On July 8, Sonosemi Medical Co., Ltd. announced the completion of its Series B+ financing round, amounting to hundreds of millions of yuan. The round was co-led by Yahui Investment and STOA Capital, with existing shareholders such as Furong Investment continuing to participate. Public information indicates that the funds will be used for the R&D and regulatory registration of core product pipelines, supply chain and commercial channel development, as well as clinical and academic promotion.

SONOSEMI was established inIn April 2020, Sonosemi Medical Co., Ltd., headquartered in Shenzhen, strategically positioned its portfolio of active vascular interventional diagnostic and therapeutic products around clinical scenarios including coronary artery disease, peripheral vascular disease, and structural heart disease. In 2023, the company completed a Series B financing round exceeding RMB 200 million, with the funds allocated to the research and development, manufacturing, and commercialization of its core products.

Less than three years separated the two funding rounds, during which the company’s product portfolio underwent significant changes.During its Series B financing round in 2023, SONOSEMI was still advancing the research and development, regulatory registration, and market launch of multiple core product pipelines. Currently, its official website’s product center lists five key areas: Intravascular Shockwave Therapy System for Coronary Arteries, Intravascular Shockwave Therapy System for Peripheral Vessels, Intracardiac Echocardiography Imaging System, Coronary Scoring Balloon Dilatation Catheter, and Intravascular Ultrasound Diagnostic System.

As multiple products receive successive approvals, SONOSEMI needs to simultaneously advance the commercialization of existing products and the R&D and registration of new pipeline assets. The allocation of funds from this round of financing toward R&D, supply chain, distribution channels, and clinical promotion aligns with the demands of this stage.

Starting with shockwave technology, the product line has expanded to interventional imaging.

SONOSEMI has garnered early industry attention due to its association with intravascular shockwave technology.

In 2023, its intravascular shockwave therapy system for coronary arteries was approved for market launch. According to the indications disclosed on the SONOSEMI official website, this system is used for pretreatment and balloon dilation of primary calcified coronary lesions with >50% stenosis in adult patients prior to stent implantation.

There is no one-size-fits-all tool for the management of coronary calcified lesions.Intravascular lithotripsy (IVL) modifies calcified lesions through acoustic pressure waves. The SCAI expert consensus on the management of calcified coronary artery disease incorporates IVL, rotational atherectomy, and specialized balloons into distinct lesion modification strategies, and recommends using intracoronary imaging to assess lesion characteristics and guide device selection when feasible.

This means that,IVL is not a simple substitute for rotational atherectomy or balloon-based technologies. Under different lesion conditions, clinicians still need to choose among various calcification treatment tools, and combination strategies may be employed in some complex cases.

Thereafter, SONOSEMI simultaneouslyIVL extends from coronary to peripheral vessels, alongside the advancement into interventional imaging. From 2024 to early 2026, the company achieved registration progress across multiple product lines:

From this timeline, SONOSEMI’s product portfolio has gradually expanded from coronary intravascular lithotripsy to the peripheral vascular space.IVL, ICE, IVUS, and scoring balloons. IVL is designed for the management of calcified lesions, while scoring balloons are used for lesion predilation. IVUS is employed for intracoronary imaging, whereas ICE is utilized for ultrasound imaging of the heart, great vessels, and intracardiac anatomical structures. Therapeutic devices and interventional imaging have become the two main pillars of its existing product portfolio.

IVL Sector: Multiple Companies Have Already Entered

IVL has garnered significant attention in the global medical device market, as evidenced directly by mergers and acquisitions involving major corporations.

In April 2024, Johnson & Johnson announced the acquisition of Shockwave Medical at a cash price of $335 per share, corresponding to an enterprise value of approximately $13.1 billion. In its announcement, Johnson & Johnson stated that Shockwave’s intravascular lithotripsy (IVL) technology addresses both coronary artery disease and peripheral artery disease, and expressed its intention to expand its cardiovascular business portfolio through this acquisition.

The number of participants in the domestic market is also increasing.

According to official information from Puchuang Medical, its intracoronary shockwave therapy system has obtainedNMPA Approval: Blue Sail Medical disclosed that its SoniCracker coronary intravascular lithotripsy catheter was approved on May 24, 2024. According to Huihe Medical’s filing documents for the STAR Market, its peripheral intravascular lithotripsy catheter was approved in August 2023, and its coronary product was approved in May 2024.

With the increasing number of domestically certified products, the market environment facing Sonosemi has changed. The registration certificate addresses market access issues, while subsequent competition will ultimately depend on clinical adoption, channel coverage, and sustained sales.

Currently, SONOSEMI has not disclosed sufficiently detailed revenue breakdowns or sales data for its individual products; therefore, its commercial performance cannot be assessed solely based on the number of products. This also implies that, following this round of financing, whether existing products can achieve stable sales will be more noteworthy than further expanding the product portfolio.

ICE and IVUS are also not blank markets.

SONOSEMI extends into the imaging segment, expanding its business scope, but this space already has multiple participants.

In the field of intracardiac echocardiography (ICE), in 2023, the National Medical Products Administration (NMPA) approved the innovative product registration application for Jiangsu Tingsheng Technology’s single-use intracardiac echocardiography diagnostic catheter. In January 2026, MicroPort EP’s single-use intracardiac echocardiography imaging catheter received approval. In April of the same year, Xi’an Huafeng Medical’s intracardiac echocardiography diagnostic system and single-use intracardiac echocardiography catheter were approved.

The IVUS market also has long-standing participants. International companies such as Philips continue to offer intravascular ultrasound products, while domestic enterprises like LifeTech have already established their portfolios of Chinese-made IVUS products. SONOSEMI entered this market in 2025, facing not a blank slate waiting to be filled.

Looking at these products together, SONOSEMI has currently formed“Therapy + Imaging” basic framework, but an expanded product line does not necessarily mean that synergy has been established between different business segments.

The reason is also straightforward.The clinical scenarios, product forms, and procurement methods for IVL, ICE, and IVUS are not entirely identical. Whether different products can achieve synergy in terms of certain interventional centers, operator resources, and channel systems remains to be seen based on subsequent actual operational performance. The addition of new product lines may expand customer coverage but will also increase investments in R&D, supply chain, and marketing promotion.

Currently, publicly available information is insufficient to determine which effect predominates.

After securing hundreds of millions in financing, the focus shifts to commercialization

Based on the fund usage disclosed in this round, SONOSEMI will continue to invest in R&D and regulatory registration, supply chain development, commercialization channels, as well as clinical and academic promotion. This aligns closely with the company’s current status of having multiple products successively approved.

Six years after its establishment, Sonosemi has already from coronaryIVL has expanded into peripheral IVL, ICE, IVUS, and scoring balloons. With the expanded product portfolio, the company needs to address two types of challenges simultaneously: continuing to advance the R&D and registration of new pipeline products, while also driving approved products into more clinical scenarios to establish stable sales.

Therefore, following this round of financing, the observation of SONOSEMI can be focused on two more specific questions.

First, whether approved products can generate sustained clinical adoption and commercial revenue; second, whether therapeutic devices and interventional imaging modalities can truly share certain distribution channels, customer resources, and organizational capabilities.

SONOSEMI has completed the entire process from R&D to approval for multiple Class III medical devices. The next phase, determining this set of“How far can the ‘therapy + imaging’ strategy go?” The answer no longer depends solely on the number of products, but rather on commercialization efficiency and synergies across different business units.