Tingsn Medical Completes Nearly RMB 100 Million Series B+ Financing and Conducts China's First-in-Human 4D ICE Clinical Study

VCBeat learned第一时间 that TINGSN has announced the completion of a nearly RMB 100 million B+ round of financing, led by Efung Capital, with follow-up investments from existing shareholders Qiming Venture Partners and Guangzhou Huangpu Biomedical Industry Investment Fund Management Co., Ltd. Poseidon Hill Capital served as the exclusive financial advisor for this round of financing.

It is worth noting that TINGSN successfullyCompletion of China's First 4D ICE Human Clinical StudyThis breakthrough not only marks a critical leap for Chinese enterprises in the field of cardiovascular interventional imaging, transitioning from "catching up" to "running alongside," but also demonstrates that TINGSN's fully independent innovation system—from the first domestically produced 2D ICE catheter to 4D ICE—has matured.

The funds from this round of financing will further increase the research and development and clinical investment in 4D intracardiac echocardiography (4D ICE), making full preparations for the upcoming process mass production.

In recent years,The intracardiac echocardiography (ICE) market is experiencing rapid growth. The global market size for 2D ICE is expected to exceed $1.4 billion by 2025, with an annual compound growth rate of over 12%.

Over the past decade, China's intracardiac ultrasound catheter market has been mainly monopolized by foreign brands. However, in November 2023, TINGSN launched the first domestically produced 2D ICE product to be approved in China. Since then,A "Barrier-Breaking Battle" Led by Chinese Domestic Forces Has Quietly Begun.

(TINGSN's first domestically produced intracardiac echocardiography system)

Currently, intracardiac echocardiography (ICE) products have been officially included in China's centralized procurement directory. The latest data shows that four domestic companies have successfully obtained seven China National Medical Products Administration (NMPA) registration certificates for 2D ICE products. Among them, TINGSN holds four certificates, accounting for more than half of the total, fully demonstrating its leading technological position and dominant market advantage in this field.

As the market potential is gradually released, it is expected that more domestic manufacturers will enter the intracavitary ultrasound track in the next 1-2 years. However, due to the comprehensive impact of China's access environment, centralized procurement policies, and clinical usage habits, early-approved companies (including imported brands) are expected to leverage their first-mover advantage to seize the opportunity of hospital entry, capture the majority of the market share, and form an industry Matthew Effect.

From the industry perspective, an in-depth analysis of the intracardiac ultrasound track reveals that image quality is the foundation for a company's survival and development, cost control in scaled production is the core competitiveness, and commercialization capability is the key factor. TINGSN, with its high-quality imaging, cost advantages in scaled production, and experienced marketing team, is accelerating technology implementation to serve more patients.

ICE is mainly used for electrophysiology and structural heart disease interventional treatment.

In 2024, the number of electrophysiology procedures in China has exceeded 300,000, with a market size surpassing 10 billion yuan. The global structural heart surgery volume is also growing rapidly, with Edwards' TAVR revenue alone exceeding 4 billion US dollars in 2024.

With the continuous increase in clinical demand, traditional 2D ICE has shown limitations in complex structural heart disease and electrophysiological procedures, making it difficult to meet practical application needs in certain surgical scenarios.

Against this background, based onASIC ChipThe4D ICE The clinical application value is being gradually verified and strengthened.4D ICE Can be applied to2D ICE All surgical scenes, and also in2D ICE Precise imaging guidance in surgically challenging scenarios.4D ICE provides clinicians with real-time 3D stereoscopic images of the heart, offering a new perspective for industry development and truly transitioning from 2D to real-time 3D.

(Real-time 3D stereoscopic image, tricuspid valve leaflets are open during ventricular diastole)

From the perspective of overseas development, 4D ICE is currently mainly applied in left atrial appendage closure, mitral valve repair surgery, tricuspid valve repair surgery, transcatheter aortic valve replacement surgery, atrial fibrillation radiofrequency ablation surgery, PFA ablation surgery, cryoablation surgery, and complex congenital heart disease surgeries, among others.

In addition, for more complex surgeries such as the recently approved mitral and tricuspid valve replacement surgeries, 4D ICE also has greater potential applications. In the two major surgical scenarios of cardiovascular diseases—structural heart disease surgery and electrophysiology procedures—with the decline in end-user pricing, 4D ICE is expected to gradually replace 2D ICE and TEE as the primary clinical imaging device in the future.

4D ICE Empowers Surgeons with Dynamic Four-Dimensional Imaging for Rapid Localization, Reduces Complication Risks, Enhances Surgical Safety, and Provides a New Solution for Complex Cardiac Intervention Procedures.

At present, there are only three enterprises globally that have truly completed the ASIC-integrated 4D ICE R&D and entered the clinical trial stage: Philips, Johnson & Johnson, and TINGSN.TINGSN is the only company in China that has completed the ASIC integrated 4D ICE development and entered the clinical stage.

To successfully develop 4D ICE,First, it is necessary to overcome challenges including ASIC chip development, ASIC design, and ultrasonic transducer design., Qualified 4D ICE Chip Tape-outAnd a series of ultra-high difficulty complex technical problems, and completing a qualified 4D ICE ASIC delivery requires at least three or more tape-outs, with a single ASIC design and tape-out costing nearly 10 million yuan. This is a long-cycle, high-investment, and high-risk technical direction.

Completing the ASIC tape-out is just the beginning,Building a high-end transducer manufacturing system is the key to achieving productization.The system will complete the micron-level precision cutting and bonding of ASIC-array transducers, as well as the stable acoustic performance output for batch production.

Currently, only four factories globally possess this technical capability, three of which are overseas: Siemens' factory in South Korea (also known as Johnson & Johnson), Abbott’s factory in Europe, and Philips’ factory in the United States. China, on the other hand, has the only such enterprise within its borders: TINGSN, which is also the sole facility in China capable of independently achieving mass production of intracardiac ultrasound transducers.

Notably, the construction of such a high-end transducer manufacturing system requires an investment of at least 50 million yuan and must be equipped with a complete talent pipeline specializing in transducers and materials. Therefore, this is a technically demanding field that requires long-term, high-level investment.

To truly achieve high-quality imaging with 4D ICE, completing the probe manufacturing is far from sufficient.What is more needed is the deep collaborative development of the ultrasound mainframe.Currently, there are very few 4D cardiac ultrasound mainframes in China that possess ASIC chip adaptation capabilities, with only 1-2 being able to meet the technical requirements. The investment in manpower and algorithms for 4D cardiac imaging ultrasound systems in this area is also substantial.

TINGSN has completed the layout and technical accumulation in the above three directions, with obvious leading advantages, possessing sufficient technical generation gap advantage and time advantage. Recently, TINGSN completed a nearly 100-million-yuan B+ round of financing, which will further consolidate its R&D and clinical investment in 4D ICE, bringing 4D ICE to the market as soon as possible.

TINGSN CEO Dongyu Zhang4D ICE represents the pinnacle of cardiovascular interventional imaging technology. The team’s successful development of this product and completion of the first human clinical trial within four years is attributed to TINGSN's solid foundational technology, substantial R&D investment, and outstanding team execution. The successful development of 4D ICE has injected strong momentum into the company’s future growth, significantly enhancing its competitiveness in the global market. This marks a solid step forward in the team’s vision to "become an influential Chinese medical device manufacturing brand."

Efung Capital Managing Director Fan RongkuiIntracardiac Echocardiography (ICE), as the "eyes" for various cardiac electrophysiology and structural heart interventional procedures, has been increasingly gaining clinical recognition. The overall technological barriers for this product are high, and it is currently on the eve of domestic substitution. The TINGSN team possesses strong medical-engineering integration and innovation capabilities, deep technical expertise, engineering transformation capacity, and rich commercialization experience with solid execution power. Its core product, 2D ICE, is the first domestically produced device to have obtained certification through the medical device green channel in China, quickly achieving significant commercial success. Meanwhile, the 4D ICE completed the first human study and made major breakthroughs in the independent development of the underlying core component supply chain, which is expected to maximize its cost and differentiation advantages in future competition. Efung Capital views TINGSN as a leader in the intracardiac echocardiography field, continuously driving the intelligent development of the industry.

Guo Kai, Head of Poseidon Hill CapitalRemarks: TINGSN, as a leading enterprise in China's intracardiac ultrasound field, has achieved several "zero breakthroughs" in the past seven years—from 2D ICE to 4D ICE, from being the first in China to independently develop and produce transducers to completing the ASIC chip tape-out. These achievements represent true import substitution and technological leadership, driving the rapid growth of related electrophysiology fields in China. We believe TINGSN will continue to shine on an even broader stage!

Jiangsu Province's Potential Unicorn Enterprise in 2024, co-founded by seasoned scientists in the ultrasound field, cardiologists, and serial entrepreneurs, is headquartered in Nanjing, China, with R&D centers in both China and the United States. Led by a top national talent of Class A from the National Key Projects (a returned overseas Ph.D.), an international R&D team has been established. The company collaborates deeply with globally renowned clinical teams and top domestic acoustic research institutions. Focusing on technological innovation in cardiac electrophysiology and structural heart disease through the combined application of imaging, mapping, and ablation energy, the company is committed to providing more effective treatments for patients with heart diseases.

Efung Capital is one of the earliest professional investment institutions in China specializing in biomedicine. Its investment team consists of a group of PhDs in biomedicine from top universities both domestically and internationally. Focusing on global biomedicine VC/PE investments, Efung Capital has deeply screened and invested in more than 100 high-quality enterprises inside and outside China, including Chipscreen Biosciences, Frontier Biotechnologies, Ascentage Pharma, Pulnovo Medical, Hoyo Bio, Genbase Biotechnology, Alphamab Oncology, Northcore Life, 3D Medicines, Quanxin Bio, Tianqin Bio, Huahao Zhongtian, Genuine Biotech, and many others. With outstanding investment performance and excellent research capabilities, Efung Capital has received numerous industry accolades, including being repeatedly ranked among the top 30 healthcare investment institutions in China by Zero2IPO, the top 100 venture capital firms in China, the top 10 best exit cases of the year by ChinaVenture, the top 10 best biopharmaceutical investment institutions of the year, the top 30 best venture capital institutions in the Guangdong-Hong Kong-Macao Greater Bay Area, and the most dynamic drug innovation investment institution in China. It has been consecutively awarded as one of the "Top Ten Venture Capital Institutions in Shenzhen" for several years and was once interviewed by the world-renowned journal *Nature*.

Efung Capital aims to promote the industrialization of biotechnology achievements through capital. After years of accumulation, Efung Capital has formed the concept of "centering on entrepreneurs and focusing on value creators," building a professional investment team with rich experience and distinctive characteristics. It adheres to a systematic operation that integrates investment, financing, risk control, management, and service, striving to become an outstanding investment institution that is people-oriented, trustworthy, and enduring.

Qiming Venture Partners was founded in 2006. Currently, Qiming Venture Partners manages 11 US dollar funds and 7 RMB funds, with total managed assets under management reaching 9.5 billion US dollars. Since its establishment, it has focused on investing in outstanding early-stage and growth-stage enterprises in the Technology and Consumer (T&C), and Healthcare industries.As of now, Qiming Venture Partners has invested in more than 580 rapidly growing innovative enterprises, of which over 210 have gone public on exchanges such as the New York Stock Exchange, NASDAQ, Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through mergers and acquisitions. More than 80 of these enterprises have become unicorns or super unicorns recognized within their industries.

Among the companies invested in by Qiming Venture Partners, many have grown into the most influential companies in their respective fields, including Xiaomi Group (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), UBTECH Robotics (09880.HK), WeRide (NASDAQ:WRD), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ:ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ:SDGR), Hithrone Medical (688617.SH), Sanyou Medical (688085.SH), AmoyDx (300685.SZ), Berry Genomics (000710.SZ), Sinocelltech (688520.SH), Yuanxin Technology, Insilico Medicine, Yilian Biotech, Limin Pharmaceuticals, Zhipu AI, Stepwise Stars, and Biren Technology, among others.

Guangzhou Huangpu Biomedical Industry Investment Fund Management Co., Ltd. is a professional private equity investment management institution. Its main sponsors are Guangzhou Development Zone Holding Group, Liding Capital, BeiGene, and Guoju Venture Capital. It focuses on investments in the life sciences and healthcare industry, with extensive investment layouts in biopharmaceuticals, innovative medical devices, and synthetic biology. The fund leverages BeiGene's biopharmaceutical R&D advantages, based in the Guangdong-Hong Kong-Macao Greater Bay Area, tapping into academic resources from across China and even globally. It is committed to incubating and empowering projects in life sciences, innovative healthcare, and synthetic biology, closely collaborating with outstanding entrepreneurs to co-create top-tier products that help humanity overcome diseases and promote health.

Poseidon Hill Capital is a Chinese healthcare investment bank composed of a seasoned team in the industry, focusing on providing excellent financing services and complex transaction solutions for mergers, acquisitions, and restructurings in the medical sector. Leveraging the team’s profound industry experience and sharp insight, we are committed to building a bridge between enterprises and capital to support their growth.