Concentric Medical Raises Over $100 Million in Strategic Funding to Take China's Full Maglev Artificial Heart Global

Suzhou MagAssist Medical Technology Co., Ltd. (hereinafter referred to as "MagAssist") has completed a strategic financing round exceeding $100 million. This round was co-led by Beijing Mentougou Zhuxin Fund, Gaorong Ventures, and Gaoke XinJun, with follow-on investments from China Growth Capital, Beijing High-Tech Fund, and other notable institutions. Existing shareholder HSG also continued to increase its stake.

This financing marks capital markets' strong endorsement of MagAssist's strategic direction and global potential. The proceeds will primarily accelerate international expansion, drive continuous product technology innovation and pipeline development, and refine the domestic commercialization system.

Leading VAD Technology Innovation

Ushering in China's "Artificial Heart Era" for Advanced Heart Failure Treatment

Since its founding in 2008, MagAssist has consistently pursued original innovation and breakthroughs in foundational technology, successfully developing CH-VAD — China's first implantable ventricular assist device with fully independent intellectual property rights — filling a domestic gap in this field. In June 2017, Academician Shengshou Hu of Fuwai Hospital, Chinese Academy of Medical Sciences, performed the first human implantation of CH-VAD, opening a new chapter in China's clinical application of durable VADs. In November 2021, CH-VAD became the first domestically developed ventricular assist device approved for market entry in China, ushering in the "artificial heart era" for advanced heart failure treatment in the country.

Throughout its domestic commercialization, MagAssist has worked in close collaboration with top-tier medical institutions nationwide, consistently maintaining a patient-centered approach. Together, they have built a comprehensive VAD service system spanning implantation, management, and follow-up across the full patient lifecycle, continuously advancing the standardization and accessibility of VAD therapy. As the only domestically developed ventricular assist device that has consistently published long-term clinical data on international mainstream academic platforms, CH-VAD's multiple studies have demonstrated that its long-term clinical outcomes not only surpass the overall survival rates of various domestic products but also outperform current overseas fully magnetically levitated VAD clinical research results, showcasing exceptional product performance and clinical value.

These achievements highlight MagAssist's technological innovation capabilities and professional service excellence in the VAD field, earning high recognition from domestic and international academic communities and widespread international reputation, propelling China's VAD therapy and industry development onto the international mainstream stage.

Launching in the US

Large-Scale Clinical Trial with Medicare Coverage

In February 2024, the next-generation product BrioVAD became the first and only active implantable medical device from China approved by the US FDA for clinical trials, marking a historic step for China's high-end medical equipment into internationally regulated, high-barrier markets. In November 2024, BrioVAD successfully completed its first human implantation at Emory University Hospital in the United States. Overseas media outlet Fox News commented that the event "made history," with this breakthrough becoming a technological milestone in the global treatment of advanced heart failure.

By June 2025, BrioVAD had successfully completed enrollment for the safety phase of its US clinical trial, rapidly generated tens of millions in revenue, and is poised to launch large-scale confirmatory studies across 60 top-tier clinical centers nationwide, building a clinical evidence system that meets the highest global standards. This clinical research program has received approval from US federal Medicare, with related medical device, examination, and service costs covered by US medical insurance, with projected revenues of several hundred million dollars expected throughout the trial period, providing solid support for product commercialization. While the US clinical trials proceed smoothly, the company's market access efforts in other overseas mainstream markets have also entered a phase of comprehensive acceleration.

Accelerating Globalization

Profoundly Reshaping the Global Heart Failure Landscape

In this new phase of development, MagAssist will increase investment to drive therapy advancement and continuous innovation in advanced and persistent heart failure, accelerate pipeline development of breakthrough technologies, and is committed to becoming a global leader in innovative solutions for advanced and persistent heart failure.

With deep original technology accumulation, solid clinical data, and extensive global clinical partnerships, MagAssist offers a new paradigm for Chinese original medical devices entering international mainstream markets. This financing round not only injects strong momentum into the company but will also help MagAssist comprehensively accelerate its internationalization process, continue leading VAD technology development to new heights, and deeply embark on the next chapter of globalization.

Dr. Chen Chen, founder of MagAssist, stated: "As a market pioneer of VAD therapy in China, MagAssist, through globally leading technological capabilities and professionally excellent service capabilities, has achieved outstanding long-term clinical outcomes in the commercial clinical application of its products, earning high trust and acclaim from top experts both domestically and internationally, and laying an unshakeable foundation for sustainable commercial success. The company is advancing its globalization strategy at full speed, with consecutive breakthrough milestones in US clinical trials, demonstrating by strength our competitiveness and professional capabilities in entering international mainstream markets, and is profoundly reshaping the global advanced heart failure industry landscape. We sincerely thank new and existing shareholders for their steadfast trust and strong support! It is this power of standing shoulder to shoulder and sharing our mission that gives us boundless confidence and capability, dedicated to igniting the light of renewed hope for more heart failure patients worldwide."

A project leader at Gaorong Ventures commented: "Through its independently developed fully magnetically levitated ventricular assist device, MagAssist not only achieved successful commercialization in the Chinese market but also, this year, launched a large-scale clinical trial in the United States with Medicare coverage. This is powerful validation of MagAssist's R&D capabilities being recognized by mainstream healthcare payment systems, and a milestone event in the journey of Chinese innovative devices going global. We look forward to MagAssist further consolidating its technological leadership advantage, accelerating the global R&D and commercialization process of its products, and providing better, safer advanced treatment options for heart failure patients worldwide."