Beijing-based X-MAGTECH announced on Thursday its completion of an A round of financing totaling over 100 million yuan ($15 million). This round of financing was led by existing shareholder IDG Capital, and followed by Everest VC, CMBC International, Zhongguancun Science Park and Y&R Capital. So far, in the two years since its establishment, the firm has completed four rounds of financing totaling several hundred million yuan.
Based on its core technology, X-MAGTECH took the lead in developing an atomic magnetometer magnetocardiogram for the accurate diagnosis of cardiovascular diseases in China, and obtained the first medical device registration certificate of such products in the country.
The equipment can accurately detect cardiac magnetic field information which is only one-millionth the strength of the Earth’s magnetic field in the complex electromagnetic environment. The company’s technology is also able to deliver non-invasive and accurate cardiovascular multi-dimensional functional imaging within 90 seconds. Patients do not need to endure radiation treatment nor use any contrast media or drugs for screening purposes.
The technology is suitable for the early screening of coronary heart disease, the rapid triage of chest pain, and the evaluation of fetal heart functions in people of all ages. It also provides a new tool for clinical scientific research applications such as the long-term monitoring of the prognosis of heart disease, the localization of lesions and the auxiliary diagnosis of difficult heart diseases.
In order to realize the mass production of its business-facing products, X-MAGTECH has completed the mass production of core components, and the company’s annual production capacity has exceeded 1,000 units. In 2021, more than 100 units were delivered, and are being widely used in basic scientific research, biological magnetic field detection and industrial detection, and are gradually replacing foreign made products involving this technology in China.
The company aims to continue to expand its R&D investment with this round of financing while also accelerating the listing of other products such as magnetoencephalography and fetal magnetocardiography, particularly for business needs. The company will also become the only one in the world that specializes in the underlying technology of quantum sensing.