Pushkang Secures ￥100 Million in Series C Funding Round

(VCBeat) Feb. 22, 2021 -- Zhejiang Pushikang Biotechnology Co., Ltd. ("Pushkang") completed a Series C round of funding worth 100 million yuan, co-led by GL Ventures and Furong Capital, with participation from Yinglian Health Industry Fund. Dianshi Capital served as the exclusive financial adviser in the latest round.

Proceeds from the transaction will be used for new product development, mass production of centrifugal microfluidic chips, clinical trials, marketing and company operation, etc., to accelerate the certification of new products of Pushkang, increase its market share in the POCT market, and build a platform-based in-vitro diagnostic (IVD) company with a complete product line.

Founded in 2014, Pushkang is an IVD solutions player focusing on microfluidic coagulation. It uses microfluidic technology for dissociation, combined with microdevice for separation of whole human blood, exploring the medical applications of clotting (thrombosis and hemostasis), and chemiluminescence immunoassay, including the POCT instrumentation, microfluidic chips, and related diagnostic reagents. Pushkang has applied those products to the emergency department of large hospitals, small and medium-sized hospitals, community hospitals, clinical departments, new mobile medical diagnostic systems, and other scenarios.

After more than six years of development, Pushkang has completed the development of the three microfluidic platforms of coagulation, chemiluminescence and biochemical detection, and launched the corresponding series of products. In addition, Pushkang insists on independent innovation. Its microfluidic devices of blood coagulation and chemiluminescence detection have filled the gap in China.

GL Ventures was set up by private equity heavyweight Hillhouse Capital to invest in emerging startups in February 2020. GL Ventures focuses on four areas: biomedicine and medical devices, software services and initiatives in tech innovations, consumer internet and technology, and emerging consumer brands and services.

Furong Capital is initiated by the Ningbo Institute of Fudan University as a platform for finance, innovation, and entrepreneurship of science and technology. The company actively serves for the regional planning of Yangtze River Delta and the construction of a world-influential science and technology innovation center in Shanghai. Furong Capital focuses on investments in life science and healthcare, integrated circuits, new energy, new materials in the early or mid-term stage.