Pulnovo Medical has completed an oversubscribed $100m strategic financing round, with Medtronic as the lead investor.
The round also included participation from existing investors such as EQT, Gaorong Ventures, Lilly Asia Ventures, OrbiMed and Qiming Venture Partners, along with new investors, including HSG (formerly Sequoia China).
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It marks a significant moment for Pulnovo’s international business growth.
The financing will be directed towards clinical development, global regulatory submissions, international commercialisation, and investments in Pulnovo’s technology platform.
In support of its global expansion, Andre Xiao has joined as chief strategy officer, bringing prior experience from Citadel and Millennium Management, to oversee global financing and strategy for Pulnovo.
Alongside the capital infusion, Pulnovo and Medtronic have signed a commercial agreement to explore potential future commercialisation opportunities, leveraging Medtronic’s extensive global commercial infrastructure.
According to the companies, the agreement focuses on commercial synergy between Pulnovo and Medtronic to strengthen the former’s market presence.
Pulnovo’s pulmonary artery denervation (PADN) system addresses the underlying mechanisms of cardiopulmonary conditions and demonstrates improvements in patient outcomes.
The company has carried out approximately 1,500 PADN procedures worldwide and received regulatory approval in seven countries.
In the US, Pulnovo has received the Food and Drug Administration (FDA) breakthrough device designation and initiated two fully approved investigational device exemption (IDE) trials, led by Mount Sinai senior faculty and professor Dr Gregg Stone.
Pulnovo chairlady and president Cynthia Chen said: “Through the integration of industry expertise and long-term capital, Pulnovo is building a scalable growth model anchored in proprietary innovation, global clinical development, and strategic ecosystem partnerships.
“This financing marks a pivotal transition from a product-driven phase to a fully integrated global platform. As we continue to strengthen our capabilities across both clinical and technological fronts, we remain committed to delivering meaningful innovation to patients worldwide.”
In March 2025, Pulnovo Medical closed a Series C financing round, securing $100m for progressing the company’s worldwide trials, global business expansion, and strategic initiatives.
