Core Medical Secures Over $100 Million in Series D Funding, Leads Artificial Heart Industry with 700+ Implants

Recently, Core Medical successfully secured over 100 million US dollars in D-round financing with its innovative strength and technical accumulation in the artificial heart field.This round of financing was jointly led by Loyal Valley Capital, the Zhongguan Village Independent Innovation Special Fund of the Social Security Fund (managed by Legend Capital), Prosperity7 Ventures (P7) under Aramco Ventures, Shenzhen Co-stone Venture Investment Management Company Limited, and well-known industry investors. Delian Capital and Shanghai New Alliance Investment Management Ltd. also participated in the investment.The new round of financing will be used for the incubation of original and disruptive frontier technologies, acceleration of innovative product development, promotion of the company's international strategic layout, enhancement of international competitiveness, and with China's innovative momentum, to continuously lead the global "artificial heart" industry.

According to publicly available data from the investment and financing market, Core Medical's over 100 million US dollar D-round financing is the largest in 2025 so far.The largest-scale market-oriented financing in China's innovative medical device sector, and also the highest amount of financing in China's artificial heart industry to date.. This not only reflects the high recognition from top investment institutions in China and globally for Core Medical's underlying technological innovation, but also demonstrates the deep acknowledgment of the company's product pipeline layout, commercialization, and internationalization strategy.

Heart failure is a complex clinical syndrome characterized by high incidence, high mortality, high hospitalization rates, low quality of life, and high medical costs. According to a global epidemiological review, there are approximately 64 million heart failure patients worldwide, of which 12.1 million are Chinese patients aged 25 or above, placing a significant burden on the global healthcare system and social resources.

As a pioneer explorer in the global artificial heart field, Core Medical has established a complete product pipeline layout for the entire life cycle of heart failure treatment, committed to comprehensively protecting heart failure patients with higher quality and more innovative products. With outstanding technical strength and forward-looking strategic planning, the company is transitioning from "Best-in-Class" to "First-in-Class" in the areas of implantable and interventional artificial hearts, developing several globally pioneering products.

In the field of implantable artificial hearts, traditional LVADs can only provide support for left heart circulation. As a result, over 30% of end-stage right heart and biventricular heart failure patients currently have no mature, long-term solutions available. Based on the "time-sharing and zonal axial full magnetic suspension control technology," Core Medical has expanded the technological boundaries in the artificial heart sector, continuously leading the miniaturization of artificial hearts. They have developed the DuoCor, an integrated full magnetic suspension biventricular assist system.^®, with more than 10 clinical applications already conducted. This product represents the most advanced international level, helps to address long-term treatment challenges in the field of right heart and biventricular heart failure globally, fills the "unexplored territory" in the global industry, and demonstrates China's strength in technological self-reliance and innovation to the world.

In the field of interventional artificial hearts, there are currently no approved products on the market in China. CorVad, developed by Core Medical based on axial magnetic flux multi-drive technology.^®Interventional Artificial Heart Products Achieve New Breakthroughs in In-body Micro Motor Technology. The multi-pipeline, multi-model interventional artificial heart products developed by the company can meet the needs of different patients and clinical scenarios, with the potential to fill the gap in China’s medium- and short-term artificial heart market, helping numerous patients with acute heart failure and other critical cardiovascular conditions overcome challenges.

Since the advent of the first-generation large-volume pulsatile blood pump in the 1990s, the implantable artificial heart industry has undergone decades of technological iteration and breakthroughs. Throughout this process, miniaturization and lightweight design have consistently been key trends in technological evolution and long-term goals for clinical benefits. However, due to the coupling constraints of cross-dimensional performance parameters, achieving breakthroughs in miniaturization and lightweight technology faces significant challenges.

Core Medical, based on the breakthrough in axial full magnetic levitation technology, has developed Corheart, a new generation of full magnetic levitation left ventricular assist artificial heart product that is the smallest in size, lightest in weight globally, with better blood compatibility and more portable external equipment.^®6。

Fully Magnetically Levitated Left Ventricular Assist System Corheart^®6

According to the data disclosed by the National Center for Cardiovascular Diseases and Fuwai Hospital, since the Corheart of Core Medical^®In June 2023, after receiving approval for market release, the implant volume of China's LVAD has doubled in the past two years. Between 2017 and 2024, across 187 hospitals in China,CumulativeCompleted 1,446 cases of LVAD implantation. In terms of terminal implant volume, Corheart^®6 reached a national market share of 46% throughout 2024, ranking first in the industry, and its cumulative implant volume as of the end of 2024 also ranked first in the industry. As of now, Corheart^®The cumulative clinical application volume of 6 has exceeded 700 cases.

2025 Tongji International Cardiovascular Conference (TICC)

After years of development, the global artificial heart industry has entered a highly concentrated competitive landscape. International giants have long held strong competitive positions, and only more comprehensive and innovative products can secure an advantageous position in international competition.

Since its establishment in 2016, Core Medical has continuously led innovation in the artificial heart field, with its self-developed Corheart.^®6 Implantable Left Ventricular Assist System (LVAD), DuoCor^®Integrated Full Magnetic Levitation Biventricular Assist System (BIVAD) and CorVad^®The Percutaneous Ventricular Assist System (PVAD) has successively passed the application for the NMPA Innovative Medical Device Special Review Procedure, entering the "green channel." This not only accelerates the product's market entry but also further enhances the company's market competitiveness.

In addition, Core Medical successfully completed the first clinical trial enrollment in Europe in May 2024, becoming the first artificial heart enterprise in China to conduct clinical trials overseas. The company's self-developed innovative integrated fully magnetically levitated biventricular assist system, DuoCor.^®Global clinical trials have been synchronized. As a First-in-Class product, DuoCor^®This will further establish Core Medical as a leading figure in the field of heart failure treatment, bringing hope to end-stage biventricular heart failure patients worldwide who currently have no access to medical devices.

In the medium and short-term interventional artificial heart field, CorVad^®The series of products will have a synergistic effect with implantable products, achieving full coverage of intra- and extra-cardiac circulatory support scenarios. This will further facilitate collaborative treatment and patient referral channels among cardiology, critical care centers, and cardiac surgery departments. With more comprehensive, superior, and safer product performance and clinical outcomes, it will meet the clinical needs of a wide range of patients.

Currently, the accessibility of artificial hearts is gradually improving. Since September 2024, artificial hearts have been included in the medical insurance catalog and pilot applications have been launched in multiple regions of China. Especially in March 2025, the National Healthcare Security Administration released the "Guidelines for the Establishment of Medical Service Price Projects for Cardiovascular System Services (Trial)," which, for the first time, incorporated artificial heart implantation surgery into price management projects. The implementation of these policies has not only effectively reduced the overall economic burden of treatment for end-stage heart failure patients but also greatly promoted the popularization of this cutting-edge technology. Looking ahead, Core Medical, with its innovative capabilities, first-mover advantages, and market layout in the field of artificial hearts, will bring more treatment options and survival hope to tens of millions of heart failure patients.

Dr. Shunzhou Yu, Founder and CEO of Core MedicalStated: "We are deeply honored to receive the support and recognition from professional investors on all sides. This is not only an affirmation of our past achievements but also injects strong momentum into our future journey. This round of financing will effectively accelerate the internationalization process of Core Medical's entire pipeline of core products. Core Medical will also continue to rely on technological innovation to bring newer and better innovative medical products to heart failure patients worldwide."

Loyal Valley CapitalLVC stated: "Loyal Valley Capital has witnessed the robust growth of Core Medical, which has now become the leading enterprise in China's ventricular assist device field with global innovation competitiveness. LVC highly recognizes the founding team’s globally leading innovative technological achievements and entrepreneurial初心 in the ventricular assist device field. We also highly recognize the contributions of Core Medical’s LVAD, BiVAD, and PVAD products to heart failure patients in both China and global markets, as well as the company’s highly efficient clinical and commercial execution capabilities. LVC firmly supports Core Medical. The main theme of China’s medical technology sector should not be solely about domestic substitution; instead, a group of globally competitive medical technology companies representing China’s innovative strength will emerge and succeed in global competition. Adhering to the philosophy of focusing on great enterprises, LVC continues to firmly support China’s most promising innovative company—Core Medical!"

Legend Capital"Heart failure is the final battlefield in the cardiovascular field, and artificial hearts are the weapons to meet the urgent and essential clinical needs. As the leading enterprise in China's artificial heart field, Core Medical has achieved global leadership and breakthroughs for its core products thanks to stronger R&D efficiency and technical depth, achieving late-mover advantage. The company's founder, a senior expert in the global artificial heart R&D and industrialization field with over 14 years of industry experience, starts from clinical needs and provides full lifecycle solutions for heart failure patients, offering more and better choices for clinical treatment with a more comprehensive product portfolio. We believe that with the support of capital, Core Medical will accelerate its development and lead the technological advancement of the global artificial heart industry."

Aramco Ventures' Prosperity7Ventures (P7)"It shows that: Core Medical's product layout and R&D advancement speed in the ventricular assist field fully demonstrate its excellent capabilities, which are remarkable. We highly recognize Core Medical for starting from clinical needs and building a full pipeline of products for heart failure circulatory treatment through the high scalability of its technology. We look forward with great anticipation to Core Medical continuing to make efforts, constantly expanding the application boundaries in the ventricular assist field, leading the new direction of technological development on the global stage, and injecting strong momentum into the industrial transformation of the global ventricular assist field."

Cornerstone CapitalStated: "As the absolute leader in China's artificial heart industry and a leading enterprise in the international artificial heart field, Core Medical has built a rich product pipeline covering the entire spectrum of heart failure treatment, thanks to its groundbreaking underlying technology breakthroughs in the VAD field. Currently, Core Medical’s LVAD, BiVAD, and PVAD products have all entered the Innovative Fast Track, ranking first in the artificial heart sector. As an existing shareholder, Shenzhen Co-stone Venture Investment Management Company Limited continues to accompany the company's growth, firmly recognizing the high clinical benefits brought by technological innovation, as well as the innovative spirit and execution capabilities of Dr. Yu and his team. We firmly believe that, with the continuous support of capital, Core Medical will continue to lead the development of artificial heart technology, bringing more hope and new life to heart failure patients worldwide."

Delian CapitalStated: "As domestic innovative healthcare enters a new phase, Core Medical stands out as an outstanding representative of companies focused on breakthroughs in underlying technologies and the development of independently owned IP products. At the same time, the company demonstrates efficient operational management and a clear go-to-market strategy. Initially, they differentiated themselves by creating the world's smallest left ventricular mechanical circulatory support (MCS) product, then expanded into the world’s first dual-heart and pediatric MCS products, leading Chinese enterprises in the global implantable artificial heart field from Best-in-Class to First-in-Class evolution—a classic example of China's medical technology advancing alongside and eventually leading the way. Additionally, based on the same technological platform, the company has developed a novel IP-based interventional pump solution, offering comprehensive critical care circulatory support for patients with early to mid-stage heart failure, with expectations to quickly enter the global market. We look forward to the team maintaining their strong momentum, allowing Chinese innovation to continuously benefit heart failure patients worldwide."

Shanghai New Alliance Investment Management Ltd.Stated: "Core Medical, as the leading enterprise in the artificial heart industry, achieved a breakthrough by capturing the top market share in the first year of its initial LVAD product's approval and market launch in 2023. The second pVAD product has now entered the registration application stage. Both the first LVAD product and the world's first integrated full magnetic suspension BiVAD product, which is being developed simultaneously, have entered the international clinical stage. This highlights the company’s commitment to innovative internationalization, earning high recognition from clinical experts and the market. Shanghai New Alliance Investment Management Ltd. has continuously participated in every round of financing since the company's Series A round in 2020, witnessing its continuous progress and surpassing expectations. We are honored to establish a long-term partnership with the company, jointly promoting its ongoing innovation and development in the global heart failure treatment field."