Biopharmaceutical financing developments for this period: Case Counsel completed a 318 million RMB Series D financing round, focusing on innovative bile acid metabolism drugs; Bate Medical completed nearly 200 million RMB in Series D rounds, accelerating global peripheral intervention; Qinghui Liannuo completed nearly 200 million RMB in Series A financing, focusing on γδ T cell immunotherapy drug development. In addition, Dapu Biotech, Weimou Medical, Huanying Medical, Haimai Medical, Kongshan Ci, Huaxi Technology, and Mairun Medical have successively completed new rounds of financing, covering cutting-edge sectors such as microfluidics, ophthalmic surgical robots, ultrasound diagnosis and treatment, artificial blood vessels, brain-computer neuromodulation, and embodied elderly care robots, with capital continuing to invest in hard technology and domestic substitution.

1. Mairun Medical Completes Tens of Millions in Financing, Pioneering Hydrogels to Solve Cardiovascular Challenges

Recently, Mairun Medical Technology (Shaoxing) Co., Ltd., focusing on unmet clinical cardiovascular needs, officially announced the completion of tens of millions of RMB angel and angel+ round financing. This round was exclusively led by Nuoyu Capital, an early-stage hard tech venture capital firm specializing in the healthcare sectorThe funds raised will be fully used to advance clinical trials of the world’s first core pipeline of coronary injection iron-controlled hydrogel, as well as for the preliminary development of subsequent cardiovascular innovative device pipelines.
As the core mainstream method for acute myocardial infarction treatment, about 32% of patients currently experience myocardial ischemia-reperfusion injury (MIRI) among over 1.2 million PCI surgeries annually in China. This global clinical challenge has long lacked approved targeted solutions, and the potential domestic market size has exceeded 10 billion yuan. Previously, many investigational drugs targeting the oxidative stress pathway failed large-scale clinical validation, highlighting an urgent clinical need for innovative intervention solutions.
The core team at Mairun Medical spent five years tackling end-stage technical challenges to create the world’s first iron-regulated hydrogel device that can be injected via minimally invasive coronary artery intervention, precisely targeting the core pathological pathway of “iron overload” to suppress MIRI progressionIn preclinical large-animal trials, this product can seamlessly adapt to existing PCI surgical procedures, significantly reducing the final postoperative myocardial infarction area without adjusting doctors’ habits or adding supporting consumables, combining first-in-class technological innovation with high clinical feasibility. Mairun Medical, officially registered and launched in January 2025, has already built an exclusive cardiovascular function hydrogel technology platform. The founding team and investors have stated their intention to accelerate clinical translation of products and fill the global therapeutic gap in this field.

2. Dapu Biotech completed a B+ round financing of over 120 million yuan, accelerating the development of a global life sciences tools platform

Recently, against the backdrop of accelerated domestic substitution of core upstream life sciences tools and a deep restructuring of the global research supply chain, domestic microfluidics and single-cell multi-omics leader Dapu Biotech officially announced the completion of a B+ round financing of over 120 million yuan. Since its establishment, its cumulative financing has exceeded 300 million yuan, with joint investments from several leading biopharmaceutical industry funds and professional science and technology innovation institutions.
This round of funds will focus on three core directions: first, strengthening the R&D and iteration of underlying technologies such as microfluidic chips and spatiotemporal omics systems; second, advancing compliant registration and deep commercialization of the entire product line; and third, accelerating the establishment of localized R&D, sales, and service systems in Europe and the US.
As one of the few domestic platform companies to achieve independent full-stack technology control for life science tools, Dapu Bio has built a complete product matrix covering digital PCR, single-cell sequencing, and spatiotemporal multi-omics. It has currently served over 200 top domestic research institutes and medical institutions, with a compound annual revenue growth rate of over 90% over the past three years, officially entering a stage of rapid growth for large-scale commercial validation.

Since launching its globalization strategy in 2025, the company has completed localized operational capabilities in North America and the EU, secured multiple formal overseas orders, and accelerated the integration of global industry-academia-research resources by leveraging the Hong Kong International Innovation Hub. Subsequent companies will promote deep coupling of life sciences hardware with AI bioinformatics analysis, break the long-standing monopoly of overseas giants, and build a new generation of life sciences tool platforms with international competitiveness.

3. Huanying Medical Completes Tens of Millions of Yuan in Financing, Building a Full-Chain Ultrasound Technology Platform

Recently, Shenzhen Huanying Medical Technology Co., Ltd., a benchmark company in the domestic high-end ultrasound diagnostic and treatment equipment sector, officially announced the completion of a new round of financing worth tens of millions of yuan, led by Hetang InvestmentThe funds raised will focus on clinical terminal coverage of approved intracardiac ultrasound (ICE) products, the advancement of multicenter clinical trials for 4D-ICE, and provide core support for frontier pipeline registration applications and core capacity expansion.
As one of the few domestic platform companies to achieve independent control over the entire ultrasound chain core components, Huanying Medical has built four major technology platforms since its establishment in 2020, covering core transducer design, imaging algorithm development, and system integration implementation, completely breaking the long-standing patent blockades and technical barriers imposed by overseas manufacturers in the high-end ultrasound field. In the core track of intracardiac ultrasound, its independently developed 80-Array Yuan large-aperture ICE is among the first domestically approved products of its kind in China, and 4D-ICE has already completed productization development ahead of schedule, placing it among the top tier in the domestic industry.

In addition, Huanying has commercialized brain function ultrasound imaging systems in the field of ultrasound brain-machine interfaces, with a complete layout of the “ultrasound writing” non-invasive neural regulation pipeline; The ultra-high-resolution ultrasound/photoacoustic integrated diagnosis and treatment system and non-contact ultrasound pipetting system have established differentiated competitive advantages in scientific imaging and life sciences automation tools, respectively. This financing will help the company rapidly move from a technological leader stage to a market scaling stage, accelerating the construction of a domestic full-stack ultrasound solution covering multiple scenarios.

4. Haimai Medical completes Series A++ financing, accelerating the industrialization

of small-caliber artificial blood vessels. Haimai Medical Technology (Suzhou) Co., Ltd., a leading
domestic tissue engineering artificial blood vessel company, recently officially completed its A++ round strategic financing, led by BOC International, Suzhou Innovation Investment Group will follow suit, with all funds invested in subsequent clinical validation, registration applications, and pre-construction of large-scale production capacity for core pipelines, further consolidating its first-mover advantage in the small-caliber artificial blood vessel sector.
Currently, the cardiovascular disease patient base in China exceeds 330 million. Clinical demand for small-diameter (diameter <6mm) artificial blood vessels in scenarios such as coronary artery bypass artery, end-stage renal disease hemodialysis access, and peripheral vascular reconstruction is growing by over 17% annually. This category has long been monopolized by overseas companies, and the process of domestic substitution is slow. Relying on its independently controllable decellularized matrix biomimetic reconstruction technology platform, Haimai Medical has taken the lead in achieving standardized mass production of bio-type small-diameter artificial blood vessels. Its core product, LineMatrix ®, announced in May 2026 12-month follow-up data from the FIM study showed that the long-term patency performance of the product significantly outperforms traditional imported puffed PTFE products, effectively reducing the risk of long-term thrombosis, intimal hyperplasia, and other clinical adverse reactions. Just one month later, the product had completed enrollment of all registered clinical trial participants, leading the pace of progress in the domestic sector.

Founded only four years ago, Haimai Medical has completed six rounds of financing, receiving continuous full-cycle support from primary market hard technology capital. Company founder Qiu Xuefeng stated that resources will be concentrated to accelerate the listing of Class III certificates, leveraging localized capacity to significantly reduce end-clinical usage costs and fill the gap in domestic small-caliber artificial blood vessels.

5. Kongshan Ci completes Series A financing, leading a new paradigm in psychiatric diagnosis and treatment

Recently, Shanghai Kongshan Ci Technology Co., Ltd. officially announced the completion of its Series A financing, led by leading domestic medical venture capital firm Oriental Fuhai, with participation from the hard technology sector investment platform Yaotu Capital. Existing existing shareholders have continued to increase their investments, with the funds specifically used for the registration application of core Class III medical devices, iterative research and development of next-generation brain-computer interaction technology, as well as global clinical compliance and commercialization expansion.
As one of the few platform companies in China covering full-stack brain-machine neuroregulation technology, Kongshan Ci precisely addresses the industry’s pain points of traditional psychiatric diagnosis and treatment relying on subjective experience and insufficient targeted interventions. It has built an original technical architecture of “whole-brain functional connection quantitative computing engine + robotic spatial navigation + multimodal closed-loop regulation,” independently mastering three core underlying technologies: transcranial focused ultrasound, navigation transcranial magnetic system, and closed-loop electrical stimulationCurrently, a product matrix covering all scenarios has been established, with all three core pipelines entering clinical validation stages. The intervention effectiveness for central nervous system indications such as refractory depression and premature cognitive impairment far exceeds the industry average.
The company’s core team combines top-tier academic expertise in brain science, experience in high-end medical device industry implementation, and a global vision. It has now completed the overseas multi-center clinical cooperation network layout. The investors in this round stated that Kongshan Ci is one of the few globally competitive players in China’s brain-machine medical field, and will jointly promote the global implementation of China’s original precision psychiatric diagnosis and treatment paradigm, filling the supply gap for cutting-edge neuromedical care.

6. Huaxi Technology has received further support from Zhejiang business venture capital, with over 10,000 embodied elderly care robots

to be deployed within three years As a high-prosperity segment at the intersection of digital healthcare and the silver economy, investment and financing activity in the domestic embodied smart elderly care sector has been continuously rising, with commercialization and monetization ability at the implementation end becoming a core assessment metric for industrial capital. Recently, Hangzhou Huaxi Intelligent Technology Co., Ltd. officially disclosed the completion of a new round of strategic financing, backed by leading medical industry investment institution Zhejiang Business Venture Investment Bureau.

To date, Huaxi Technology has gathered resources from multiple shareholders, including Optics Valley Venture Capital and listed medical informatization company Yahua Electronics, and combined with deep scenario cooperation with the provincial state-owned asset asset platform Zhongshaanhe Group, forming a unique four-dimensional collaborative pattern of “financial capital + industrial resource parties + state-owned scenario carriers + in-house technology R&D team.” This round of capital injection focuses on Huaxi Technology’s industry-leading full-stack in-house R&D advantage: As one of the few domestic manufacturers to achieve commercial-grade implementation of embodied elderly care robots, it has independently conquered core technologies such as multimodal elderly state perception, low-computing power elderly interaction large models, and flexible mobility assistance servo control, implementing three commercial product lines that can be directly deployed in bulk. Previously, paid pilot validation has been completed in more than ten medical-elderly care integrated institutions, with device scenario adaptability far exceeding the industry average.

Relying on the full-chain closed loop of “R&D iteration – scenario testing – large-scale deployment” established with Zhongshan Nuclear Group, the two parties plan to deploy over 3,530 embodied elderly care robots in Shaanxi alone by the end of 2028. Combined with other nationwide cooperation scenarios, by the end of 2028, Huaxi’s cumulative deployment of all categories of embodied elderly care robots will exceed 10,000 units, potentially entering the leading commercial camp of domestic elderly care robots and filling the supply gap for domestically produced mid-to-high-end health and elderly care service equipment. This round of financing will mainly be used for core technology iteration and team expansion, accelerating the large-scale penetration of domestically produced embodied intelligent elderly care equipment.

7. Kaiskaidi completes 318 million yuan Series D financing, deepening research on bile acid metabolism innovative drug R

&D. On June 10, core domestic metabolic drug company Kaiskaidi (Shanghai) Pharmaceutical Technology Co., Ltd. officially announced the completion of a 318 million yuan Series D financing. This round was jointly led by Taiping Medical Health Fund and Shanghai Kechuang Group, with participation from Yuekai Capital and other industry-backed institutions. This round came less than six months after the company completed nearly 500 million yuan in Series C financing at the beginning of the year. With over 800 million yuan in cumulative funding from both rounds, it became one of the few highly recognized financing events in the metabolic innovative drug sector in 2024, directly confirming the capital market’s long-term confidence in the bile acid pathway drug logic.
According to disclosures, this Series D financing will focus on four core directions: multi-indication clinical advancement of core candidate drugs, preclinical optimization and validation of novel target molecules, pre-GMP-level commercial capacity deployment, and special investment in clinical applications in Europe and the US. Relying on the foundational expertise of founder Dr. Xu Huaqiang’s team in nuclear receptor structural biology, Case Cade is one of the few domestic pharmaceutical companies fully anchored to the bile acid metabolism disorder disease layout. Its unique bile acid molecular framework modification platform produces differentiated candidate molecules that have overcome previous off-target toxicity and insufficient efficacy of overseas same-target drugs, covering tens of millions of unmet clinical needs such as non-alcoholic steatohepatitis and primary biliary cholangitis. Currently, two core products have entered Phase II clinical trials.
The lead investor pointed out that innovative drug investment and financing have shifted toward leading niche tracks with clear technical barriers and quantifiable clinical value. Kaiskaidi has outstanding pipeline advantages and clear potential to produce world-first metabolic disease drugs. The company will accelerate full-pipeline clinical transformation, expecting three core products to enter critical clinical stages between 2025 and 2026.

8. Batai Medical completes nearly 200 million yuan in Series D financing, accelerating commercialization and globalization

As a benchmark company in the domestic and international peripheral vascular intervention sector, Batai Medical recently officially announced the completion of nearly 200 million yuan in Series D financing. This round was led by Chuangdong Investment, with participation from multiple industrial investment institutions and medical special funds. Existing shareholder Junxingjian Capital continued to increase its support, making it one of the most representative financing events in the domestic high-value interventional consumables sector this year in 2024.
It is reported that the funds raised in this round will focus on three major strategic directions: the nationwide commercialization and promotion of core advantageous pipeline constraint drug balloons, the expansion of international production bases meeting both FDA and CE standards, and the pre-development investment of next-generation innovative interventional device pipelines.
Batai Medical was established in 2015 and is one of the few platform-based companies in China to achieve a full-category layout of peripheral vascular interventional consumables. Since its founding, it has obtained 19 NMPA Class III medical device registration certificates, and all products have won bids in national and local alliance centralized procurement; Relying on unique controlled-release drug barriers, its independently developed peripheral and coronary binding drugs have balloon-targeted vascular drug retention rates over 40% higher than traditional products, and the rate of adverse events in clinical follow-up is far below the industry average. Currently, it firmly ranks among the top tier in the domestic peripheral intervention market.

Currently, Batai Medical products have been exported to more than 40 countries and regions. Two core drug balloons have entered the final stage of CE certification and are about to obtain EU market access. The investors stated that they will fully support the company in opening up domestic and international market volume channels, promote domestic high-end interventional consumables to cover more unmet clinical needs, and benefit vascular disease patients worldwide.

9. Qinghui Liannuo completes nearly 200 million RMB Series A financing, focusing on γδT cell immunotherapy development

. On June 12, Beijing Qinghui Liannuo Biotech officially announced the completion of nearly 200 million RMB in Series A equity financing. This round was jointly funded by Longpan Investment and several other professional medical investment institutions deeply engaged in innovative biopharmaceuticals. The funds will focus on advancing clinical trials in core pipelines, validating early-stage innovative products, and iterating and upgrading the proprietary γδT technology platform.

As a first-tier player in domestic xenogeneic gammadeltaT cell therapy, Qinghui Liannuo relies on its self-built natural γδT gene editing and modification technology platform. Currently, three allogeneic immune cell candidate drugs have advanced to human clinical trial stages, making it one of the fastest-advancing companies in the domestic clinical pipeline in this field. Its core pipeline QH104A is one of the few off-the-shelf γδT drugs worldwide that simultaneously cover both B-cell malignancies and autoimmune diseases. Currently, enrollment in Phase I clinical trials is progressing smoothly, and clear efficacy signals have been observed in the early-dose cohort of relapsed/refractory B-cell non-Hodgkin lymphoma and refractory systemic lupus erythematosus. Compared to autologous CAR-T products, it demonstrates differentiated clinical advantages such as zero preparation waiting period and a lower incidence of severe adverse reactions.

After this round of financing is completed, the company will accelerate the IND filing progress for the next-generation γδT pipeline targeting multiple high-incidence solid tumors, and build a GMP production system with a capacity of 10,000 grade formulations. Currently, the allogeneic immune cell track has entered a critical period of industrialization validation, with fierce R&D competition and uncertainties regarding the long-term clinical benefit data disclosure and commercialization cost control capabilities of candidate drugs.

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