GenoCare Completes RMB 280 Million Series C+ Financing to Accelerate Commercialization and Global Expansion

VCBeat learned that on May 28, GeneMind announced the completion of its C+ round financing amounting to RMB 280 million. This round of financing was led bySansure Biotech (688289), KingMed Diagnostics (603882), Shengwei Rongquan, Kinghall VenturesCo-led by multiple parties,Voyagers Capital, Haikou Junxin, Shuangye Ventures, Qianhe Capitaland other institutions jointly participated in the investment.

This financing will be anchored to“Commercialization Ecosystem Development”and“Global Expansion Strategy”Two major strategic objectives provide ample momentum to solidify market presence, expand production capacity, and ensure compliant operations, thereby accelerating the dual breakthroughs of domestic substitution and global technology expansion.

Since completing its Series C financing in August 2023, GeneMind has achieved remarkable progress in the development of core technology products, regulatory submissions for medical device certifications, and the construction of domestic and international application ecosystems, thereby laying a solid foundation for the large-scale commercial adoption of domestically produced sequencing instruments.

• Successfully launched two star products:The SURFSeq 5000, a desktop gene sequencer with the world’s highest throughput (2.2 Tb/run), and the SURFSeq Q, an ultra-high-throughput sequencer with the world’s highest single-day output (9 Tb/day),With data quality and various performance parameters ranking among the top in the industry, the product has received high recognition from users. At the recently held 18th China Scientific Instrument Development Conference, SURFSeq Q was awarded the 2024 Outstanding New Product Award in the scientific instrument industry.

  
  

• Two products have successfully obtained Class III medical device certifications from the National Medical Products Administration: GenoLab M Dx, approved in September 2024, isChina's first domestically developed high-throughput gene sequencer adopting the "reversible terminator sequencing" method,FASTASeq 300 Dx, approved in April 2025, isCombining Comprehensive Advantages in Speed, Cost, and Sample Flexibilitya powerful tool for clinical admission. The approval of two major qualifications provides users of imported platforms with similar methodologies a superior domestic alternative and upgrade option.

• Secured approval for five key R&D programs and major special projects supported by the Ministry of Science and Technology and the National Health Commission within two years,and was further upgraded from a national MIIT “Specialized, Refined, Differential, and Innovative” (SRDI) “Little Giant” enterprise to a national key SRDI “Little Giant” enterprise.

  
  

• The commercialization process has accelerated both domestically and internationally, with rapid growth in sequencer installations and operating revenue. Global business operations now cover Europe, the Asia-Pacific region, the Middle East, the Americas, and other areas.in more than 50 countries and regions,SubstantiveNearly 500 Partners, including leading research institutions, clinical medical facilities, and mid- to downstream enterprises.

From systemic technological breakthroughs to large-scale application, GeneMind has further demonstrated the exceptional capability of Chinese-made high-end life science instruments in serving the global market, leveraging its comprehensive product portfolio and closed-loop industrialization capabilities.

This financing round marks GeneMind’s further strengthening of its competitive advantages in industrial height, depth, and breadth, accelerating its journey to become a global leader in the fields of gene sequencing and omics.

GeneMind Chairman Yan Qinstated: “Amid the economic downturn and capital winter, we extend our heartfelt gratitude to both new and existing shareholders for their trust, companionship, and support! The successful completion of this financing round not only reflects capital market recognition of GeneMind but also represents a strategic resonance among the innovation chain, industrial chain, and capital chain. The long-term dedication of our industry partners has validated GeneMind’s core value in clinical and commercial scenarios, while the resource injection from professional institutions has built systematic support for our globalization process. We look forward to working with everyone to expand the new frontiers of sequencing technology development and accelerate ‘Intelligent Manufacturing in China’”’Strategic Breakthroughs of Sequencing Platforms in the Global Market: Ascending to the Higher Value End of the Life Science Tools Industry Chain.

Dai Lizhong, Chairman of Sansure Biotechstated: “As a long-term strategic partner of GeneMind, we have witnessed its leapfrog growth and consistently recognize its strong capabilities in the field of sequencers. GeneMind’s R&D and manufacturing strengths in gene sequencers precisely complement Sansure Biotech’s advantages in the molecular diagnostics market. Moving forward, both parties will deepen their cooperation to jointly drive the international breakthroughs of China-produced gene technologies.”

Liang Yaoming, Chairman and CEO of KingMed Diagnosticsstated: “As the lead investor in GeneMind’s Series C to C+ financing rounds, we are delighted to witness GeneMind’s continuous breakthroughs in technological iteration and product innovation, providing essential tools for precision medicine. Leveraging KingMed Diagnostics’ nationwide service network, both parties will engage in deep collaboration in areas such as synergizing precision testing technologies and innovating application scenarios, thereby promoting the large-scale adoption of sequencing technologies. We look forward to jointly building ‘medical laboratory testing +’ecosystem, enabling high-quality genetic testing services to benefit more medical institutions and patients.”

Zhao Hui, General Manager of Shengwei Rongquanstated, “Over the past few years, GeneMind has demonstrated through its actions that it is a team capable of shouldering significant responsibilities and delivering results. In the context of an increasingly complex international landscape, we believe that GeneMind’s continuous progress and development will help safeguard the life sciences sector. We look forward to even greater surprises from GeneMind in the next one to two years.”

Hao Bixi, Managing Partner of Kinghall Venturesstated: “GeneMind is one of the very few companies globally in the sequencer field that possesses an integrated ‘instrument-reagent-chip-software’An enterprise with independent R&D and manufacturing capabilities across all platforms, whose technological barriers and industrial value align closely with the strategic investment direction of Kinghall Ventures. Adhering to the principle of “cultivating healthcare enterprises with international competitiveness”’“Guided by this philosophy, Kinghall Ventures will integrate the synergistic advantages of capital and industry, leverage both market and government resources, deeply empower corporate development, and help outstanding Chinese technology brands such as GeneMind stand out in global competition.”

Dr. Chen Bing, Founding & Managing Partner of Voyagers CapitalVoyagers Capital stated: “As one of the few companies globally with independent intellectual property rights and key core technologies for gene sequencers, GeneMind has achieved comprehensive development across multiple fields, including reproductive health, genetic diseases, and infectious diseases. Its sequencer products have gradually gained recognition and favor from customers worldwide. Voyagers Capital believes that, leveraging the innovation capabilities, R&D experience, and execution strength of its Chinese engineering team, along with the completeness, timeliness, and cost-effectiveness of the domestic supply chain, GeneMind is poised to become a globally competitive leading enterprise in the sequencing industry.””

Sansure Biotech Inc. is a provider of integrated diagnostic solutions, centered on independent innovation in genetic technology and integrating in vitro diagnostic reagents, instruments, third-party medical testing services, and biopharmaceuticals. Listed on the STAR Market (Stock Code: 688289), the company has been included in the Top 100 Global Medical Device Companies list and ranked among China’s Top 100 Pharmaceutical Industry Enterprises. Committed to becoming a democratizer of life sciences, Sansure Biotech serves the construction of China’s precision medicine system and tiered diagnosis and treatment system. It is recognized as a National Demonstration Center for Genetic Testing Technology Application, a National-Local Joint Engineering Research Center for Gene Diagnostic Technologies for Infectious Diseases and Tumors, a National Enterprise Technology Center, a National Technological Innovation Demonstration Enterprise, a host unit for a National Postdoctoral Research Station, and a National Intellectual Property Demonstration Enterprise. The company is accelerating its transformation into an international leader in life sciences and striving to become a world-class enterprise.

The Company has established three major industrial bases in Changsha, Shanghai, and Beijing, and set up subsidiaries or branches in major cities across China, such as Chengdu, as well as in key global regions including the United Kingdom, France, the United States, Indonesia, the Philippines, and Thailand.

KingMed Diagnostics Group Co., Ltd. [Stock Code: 603882] is a high-tech service enterprise centered on third-party medical testing and pathological diagnosis services. It has established 50 medical laboratories in mainland China and Hong Kong, providing accurate, timely, and convenient medical testing and pathological diagnosis services to over 23,000 medical institutions, with its service network covering areas where more than 90% of the population in China resides.

Through international collaboration, independent innovation, and the commercialization of research outcomes, KingMed Diagnostics has developed over 90 categories of medical testing and “testing + AI” technologies. It provides medical testing services that cover the entire life cycle, all disease areas, and the full spectrum of diagnosis and treatment processes. With an annual testing volume exceeding 100 million samples, the company has amassed a globally leading large-scale sample and database specific to East Asian populations, leveraging this foundation to drive original innovations in the in vitro diagnostics industry and AI-assisted diagnosis.

KingMed Diagnostics is focusing on third-party medical testing as its core business, leveraging large-scale platforms, extensive networks, comprehensive services, vast sample repositories, and big data to strive to build a “Medical Testing+” ecosystem.

Shengwei Rongquan, established in 2021, is an industrial investment institution focused on the in vitro diagnostics (IVD) sector and serving the broader healthcare industry. It was jointly founded by Dr. Dai Lizhong, Chairman of Sansure Biotech, Sansure Biotech itself, and senior professionals from the financial investment sector. Shengwei Rongquan is committed to sourcing advanced IVD technologies globally and leveraging Sansure Biotech’s robust productization and commercialization capabilities to rapidly introduce them to the healthcare market.

Kinghall Ventures, established in 2017, is a professional investment institution focused on the healthcare sector. Based in the Greater Bay Area with a nationwide reach, its fund manager has attracted market-oriented capital and government guidance funds from across China. It has made deep investments in typical healthcare segments, including the in vitro diagnostics (IVD) industry chain, life science research tools, innovative medical devices, consumer healthcare and medical services, and new drug development. By building a sustainable boutique healthcare fund and an industrial ecosystem, Kinghall Ventures aims to cultivate healthcare enterprises with international competitiveness.

Voyagers Capital, established in 2022, is an early-stage venture capital firm focused on the healthcare and medical sectors. It currently manages dual-currency funds in both USD and RMB, with investors including numerous domestic and overseas listed companies, family offices, and funds of funds.

Voyagers Capital invests globally across biopharmaceuticals, medical devices, in vitro diagnostics (IVD), and smart healthcare. Leveraging the industrial ecosystem cultivated over many years by its founding team, and fully integrating healthcare industry resources, deep academic expertise, and capital market experience, Voyagers Capital provides robust support and assistance to portfolio companies at multiple stages of their lifecycle.

Haikou Junxin Industrial Investment Co., Ltd. is a wholly-owned secondary subsidiary of Haikou Industrial Investment Group. The Company primarily engages in fund investment and provides investment consulting services, while gradually expanding into supply chain finance, emergency bridge loans, financial leasing, and other businesses. In coordination with other state-owned financial enterprises, it provides guarantee, micro-lending, and factoring services to enterprises within industrial parks. By integrating resources from banks and other financial institutions and collecting financing needs of park-based enterprises, the Company builds a bridge for matchmaking between both parties, striving to become a first-class integrated service provider for guided investment in key supported industries and financial services.

FrostLeaf Ventures was established in 2022 as a venture capital firm focused on emerging technologies and frontier industries. Adhering to the philosophy of precision investment and deep empowerment, it is dedicated to identifying and nurturing high-growth-potential investment targets. Currently, FrostLeaf Ventures manages multiple funds covering various investment stages and strategies. Its limited partners include listed companies, state-owned enterprises, fund-of-funds, and government guidance funds, providing a solid financial foundation and a rich resource network for its investment activities.

FrostLeaf Ventures boasts an extensive and deep investment portfolio, with a strategic focus on frontier sectors such as biopharmaceuticals, artificial intelligence, big data, semiconductors, new energy, and advanced manufacturing. Leveraging the founding team’s profound industrial ecosystem resources accumulated over many years in relevant industries, the firm has established close partnerships with numerous industry-leading enterprises, top-tier research institutions, and seasoned industry experts, enabling it to provide multi-layered value-added services to its portfolio companies.

Qianhe Capital focuses on investing in new drug R&D, medical devices, and healthcare service companies within the global healthcare industry. The fund is dedicated to identifying and investing in healthcare companies and entrepreneurs that demonstrate genuine clinical value, possess innovative technologies, and exhibit strong commercial execution capabilities. The team has extensive experience in biotechnology R&D, venture capital, financial market regulation, and capital market operations. It maintains close ties and collaborations with numerous high-quality institutions in the domestic and international healthcare sectors, connecting key healthcare markets. While empowering biotech companies to achieve sustainable development, the firm has realized exits through various domestic and overseas channels, generating superior investment returns.