Hengyu Medical Secures Over RMB 100 Million in New Funding to Build a Leading Intravascular Imaging Platform

36Kr learned that Horimed Technology Co., Ltd. (hereinafter referred to as "Horimed") has recently completed a new round of financing exceeding 100 million yuan. This round of financing was jointly invested by Xingong Industrial Investment, Huatai Zijin, Beiyang Haitang Fund, Jiuan Medical (002432.SZ), and YuanSheng Ventures. Xingqiao Capital served as the exclusive financial advisor. The funds raised will be used for product research and development, production, registration, and to accelerate the commercialization of products already on the market.

Horimed was founded in 2016, focusing on the research of optical and ultrasound medical imaging technology and laser ablation technology, providing a pan-vascular integrated solution based on imaging products. The company's core experts have been engaged in related field research for nearly 20 years; it has now applied for 174 patents, including 106 inventions, with 37 authorized invention patents.

From the perspective of product layout, Horimed possesses currently mainstream intravascular imaging tools used in clinical practice, including Intravascular Ultrasound (IVUS) and Optical Coherence Tomography (OCT). These two modalities provide cross-sectional images of coronary arteries for precise Percutaneous Coronary Intervention (PCI), including information on the lumen, vessel wall, plaque burden, plaque composition, and distribution.

In 2024, the recommendation level for the use of intravascular imaging technologies (IVUS and OCT) in PCI treatment has reached the highest Class Ia recommendation.

But from the perspective of clinical treatment, the penetration rate of OCT in China is still very low, at only 6% in 2023, far lower than Japan's 30%. The reason for this is that there are not many companies in China that master the core equipment and consumables technology of OCT and have the ability to produce at scale. Horimed Technology Co., Ltd. introduced that in this aspect, the company is "one of the few Chinese manufacturers with these capabilities." Especially after the stent centralized procurement, it is expected to further promote the popularity of the company's OCT products.

In June last year, Horimed's Optical Coherence Tomography System HS200 was officially approved for marketing, offering comprehensive advantages in calcification identification, cortical evaluation, a brand-new 3D mode, compatibility with various flushing media, and AI algorithm reserves.

Source: Horimed

In terms of IVUS technology, this procedure has been internationally recognized, with a market penetration rate as high as 90% in Japan. Currently, the application of IVUS in the Chinese market is in a period of rapid growth, with a penetration rate reaching 20% in 2023. However, in terms of market share, products in the domestic market are largely monopolized by European and American foreign brands.

According to reports, Horimed has independently developed and mass-produced core components such as IVUS ultrasound transducers. Meanwhile, the company has integrated OCT and IVUS technologies, equipped with dual motors and a dual-catheter system, which inherits the excellent parameters of standalone OCT and IVUS. This allows for flexible switching to address various lesions and meet personalized clinical needs without compromising individual parameters and performance.

It is also reported that Horimed has already carried out related product layouts in the field of intracardiac echocardiography.

Investor Perspective:

Gao Chao, Investment Director of Xingong Industrial Investment, stated,In recent years, the development of precise diagnosis and treatment technology for vascular intervention in China has been relatively rapid. Horimed focuses on the research, production, and sales of equipment and consumables such as cardiovascular IVUS, OCT, and IVUS/OCT all-in-one machines. It is a leading company in China that possesses both ultrasound and optical technology platforms and continuously develops innovative products based on these platforms. The all-in-one machine independently developed by the company features high integration, cost-effectiveness, and diverse application scenarios, and has been increasingly recognized and utilized by more and more medical institutions. In the future, it is hoped that Horimed will empower clinicians by continuously launching more innovative products for precise diagnosis and treatment in vascular intervention and conducting professional and systematic academic promotion, ultimately benefiting more patients undergoing PCI procedures.

Hua Tai Zijin Investment Director Wang Qi said,In the complex and high-risk interventional treatment of cardiovascular diseases, intravascular imaging technology is playing an increasingly important guiding role. A series of technologies, including IVUS and OCT, can bring excellent clinical benefits to patients. After years of research and development, Horimed has overcome numerous challenges and successfully broken the monopoly of foreign intravascular imaging technologies, developing a series of outstanding IVUS/OCT products. The company adheres to the combination of medical and engineering expertise, innovates boldly, and its products are highly praised in clinical settings. We have great confidence in the company’s team and technology platform, and we are delighted to continue supporting the company's growth, contributing to the long-term development of China's medical device industry.

Wang Renda, Investment Director of Beiyang海棠 Fund, said,OCT and IVUS are two key technologies in intravascular imaging. Horimed is an industry-leading innovative enterprise that possesses both technologies and has integrated them into its products. Since the previous investment by Haitang Fund, Horimed has launched new products such as a portable version and dual-catheter all-in-one machines, increasing convenience for operators, reducing follow-up costs, and expanding multi-scenario applications. The Horimed team seized the opportunity of centralized procurement to quickly bring its brand into hundreds of major hospitals across China, achieving the fastest growth among domestic brands with appropriate strategies and highly efficient execution, accelerating the process of domestic substitution. Haitang Fund believes that Horimed will continue to expand its leading position in intravascular imaging in China and is laying out cutting-edge laser ablation technology, maintaining strong confidence in the project.

Haitang Fund will continue to focus on and promote the entrepreneurship and innovation of Tianjin University alumni, support the development of Horimed, and contribute to the advancement of precision cardiovascular healthcare in China.

Gu Leimin, partner of YuanSheng Ventures, said,Intravascular imaging technology is a key support for the development of precision medicine, representing an important trend in the future diagnosis and treatment of cardiovascular diseases. As an essential part of precision medicine, intravascular imaging equipment is not only a necessary tool for complex cardiovascular surgeries but also a highly promising multi-billion-dollar track in the global medical market. With its keen market insight, YuanSheng Ventures has already laid out numerous cutting-edge tracks in the cardiovascular medical field, among which intravascular imaging technology has received particular attention.

In this field, Horimed has become a highly regarded rising star thanks to its forward-looking vision and deep technical expertise. The team not only possesses an advanced intravascular imaging R&D platform but also has developed a diverse product pipeline and crafted an ingenious commercialization strategy. In the fiercely competitive intravascular imaging track for cardiovascular applications, Horimed stands out—not only due to the team's strategic foresight and exceptional execution but also because of their relentless pursuit of technological innovation and sense of mission. We are deeply honored to collaborate with the team led by Mr. Zhiyong Liu and Dr. Shiyong Zhao. We look forward to jointly advancing the development of more innovative products in the future, accelerating the global market promotion of these products, and bringing new breakthroughs to the precise diagnosis and treatment of cardiovascular diseases worldwide.

Wu Zhipeng from Star Bridge Capital stated, Horimed has achieved a leapfrog growth in sales revenue in recent years driven by the commercialization of IVUS and OCT products. Its pipeline layout has extended from diagnostic technology to therapeutic technology, gradually forming an overall solution for vascular interventional imaging. It is an honor to serve Horimed in this round of financing. We believe that this financing will accelerate the enhancement of Horimed's R&D, production, and sales capabilities, laying a solid foundation for the company’s continued rapid development in the future.