Morning Star | Pulnovo Medical Raises Nearly $100 Million in Series C, Co-Led by Qiming Venture Partners | Bilingual
This round was oversubscribed twice, making it the largest market-driven financing in the Asia-Pacific innovative medical device sector in recent years.
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Pulnovo Medical, an innovative medical device company, recently announced the completion of its nearly $100 million Series C financing round, co-led by Qiming Venture Partners. The proceeds will primarily fund the company's global clinical trials, international business expansion, and strategic development initiatives.
Notably, this financing round was oversubscribed twice, marking the largest market-driven fundraise in the Asia-Pacific innovative medical device sector in recent years — a clear signal that leading investment institutions fully trust Pulnovo Medical's international strategy and professional capabilities.
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A Pioneer of China-Originated Medical Devices
Founded in 2013, Pulnovo Medical focuses on delivering breakthrough therapies for pulmonary hypertension and heart failure, enhancing patients' resilience and quality of life. As a China-originated device pioneer recognized in international guidelines, the company leverages its deep clinical resources to pursue scientific exploration of breakthrough technologies and globally-oriented commercialization. It aims to create superior solutions at different stages of heart failure to delay and improve disease progression, reshaping the treatment landscape through technological innovation.
Pulnovo Medical's core team comprises experts with deep expertise and extensive clinical resources in the cardiopulmonary field. Cynthia Chen, Chairlady, Executive Chairwoman and President of Pulnovo Medical, previously served at WHO headquarters in Geneva, Switzerland, and Medtronic China. Jessie Lian, Executive Director and CEO, previously held positions at Johnson & Johnson and Cardinal Health, and later served as Asia Pacific President and China General Manager of Cordis. Drawing on their rich industry experience and keen market insight, Cynthia and Jessie joined forces with leading cardiopulmonary physicians to embark on pioneering exploration in this field.
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PADN Reaches Top-Tier Medical Institutions in Europe and America
Pulnovo Medical's proprietary core technology and product — the "Percutaneous Pulmonary Artery Denervation" (PADN) series of catheters and console — represents the world's first minimally invasive interventional therapy for pulmonary hypertension to receive market approval, with China leading the way. Pulmonary hypertension (PH), which can progress to heart failure and death if severe, is known as the "cancer of cardiovascular diseases" and has very limited treatment options, currently dominated by pharmaceuticals. PADN uses radiofrequency ablation to block the sympathetic nerves in the pulmonary vascular intima, effectively reducing pulmonary artery pressure and slowing disease progression.
Over the past eight years, PADN-related clinical trials have been presented annually at the Transcatheter Cardiovascular Therapeutics (TCT) conference — the most influential summit in American cardiovascular medicine — with more than 15 papers published in top cardiovascular journals including JACC, EuroIntervention, and JACC: Heart Failure. This marks the gradual recognition of this China-originated technology by the global academic and clinical communities in pulmonary hypertension treatment.
In October 2024, a Pulnovo Medical delegation was invited to Mayo Clinic in the United States to complete the first North American clinical training on PADN. As an internationally renowned top-tier medical institution, Mayo Clinic has been ranked the world's number one hospital by Newsweek for six consecutive years. It is also a global leader in adopting novel medical approaches and technologies. This visit signifies Pulnovo Medical's effort to bring the "China solution" to the pinnacle of global medical innovation. It also marks the first time in history that a "China team, China PI, China solution" has entered Mayo Clinic together.
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China-Originated Medical Device Innovation Benefits the World
Beyond its vigorous commercialization efforts in China, Pulnovo Medical has multiple ongoing clinical projects globally. In China, a large-scale registration clinical trial for chronic heart failure combined with Group 2 pulmonary hypertension is nearing completion, conducted in collaboration with over 30 top-tier tertiary hospitals. Supported by leading hospitals and research institutions across Europe and Asia, the international multicenter clinical study of PADN for chronic heart failure combined with Group 2 pulmonary hypertension is progressing smoothly, with enrolled and enrolling centers covering Portugal, Italy, Switzerland, Greece, Serbia, Georgia, Singapore, Malaysia, and other countries. Meanwhile, two FDA global multicenter clinical trials are also set to launch in the United States.
The Pulnovo Medical team stated: "In the AI field, DeepSeek emerged as a global phenomenon, demonstrating worldwide influence. In the medical device sector, Pulnovo Medical represents the rapid rise of China-originated medical device innovation. In the past, Chinese medical device companies learned from foreign technologies and could only follow closely behind. Now, Chinese medical device companies stand at the source of innovation, leading global development in non-pharmacological and interventional treatments for pulmonary hypertension and heart failure. Pulnovo Medical has broken the traditional model of Chinese device companies going global through distributors and channel partnerships, gradually bringing China-originated innovative technologies and products to the international stage."
William Hu, Managing Partner of Qiming Venture Partners, said: "Pulnovo Medical's innovative breakthroughs in interventional treatment for pulmonary hypertension and heart failure are remarkable. Its self-developed PADN technology has begun commercial sales in Chinese Mainland, Hong Kong, and Macau, and in 2024 launched its internationalization process with global multicenter clinical trials in Portugal, Serbia, Georgia, and Southeast Asia. Following the successful FDA Breakthrough Device designation, the global clinical trials further demonstrate this technology's global leadership and clinical value. As a long-term investor in healthcare, Qiming Venture Partners is committed to supporting innovative enterprises with global vision. We are very optimistic about Pulnovo Medical's tremendous potential in the pulmonary hypertension and heart failure fields, and will fully support its international expansion and commercialization, jointly promoting China-originated technology to the world and bringing new hope to global patients with pulmonary hypertension and heart failure."
This round was co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, with existing investors OrbiMed and Gaorong Ventures making super pro-rata follow-on investments.
Pulnovo Medical Announces Closing of Nearly $100 Million Series C Financing Co-led by Qiming Venture Partners
Pulnovo Medical, a globally recognized pioneer in medical devices for pulmonary hypertension (PH) and heart failure (HF), has announced the closing of nearly $100 million Series C financing. This round was co-led by Qiming Venture Partners. The proceeds will be used to advance Pulnovo Medical's global clinical trials, international business expansion and strategic initiatives.
The financing round was oversubscribed by two times, marking one of the largest fundraises in the Asia-Pacific innovative medical device sector in recent years. This reflects leading institutions' confidence in Pulnovo Medical's global strategy and technical capabilities.
Founded in 2013, Pulnovo Medical is a pioneering medtech company recognized in international guidelines. The company leverages its extensive clinical expertise to drive scientific advancements and global commercialization. The company focuses on developing superior therapeutic solutions for various stages of heart failure to enhance patient outcomes.
Pulnovo Medical's core product, PADN (pulmonary artery denervation) technology, is the world's first minimally invasive treatment for PH to receive market approval. PH is a condition that can lead to heart failure and mortality, with limited treatment options. PADN uses radiofrequency ablation to target the pulmonary vascular endothelial sympathetic nerve, effectively reducing pulmonary artery pressure and slowing disease progression.
PADN received FDA Breakthrough Device designation for Group I, Group II, and Group IV PH in 2021. PADN was included in European Society of Cardiology and European Respiratory Society Guidelines in 2022. In 2023, Pulnovo Medical achieved the Humanitarian Use Exemption Device designation for Group I PH. The RF catheter and RF generator received market approval in China in late 2023, becoming the first commercially available interventional device in the field globally. In 2024, Pulnovo Medical's accessory product, the 9F sheath, received FDA clearance.
Cynthia Chen, Chairlady, Executive Chairwoman and President of Pulnovo Medical, announced that the proceeds of this round will support two upcoming FDA trials for Group I PH (pulmonary artery hypertension) and Group II PH (chronic heart failure combined with PH) planned this year. Under the leadership of the executive team, the company has transformed from a laboratory to a globally structured firm with offices in the US, Singapore, as well as Hong Kong and four cities in Chinese Mainland, including Beijing and Shanghai.
William Hu, Managing Partner of Qiming Venture Partners, said, "Pulnovo Medical's breakthroughs in interventional treatments for pulmonary hypertension and heart failure are impressive. The company's PADN technology is now commercially available in Chinese Mainland, Hong Kong, and Macau, and in 2024, global multicenter trials were initiated in Portugal, Serbia, Georgia, and Southeast Asia. Following the FDA Breakthrough Device designation, the global clinical trials further validate the technology's leadership and clinical value. As a long-term healthcare investor, Qiming is committed to supporting innovators with global visions. We are confident in Pulnovo Medical's potential and will support its international expansion and commercialization, bringing new hope to patients worldwide."
This round was co-led by Qiming Venture Partners and existing shareholder Lilly Asia Ventures, with existing investors OrbiMed and Gaorong Ventures participating on a super pro-rata basis.
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since its inception, the firm has focused on investing in outstanding early and growth-stage companies in the Technology and Consumer (T&C) and Healthcare sectors.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have gone public on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. More than 80 portfolio companies have become recognized unicorns or super-unicorns.
Many of Qiming Venture Partners' portfolio companies have grown into the most influential companies in their respective fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ:BILI, 09626.HK), Zhihu (NYSE:ZH, 02390.HK), Roborock (688169.SH), UBTECH (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), MicroPort EP MedTech (688617.SH), NORMIN Health (06606.HK), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Berry Genomics (000710.SZ), Genrix Bio (688520.SH), Yuanxin Technology, ClinChoice, Belief BioMed, Biren Technology, and others.