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HuaKeRun Completes Tens of Millions in Pre-C+ Funding, Accelerating Its Digital Minimally Invasive Orthopedics Strategy Empowered by Robotics
Recently, Ningbo Huake Run Biotechnology Co., Ltd. (hereinafter referred to as “Huake Run” or “HICREN”) completed a pre-C+ round of financing totaling tens of millions of yuan, led by Shenzhen High-Tech Investment Group, with Haoyue Capital serving as the exclusive financial advisor. The proceeds from this round will be used to further advance the ongoing R&D, clinical trials, and commercialization of orthopedic micro-robots and innovative minimally invasive orthopedic products.
In recent years, nationwide centralized bulk procurement of medical consumables has brought about profound transformation in the traditional orthopedic industry. Amidst a landscape of both challenges and opportunities, each company must decide whether to undergo forced transformation and exit the market or to stay true to its original mission and boldly lead the way. As the tide of consolidation sweeps through the sector, only those firms with robust innovation and R&D capabilities as well as efficient operational management can seize new growth opportunities. Under the backdrop of centralized procurement, Huake Run has demonstrated remarkable capabilities, unwavering perseverance, steadfast commitment, and resolute determination—qualities that have been rigorously tested and refined through both challenges and trials. As a result, the company has earned the recognition and trust of its customers, the market, and investors alike.
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Beginning at the bend, yet going beyond it.
As a pioneer in angled vertebral augmentation technology, Huake Run is the first manufacturer in China to obtain both domestic and EU market approval for its angled vertebral augmentation surgical products. At the same time, The company continues to pursue sustained growth, with a focus on micro-innovation technologies and the application of new materials to develop products. It offers a comprehensive orthopedic solution under a “1+3+1” architecture—centered on robotic systems, consumables, and equipment—and has established an innovative product portfolio spanning orthopedic surgical robots and artificial intelligence, a full range of vertebroplasty products, spinal internal fixation implants, sports medicine solutions, active medical devices, and consumables. At the end of 2021, Huake Run partnered with the European innovative surgical robotics company Interventional Systems (INS) to establish Sino-European Zhiwei (Shanghai) Robotics Co., Ltd. in Shanghai, launching a new generation of miniature orthopedic surgical robots that feature significant differentiation and innovation. To date, the first-generation spinal surgery robot, “Intelligent Woodpecker,” has successfully completed regulatory registration testing and is poised to begin patient enrollment for clinical trials. Meanwhile, a series of consumable products—including vertebroplasty devices, spinal internal fixation systems, and motion-surgery instruments—continues to see new launches and sustained rapid growth; in 2023, the Angled Series made its debut in international markets, achieving sales in multiple countries and earning widespread clinical acclaim. In addition, several actively developed active-device and consumable product lines, including multiple host units and cutting heads, have been smoothly launched and rapidly deployed, creating new drivers of business growth in the context of centralized procurement and enabling the company to steadily enter an era of dual-engine growth powered by both equipment and consumables.
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Overtaking on the Curve: Winning Through Centralized Procurement
In the 2022 national centralized bulk procurement of orthopedic spinal consumables, all of Huake Run’s submitted spinal products—including vertebroplasty and bone cement, spinal internal fixation devices, and single-use endoscopic surgical electrodes—were successfully awarded contracts. Among them, The Core Products—the Angled Vertebroplasty System and the Angled Kyphoplasty System—have been designated in the national volume-based procurement documents as innovative systems distinct from conventional vertebroplasty and kyphoplasty devices, owing to their outstanding features such as short operative time, minimal invasiveness, simple operation, and low complication rates. This designation underscores the industry’s high level of recognition and strong expectations for this technology. Meanwhile, thanks to the sustained implementation of diverse, high-frequency academic exchanges and technology-promotion initiatives in recent years, the clinical attention paid to curved-angle technology has steadily increased. From large Grade-III hospitals to county- and city-level hospitals, the application of curved-angle products can now be seen everywhere, accompanied by the smiles of patients recovering after treatment. Leveraging the broad influence of curved-angle products and our robust technical expertise in vertebroplasty-related procedures, the Huake Run spinal internal fixation product line—led by bone-cement screws—has also rapidly gained clinical acceptance since its launch. In this centralized volume-based procurement, Huake Run submitted bids for a comprehensive portfolio that includes curved-angle and conventional vertebroplasty/kyphoplasty devices, spinal bone cements, spinal internal fixation systems, and single-use endoscopic surgical electrodes, securing purchase commitments from more than 1,300 medical institutions. These products were swiftly adopted in clinical practice during the 2023 procurement cycle, laying a solid foundation for sustained market growth going forward.
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Stay true to our original aspiration and win through innovation.
For more than a decade, Huake Run has been rigorously implementing its R&D-driven strategy. From the inception of the company—with the development of the angled vertebral augmentation system and one of the first domestically approved bone cements for spinal applications—to today’s portfolio that includes spinal internal fixation devices, sports medicine products, active medical devices, and consumables, with surgical robotics just around the corner, the company’s R&D team continues to pioneer and nurture new technologies and projects. As of the first half of 2023, the company has secured 23 NMPA registration certificates—15 Class II and 8 Class III—and obtained CE certification for seven products. Over the next few years, it aims to secure double-digit numbers of new registrations while maintaining a pace of launching five new products annually. More than 30% of the company’s workforce is dedicated to R&D, with the Ningbo R&D Center and the Shanghai Surgical Robotics R&D team providing robust support for the comprehensive “1+3+1” product-line architecture. Meanwhile, through collaborations with major Grade-III hospitals and leading domestic universities, an increasing number of new product initiatives that closely align with clinical needs and leverage cutting-edge industry technologies are being rapidly initiated and advanced. Innovation is the wellspring of national development, the driving force behind industry progress, and the cornerstone of corporate growth; moreover, centralized procurement has opened the door to a future brimming with opportunities for innovative enterprises. Committed to pioneering innovative minimally invasive orthopedic techniques and providing patients and physicians with more outstanding minimally invasive surgical solutions, Huake Run remains true to its original mission and continues to advance as an innovative enterprise dedicated to building a robot-enabled digital platform for minimally invasive orthopedics.
Mr. Ma Yan, Chairman and General Manager of Ningbo Huake Run Biotechnology Co., Ltd. The company stated that Huake Run has achieved breakthroughs in the minimally invasive orthopedics sector through its innovative corner-turning technology, aligning with the current industry trend toward greater precision and minimally invasive procedures. At the same time, Huake Run has taken a pioneering global collaborative approach to establish a foothold in the miniaturized robotics space, creating a comprehensive “innovative consumables plus robotics” ecosystem. Furthermore, the company delivered strong results in the nation’s first centralized procurement of spinal implants, earning recognition from clinicians and distributors as well as endorsement from investors. Looking ahead, the company aims to build a globally oriented, innovation-driven platform enterprise in the spinal field, with the continued support of both new and existing investors.
Mr. Yang Zhenjun, Managing Partner of Haoyue Capital We are honored to have served as the exclusive financial advisor for Huake Run’s current round of financing, helping the company successfully close this funding round. In the broad orthopedic field, a single product pipeline is increasingly unable to sustain long-term growth; however, Huake Run has already developed an innovative, minimally invasive orthopedic comprehensive solution that integrates robotics, equipment, and consumables. Going forward, the company will progressively leverage the dual-engine innovation advantages of robotics and consumables, and we wish Huake Run continued success and further expansion!
About Huake Run
Ningbo Huake Run Biotechnology Co., Ltd. was founded in 2011 and is located in the Hangzhou Bay New Area—a cutting-edge industrial new city situated at the geometric center of Shanghai, Hangzhou, and Ningbo. Since its inception, Huake Run has assembled a distinguished team of senior executives from Fortune Global 500 companies and leading domestic and international publicly listed enterprises, along with top-tier R&D professionals in medical devices. Through continuous innovation and integration, the company is committed to establishing itself as a pioneering enterprise that leverages robotics to create a digital, minimally invasive orthopedic platform.
Huake Run is the first manufacturer in China to obtain both domestic and EU approvals for its angled vertebral augmentation device, and it offers the most comprehensive portfolio of surgical instruments for both angled and conventional vertebral augmentation procedures. As a global leader in angled vertebral augmentation technology, the company is the preferred supplier of high-quality vertebral augmentation devices for clinicians. In addition, Huake Run boasts a full range of vertebral augmentation products, along with innovative offerings in spinal implants, sports medicine, orthopedic active devices and consumables, and artificial intelligence.
Guided by the mission “Kerun China, Leading the Future,” Huake Run is committed to innovating minimally invasive orthopedic techniques, providing patients and physicians with more outstanding minimally invasive surgical solutions, and striving to become the most innovative minimally invasive orthopedic company in the consumables and equipment sectors.
About Shenzhen High-Tech Investment
Shenzhen High-Tech Investment Co., Ltd. was established in 1994 as a specialized financial services institution set up by the Shenzhen Municipal Party Committee and Municipal Government to address the financing challenges faced by small and medium-sized technology enterprises. The company holds the highest AAA credit rating for market entities in the capital markets. Currently, the Group has a registered capital of RMB 8.852 billion and net assets of RMB 14 billion. Its business spans bank loan guarantees, engineering guarantees, bond credit enhancement, venture capital, fund management, micro-lending, and pawnbroking, providing comprehensive investment and financing services to enterprises throughout their entire lifecycle—from the start-up phase to maturity. Over the past two decades and more, Shenzhen High-Tech Investment has remained committed to serving small, medium, and micro technology-driven enterprises, growing and thriving alongside them.
About Haoyue Capital
Founded in January 2014, Haoyue Capital is a leading industry-focused investment bank in China specializing in the healthcare sector. The firm is headquartered in Shanghai and maintains regional offices in Beijing and Shenzhen. Haoyue Capital is committed to leveraging capital and research-driven insights to help outstanding Chinese healthcare companies successfully access capital markets and deliver value creation for its clients. Its partner team comprises seasoned investment bankers with many years of deep expertise in China’s healthcare industry, supported by a professional staff of more than 70. Haoyue Capital closely monitors developments and investment trends in the healthcare investment market, with research coverage and deal execution spanning multiple sub-sectors, including biopharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. In 2021, Haoyue Capital completed over 50 complex transactions involving private equity financing, M&A integration, and spin-offs of listed companies, with aggregate transaction values totaling several tens of billions of RMB, maintaining a clear leadership position across all segments of the healthcare industry.
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