity” as its starting point to develop a series of innovative products and solutions featuring “wearable brain-computer interfaces + digital therapeutics.”

In 2020, Shenzhen Angel Medical Technology Co., Ltd., a global professional supplier of digital medical imaging equipment, internally incubated Shenwan Innovation. Since its inception, the company has been committed to becoming a technological innovator in the field of brain science, leveraging innovative products to unlock the brain’s potential and enhance human health.

Shenwan Innovation currently has four product lines: EEG biofeedback devices, forehead-mounted EEG sleep recorders, multi-channel EEG-tES closed-loop neuromodulation systems, and wearable brain-computer interface (BCI) module solutions. These four products are categorized into two major groups—ToC and ToB—based on their business models and the company’s development strategies at different stages.

First,EEG Biofeedback DeviceIt is a portable, wearable smart device that utilizes a medical-grade dual-channel EEG design to precisely acquire and process brainwave signals from the left and right cerebral hemispheres. It provides users with tracked records of key metrics during practice, including attention level, fatigue, stress, and emotional state, thereby enhancing practice outcomes, improving brain status, and boosting cognitive performance.

Specifically, this product offers three main advantages:

EEG Biofeedback Device

First, although the EEG biofeedback device is positioned as a ToC product,However, this product can record medical-grade EEG feedback signals with low noise and high signal fidelity., and can be tested in accordance with the technical standards for medical EEG biofeedback devices.

Secondly, the device adopts a low-power design,Capable of continuous operation for nearly 50 hours, providing users with long-term continuous monitoring. In terms of comfort, the EEG biofeedback device employs non-invasive flexible electrode materials combined with skin-friendly fabric headbands, offering users a nearly imperceptible experience in flexible EEG signal acquisition and thereby improving adherence to neurofeedback training.

Finally, as a product designed for end users or consumers, the EEG biofeedback device can provide users with closed-loop cognitive training solutions.Users can leverage multiple platforms, including mobile and desktop devices, to engage in individual or group-based attention training, mindfulness-based stress reduction (MBSR), and adversarial training.Meanwhile, the platform also provides professional content from domestically renowned certified instructors in Mindfulness-Based Stress Reduction (MBSR) and Mindfulness-Based Cognitive Therapy (MBCT).

According to Song Junhao, General Manager of Shenwan Innovation,EEG biofeedback devices have been successfully commercialized, securing millions of customer orders.

The second product,Forehead-Mounted EEG Sleep RecorderAlso based on brain-computer interface (BCI) technology, it can collect users' electroencephalogram (EEG) signals and perform precise sleep stage analysis using intelligent EEG analysis algorithms to generate accurate sleep reports. Furthermore, the product can improve users' sleep hygiene habits and address psychophysiological insomnia through Cognitive Behavioral Therapy for Insomnia (CBT-I).

Forehead-Mounted EEG Sleep Recorder

Furthermore, in terms of product design,Forehead-mounted EEG sleep recorder weighs only 6.5g, without causing any burden to the user.

Similar to EEG biofeedback devices, this product can also record medical-grade EEG signals. Its integrated G-sensor accelerometer captures the user’s body position and movement data throughout the night, and by combining machine learning algorithms with multi-layered logical decision-making, it enables rapid, automated sleep staging.The algorithm achieves an accuracy of 93.7%, meeting the requirements for medical applications.

Ultra-High-Precision Sleep Staging Algorithm

According to reports, the forehead-mounted EEG sleep recorder has already made its debut in the consumer market and is currently applying for a Class II medical device registration certificate.

Over the past three years since its establishment, Shenwan Innovation has successfully commercialized two wearable brain-computer interface (BCI) products, both of which are capable of providing medical-grade electroencephalogram (EEG) signal acquisition.However, in reality, Shenwan Innovation’s development strategy has always been focused on serious healthcare, prioritizing the addressing of unmet clinical needs and providing medical monitoring services to patients in fields such as mental health and neurological rehabilitation.

Specifically,Wearable Brain-Computer Interface Module SolutionProductized. Built on Shenwan’s proprietary brain-computer interface (BCI) module, this product provides wearable BCI data to research institutions, clinical hospitals, enterprises, and other stakeholders. It supports various wearable form factors, including VR headsets, smart glasses, helmets, and headphones, and offers SDK development solutions for multiple platforms, including iOS, Android, Windows, Linux, and Unity3D.

Another innovative product under development by Shenwan Innovation—the EEG-tES Closed-Loop Neuromodulation and Cognitive Training System—is currently in the R&D phase.

This product is a closed-loop neuromodulation system based on non-invasive wearable EEG and transcranial electrical stimulation. It provides high-precision EEG signals to monitor brain activity in real time. By combining multi-channel output with temporal interference-based high-frequency electrical stimulation, it can focus the stimulation on deeper brain regions, achieving more precise and closed-loop targeted electrical stimulation. This enables a closed-loop neuromodulation intervention protocol that integrates brain state monitoring, precise targeted stimulation, and task-based training.

VCBeat has learned that Shenwan Innovation was initially incubated within the Innovation Project Department of Anjian Technology. Leveraging Anjian Technology’s expertise in technological innovation and clinical resources in the healthcare sector, Shenwan Innovation is committed to becoming a technological innovator in the field of brain science and has built an experienced core team through a top-down approach.

Du Bi, Founder and Investor at Shenwan InnovationHe is a Distinguished Expert at the School of Biomedical Engineering, Shenzhen University Medical Department, and a Distinguished Expert at Shenzhen Technology University. He is also the Founder and Chairman of Angelalign Technology, a leading domestic enterprise in digital medical imaging.

Song Junhao, General Manager of Shenwan InnovationHe also hails from Anjian Technology, where he successively served as Deputy Director of Domestic and Overseas Marketing, leading the company’s overseas marketing center to achieve growth from RMB 10 million to RMB 100 million.Deputy General Manager Lei SunHolds a Master of Engineering in Chip Design from the Hong Kong University of Science and Technology. Previously engaged in system R&D at ADVA Optical Networking GmbH in Germany, the R&D Center of UTStarcom, and the R&D Department of Guangdong Southern Communication.

Chief Technology Officer Zhou KezhongHolds a Master’s degree in Fluid Power Transmission and Control from Zhejiang University. Previously served in the Strategic Planning Department at Huawei, with nearly ten years of experience in EEG algorithm research and product development management. Has participated in multiple industry-academia research projects on neurofeedback and neuromodulation.Product Engineer Duan FeiyanHolds a Master’s degree in Psychology from Shenzhen University, participated in the National Natural Science Foundation of China’s Young Scientists Fund project and multiple industry-academia research projects, and published several papers on neural networks in prestigious journals.

Shenwan Innovation’s core management and R&D teams are composed of top-tier talent from a single industry, and the company has established stable collaborative partnerships with leading research institutions such as Shenzhen University, Shenzhen Technology University, and the Chinese Academy of Sciences.It is reported that Shenwan Innovation is currently in the process of a new round of financing, aiming to introduce investors and continue to strengthen investment in key areas such as technological R&D and clinical trials.

“The brain’s plasticity is fascinating, meaning that we have greater possibilities for life development.”

According to McKinsey’s forecasts, the global brain-computer interface (BCI) industry will generate an economic value of $70 billion to $200 billion over the next 10 to 20 years. Since the advent of neuroscience, brain plasticity has remained a focal point of brain science research.

Against this backdrop, Shenwan Innovation focuses on brain science, leveraging modern technologies such as artificial intelligence and big data to drive technological innovation through project R&D, scientific research collaboration, and venture capital, thereby exploring new technical frontiers to lead industry development.

At the end of the interview, Song Junhao discussed the name “Shenwan Innovation.” “‘Shenwan’ carries a dual meaning. First, brain science represents the ultimate frontier of natural sciences—a ‘deep bay’ urgently awaiting our exploration. Shenwan Innovation aims to develop intelligent products and solutions in application areas such as mindfulness applications, digital pharmaceuticals, neurofeedback, and neuromodulation, designed to unlock human potential and enhance mental health and well-being. Meanwhile, ‘Shenwan’ also symbolizes the support provided by the Guangming District of Shenzhen, which has mobilized various high-quality resources to assist the company since its establishment.”