TargetingOne Biotech Secures Nearly RMB 100 Million in Series B+ Funding to Advance Digital PCR Ecosystem and Integrated Diagnostics-Therapeutics Development

VCBeat has learned that TargetingOne Corporation., Ltd. (hereinafter referred to as “TargetingOne”) recently successfully completed a Series B+ financing round of nearly RMB 100 million. This round was jointly invested by Shengdi Investment, Lilly Asia Ventures, and Jiuzhi Capital.

This round of funding will be used for TARGETING ONE's existingClinical trials of core products, R&D of follow-on innovative products, market promotion, and supplementation of corporate working capital。

It is understood that TARGETING ONE has currently achieved full independent control over the entire industry chain for digital PCR, encompassing the research and development, manufacturing, and sales of instruments, software, and reagents. The company remains committed to developing high-quality products that truly meet the needs of clinical practice and scientific research.

In the development of instrument-compatible reagents, TARGETING ONE has developed over a hundred reagent kits based on its digital PCR platform. Guided by urgent clinical needs in China, these products cover key areas such as oncology, infectious pathogens, and eugenics. Particularly in oncology, the company has made significant strides in applications where digital PCR excels, including liquid biopsy for solid tumors, minimal residual disease (MRD) monitoring in hematologic malignancies, and differentiation between benign and malignant tumors. Currently, multiple reagent kits are undergoing multicenter clinical trials or seeking Class III medical device registration approval, addressing unmet clinical needs and benefiting more patients.

2023 was a chilling year for the entire pharmaceutical and healthcare industry. The prolonged venture capital winter, coupled with the sluggish performance of the healthcare sector in the secondary market, has led to spreading pessimism in the field of medical investment.

Amid the current downturn in capital within the pharmaceutical sector, investment firms are exercising greater caution in their decision-making and shifting their investment strategies. In previous interviews conducted by VCBeat, multiple investors stated that they would increasingly focus on companies with strong self-sustaining revenue capabilities and robust growth rates.

The shift in capital style has raised higher demands for medical innovation, requiring that superior technologies be translated into products and gain market traction to achieve widespread recognition.

In the field of in vitro testing, molecular diagnostics and point-of-care testing (POCT) are central to the development trends of in vitro diagnostics (IVD) and represent key areas for future market competition. Among these, digital PCR, known as the third-generation PCR technology, is one of the most sensitive technical platforms. Its primary advantages include ultra-high sensitivity, the capability for absolute quantification, and excellent reproducibility and stability of results. It holds broad clinical value and meets regulatory approval requirements for medical devices.

Amid the prevailing chill in the venture capital and private equity industry, the digital PCR (dPCR) sector has achieved counter-cyclical growth during this downturn, driven by its unique technological advantages and promising application prospects in fields such as tumor companion diagnostics, early cancer screening, infectious disease testing, and eugenics and healthy birth. According to forecasts by Gaohe Investment Research Center, the market size of China’s digital PCR industry is expected to maintain a high growth rate from 2020 to 2024, expanding from RMB 2.133 billion to RMB 7.011 billion, with a compound annual growth rate (CAGR) of 34.65%.

As a leading enterprise in the field of digital PCR, TARGETING ONE was founded in 2015. To date, the company has filed over 200 patents, with more than 100 granted; published over 40 academic papers in internationally renowned journals; and received the Second Prize of Beijing Science and Technology Award.

Amid the industry-wide challenge of “difficult financing,” it is remarkable that TARGETING ONE has secured another substantial round of funding. This achievement serves as further strong testament to the industry’s recognition of the company, which has built an effective “moat” through years of focused dedication and deep cultivation in the field of digital PCR.

In January 2021, TARGETING ONE completed a RMB 150 million Series B financing round led by Lilly Asia Ventures, with participation from Huachuang Capital and Hillhouse Ventures, becoming the largest funding round in China’s digital PCR sector at that time.

In the field of digital PCR, TARGETING ONE has undertaken multiple pioneering initiatives and earned industry acclaim.: One of the earliest enterprises in China dedicated to the R&D, manufacturing, and sales of digital PCR instruments and reagents; the first to obtain medical device approval for digital PCR instruments; the first to break domestic monopolies and achieve exports; the holder of the world’s first Class III registration certificate for digital PCR technology in the diagnosis of infectious diseases; the first enterprise in the digital PCR field to lead a project that won a provincial or ministerial-level Science and Technology Award; and has maintained a leading position in the market share of domestic digital PCR instrument tenders for the past three consecutive years.

In 2022, TARGETING ONE launched at CACLPThe innovative D-Series fully automated digital PCR integrated system with microdroplet flow cytometry truly enables on-demand testing and assembly-line operations. It allows for simultaneous detection of multiple projects, with a daily throughput exceeding 1,000 samples, while significantly reducing costs. Its speed and cost-effectiveness are essentially comparable to those of qPCR, meeting the clinical demands for high-volume sample processing, operational simplicity, and cost control., is a milestone product in the field of digital PCR, achieving global leadership in this sector.

Currently, TARGETING ONE has establishedProduct lines covering key disease areas, including liquid biopsy for cancer, early cancer screening, early diagnosis of infectious diseases, rapid diagnosis of severe infections, and birth defects.This financing round will also mark a significant milestone for TARGETING ONE in launching clinical trials for its core products and scaling up market promotion.

In the future, the company will be guided by significant clinical needs, drive continuous innovation of its digital PCR technology platform, launch a series of digital PCR products to meet diverse customer requirements, strengthen collaboration and engagement with leading pharmaceutical companies, and truly achieve integrated development of precision diagnosis and treatment.

Regarding this round of financing,Yang Wenjun, Co-founder of TARGETING ONE, stated“We extend our gratitude to Shengdi Investment, Lilly Asia Ventures, Jiuzhi Capital, and all existing shareholders for their recognition of the TARGETING ONE team and its products. Since its inception, TARGETING ONE has remained focused on the field of digital PCR and related products. Leveraging its outstanding innovative technologies and robust capabilities in R&D, manufacturing, and commercialization, the company is gradually building a digital PCR ecosystem and evolving into a platform-oriented enterprise. Moving forward, TARGETING ONE will continue to center on its digital PCR technology platform, guided by critical applications urgently needed in life sciences and clinical medicine, to deliver exceptional products to researchers, clinicians, and patients.”

Shengdi Investment stated: “Digital PCR technology offers the advantages of high sensitivity and absolute quantification, demonstrating significant application potential in areas such as precision disease diagnosis. TARGETING ONE possesses core underlying technologies for digital PCR R&D, along with strong innovation capabilities and the ability to sustain continuous iteration. The company has deployed a portfolio of diagnostic kits leveraging the advantages of digital PCR across various disease fields. We are optimistic about the application prospects of these kits in disease diagnosis, particularly in liquid biopsy and companion diagnostics. We look forward to digital PCR technology serving unmet clinical needs more effectively and rapidly, while also contributing to the development of multiple specialized sectors, including new drug development and scientific research.”

Lilly Asia Ventures stated“Since the last round of financing, TARGETING ONE’s digital PCR instruments have risen to become the number one domestic brand in market share within China. Meanwhile, the company has obtained the world’s first registration certificate for an infectious disease detection kit based on digital PCR technology. It will continue to launch detection kit products covering multiple fields, including oncology, infectious diseases, and birth defects. We look forward to working hand in hand with both new and existing shareholders to continuously support the company in promoting the clinical application and value realization of digital PCR.”

Jiuzhi Capital stated“TARGETING ONE, as a pioneer in ‘clinical-grade’ digital PCR, has deployed its products across fields such as oncological pathological diagnosis, infectious diseases, and eugenics. The company’s core team comprises talent from top-tier institutions including Tsinghua University, Peking University, and the Hong Kong University of Science and Technology, possessing robust R&D capabilities spanning instruments, chips, materials, reagents, and software. We are particularly optimistic about TARGETING ONE’s ability to implement clinical applications and look forward to the company providing more powerful tools for clinical diagnosis, thereby benefiting more patients.”

TARGETING ONE, established in 2015 and located in the Zhongguancun Science Park, is a National High-Tech Enterprise and a Beijing “Specialized, Refined, Differential, and Innovative” (SRDI) enterprise. The company focuses on independent innovation in life sciences and molecular diagnostics, boasting high-level R&D teams across instruments, chips, materials, reagents, and software. With rapid development, TARGETING ONE has filed over 200 domestic and international patents, secured more than 100 granted patents, continuously published academic papers in authoritative journals, and undertaken national-level scientific research funds.The company’s digitally PCR system, developed based on independent intellectual property rights, obtained the first NMPA Class III medical device registration certificate for an infectious disease detection reagent based on digital PCR technology. It has won the Gold Award for Outstanding Innovative IVD Products in China for two consecutive years, claimed the Grand Prize at the Zhongguancun International Frontier Science and Technology Innovation Competition, and received the Second Prize of the Beijing Municipal Science and Technology Award. Additionally, the company’s independently developed molecular POCT all-in-one machine has also obtained the NMPA Class III medical device registration certificate.Adhering to the philosophy of “Innovation Makes Precision Accessible,” TARGETING ONE develops advanced technologies characterized by multi-index capability, high throughput, automation, contamination prevention, and cost-effectiveness. Committed to becoming a leading enterprise in life sciences and molecular diagnostics, the company serves the fields of life sciences, precision medicine, drug development, and health management.

Shengdi Investment is a professional equity investment institution under Jiangsu Hengrui Medicine Co., Ltd., registered and established in Pudong, Shanghai on December 6, 2021. Adhering to the principles of professionalism, focus, innovation, and growth, Shengdi Investment conducts equity investment activities centered on the pharmaceutical and healthcare industry. It prioritizes innovative R&D and clinical needs in the biopharmaceutical sector, adheres to market-oriented and differentiated investment strategies, and is committed to building a circular, win-win biopharmaceutical ecosystem and a leading domestic biopharmaceutical innovation investment platform.

Lilly Asia Ventures (LAV) is a premier venture capital fund dedicated to investing in the life sciences and healthcare sectors. Headquartered in Shanghai, China, it maintains offices in Hong Kong, China, and Silicon Valley, USA. The fund’s long-term vision is to build exceptional companies that overcome diseases and improve human health through breakthrough products, and to serve as a trusted partner for outstanding entrepreneurs seeking smart capital.

Jiuzhi Capital is a leading domestic investment firm deeply rooted in the high-tech industry, maintaining extensive collaborations with prestigious universities such as Tsinghua University, Peking University, and Zhejiang University in the commercialization of scientific achievements and equity investments in sci-tech innovation. As a key partner to numerous central state-owned enterprises and financial institutions in the field of sci-tech innovation investment, Jiuzhi Capital has jointly established a series of sci-tech innovation equity investment funds, providing comprehensive support to its portfolio companies. The firm has invested in over 100 high-tech enterprises, including BYD (002594, formerly the fifth-largest shareholder), Hoymiles Power Electronics (688032, third-largest shareholder), Leapmotor (HK9863, fifth-largest shareholder), Qiyuan Core Power, and SVOLT.