GenoMind Biotech Completes Nearly RMB 400 Million Series C Funding Round Co-led by KingMed Diagnostics and Guoxin Investment

VCBeat has learned that on August 2, GeneMind announced the completion of its Series C financing round, raising nearly RMB 400 million. This round was led by a domestic leader in the third-party medical testing industryKingMed Diagnosticsand state-owned investment institutionsGuoxin Investmentco-led by institutions such as,Shenzhen Gaoxin Investment, Guochuang Zhiyuan, Changzhou Shuangye Venture Capital, Caixin CapitalCo-investment.

The proceeds from this round of financing will be primarily allocated to intensifying R&D efforts for new products and technologies, such as gene sequencing instruments and reagents, thereby continuously optimizing the product portfolio; expanding production capacity for existing products; accelerating the submission of applications for medical device registration certificates; and promoting the adoption of products both domestically and internationally, to further expedite industrialization and achieve economies of scale.

GeneMind, established in 2012, is a provider ofCore Tools for Gene Sequencingan independent innovation-driven enterprise. It has long been dedicated to the research, development, and manufacturing of upstream instruments and reagents for the gene sequencing industry. The company owns the proprietary “SURFseq” sequencing technology platform and holds more than 300 domestic and international patents (granted and pending), achieving comprehensive intellectual property protection spanning from methodologies to key process technologies. It was the first in the industry to establish a dual-product strategy featuring both “single-molecule sequencers” and “high-throughput sequencers,” and it possesses the world’s first single-molecule sequencer approved by the National Medical Products Administration (NMPA) for clinical diagnostic use. Currently, it offers a comprehensive portfolio of low-, medium-, and high-throughput sequencing products that address needs ranging from scientific research to clinical applications, thereby fully empowering sequencing-based solutions.

While overcoming the challenges in sequencer R&D, GeneMind has consistently advanced its production and construction efforts in parallel. The company possesses independent R&D and manufacturing capabilities for both instrument hardware and core raw materials. Its R&D and production facilities in Shenzhen cover a total area of nearly 10,000 square meters. Mass-produced products include sequencing kits, sequencing chips, and gene sequencers. With an annual production capacity of 1,000 sequencers and sequencing kits sufficient for 2.4 million tests, GeneMind has achieved domestication and autonomous control across its entire platform encompassing “instruments, reagents, chips, and software.” It is one of the few sequencer manufacturers globally with a comprehensive portfolio of sequencing system products and commercial delivery capabilities.

In March 2023, GeneMind partnered with Nanjing Jiangbei New Area to launch a project for the R&D and industrialization of high-throughput gene sequencers and supporting reagents, initiating a dual-core strategic layout in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region, and further advancing the large-scale and industrialized deployment of Chinese-made sequencers across China and globally.

As a leading Chinese independent brand of gene sequencing instruments, GeneMind is a national high-tech enterprise and a national-level specialized, refined, distinctive, and innovative “Little Giant” enterprise. It has been approved to establish multiple high-level innovation platforms, including the Guangdong Provincial Academician Workstation, the Shenzhen Municipal Academician (Expert) Workstation, the Guangdong Provincial Engineering Technology Research Center, and the Shenzhen Single-Molecule Sequencing Platform and Application Engineering Research Center, continuously injecting new momentum into the innovation of sequencers.

In recent years, GeneMind has gained recognition from leading institutions in the fields of disease control and prevention, scientific research, clinical practice, and medical laboratory testing. It has established multiple strategic collaborations with partners such as the National Clinical Research Center for Infectious Diseases, Sansure Biotech, Nuwa Life, Yijian Medical, and Genetron Health in areas including reproductive health, genetic diseases, infectious disease control, tumor prevention and control, forensic science, and molecular breeding. Beyond the domestic market, GeneMind is actively embracing global opportunities, with its sequencer products favored by customers in Europe, Asia, and many other countries.

GeneMind’s single-molecule sequencer GenoCare 1600 (left), high-throughput sequencer FASTASeq 300 (center), and high-throughput sequencer GenoLab M (right)

Regarding this round of financing,Yan Qin, Co-founder, Chairman and CEO of GeneMindGeneMind expressed its delight at receiving strong support from both industrial and state-owned capital. By joining hands with all parties to leverage combined strengths in capturing livelihood-oriented applications, developing new products and solutions, and expanding business channels, the Series C financing round will mark a new starting point for GeneMind’s accelerated growth. Standing at this new juncture, GeneMind will continue to focus on the life and health sector, gain insights into industry and application trends, and pursue collaborative innovation with partners to bring greater benefits to life through gene sequencing technology. We extend our gratitude to all investors for their support of GeneMind and welcome new partners to join us in writing the story of “Making Life Readable, Making Health Shapable.”

KingMed DiagnosticsHead of Investmentstated that KingMed Diagnostics has been committed to building a “Medical Testing+” ecosystem, collaborating with more upstream and downstream partners to drive continuous innovation and industry development. This lead investment will help GeneMind explore greater possibilities in the field of precision testing, deeply integrate sequencing technology with testing services, and enrich the medical testing industry ecosystem, thereby providing more accessible and high-quality medical testing services to the healthcare sector and benefiting the health of a broader population.

Lu Zhen, CEO of Guoxin InvestmentStating that gene sequencers, as vital exploratory tools in life sciences, feature high technical barriers and substantial latent demand, GeneMind is one of the few domestic enterprises with independent R&D capabilities for sequencing equipment. Its core sequencing instruments have gained widespread recognition among downstream customers, offering a new solution to China’s “chokehold” technological challenges. We are delighted to participate in this round of financing for GeneMind and look forward to the company continuously launching new products to contribute to the development of China’s life sciences sector.

Chen Xu, General Manager of the Yihua Fund under Shenzhen High-Tech Investment GroupIt stated that GeneMind is the only high-tech company in China, and indeed globally, with comprehensive development capabilities for both NGS gene sequencers and single-molecule sequencers. The large-scale installation and continuous application by leading downstream customers have already demonstrated the stability and competitiveness of GeneMind’s products. We believe that, as a core foundational tool for life sciences research, gene sequencers will see increasingly broad applications. Due to exceptionally high technological and commercial barriers, the competitive landscape of the industry remains clearly defined. Compared with other gene sequencer manufacturers, GeneMind currently holds a leading position among non-listed Chinese gene sequencer companies in terms of commercial installation volume, sales revenue, and product portfolio diversity. Relying on its complete, professional, and pragmatic core team, we are confident that GeneMind will achieve even greater success in the future.

Liu Heng, Deputy General Manager of the National Innovation Center for High-Performance Medical Devices and General Manager of Guochuang ZhiyuanGeneMind is one of the few innovative enterprises globally capable of independently developing and commercially mass-producing a full-platform solution for gene sequencing—a high-barrier field—encompassing everything from chips to instruments, raw materials to reagents, and algorithms to software. The professionalism, pragmatism, efficiency, and unity of the GeneMind team have left a deep impression on us. Cultivating and supporting outstanding innovative medical device companies is a key mission of the National Innovation Center. Having previously established a solid foundation for industrial cooperation with GeneMind, the Center is now honored to participate in this round of financing, which will further deepen the partnership between both parties. We believe that GeneMind will continue to leverage its unique characteristics and advantages to become a global leader in precision medicine.

Zhang Jun, Partner at Changzhou Shuangye Venture Capitalstated that Shuangye Venture Capital is dedicated to promoting the commercialization of hard technologies, and that GeneMind represents a key strategic investment for the firm in the biomedical sector. Shuangye Venture Capital expressed strong confidence in GeneMind becoming a cornerstone of the booming life sciences industry in China.

Guangzhou 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 48 medical laboratories in mainland China, Hong Kong, and Macao, providing accurate, timely, and convenient medical testing and pathological diagnosis services to over 23,000 medical institutions. Its service network covers regions where more than 90% of the population in China resides.

Through international collaboration, independent innovation, and the commercialization of research outcomes, KingMed Diagnostics offers more than 3,600 testing services. With an annual specimen volume exceeding 150 million, the company has accumulated 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 a large-scale technology platform, an extensive service network, and vast sample and database resources to strive to build a “Medical Testing+” ecosystem.

Guoxin Investment, established in 2000 with a registered capital of RMB 4 billion, is a market-oriented equity investment platform under Shanghai State-owned Assets Operation Co., Ltd. The healthcare industry is a key focus area for Guoxin Investment. With years of experience in equity investment, the company has demonstrated strong capabilities in project screening, investment, and management, and has successfully invested in dozens of well-known domestic pharmaceutical, medical device, and CDMO enterprises. Adhering to its business philosophy of “discovering value, creating value, and growing together with outstanding enterprises,” Guoxin Investment will continue to play a significant role in implementing Shanghai International Group’s strategic mission of empowering the real economy with financial capital and supporting the development of Shanghai as a global science and technology innovation center.

Shenzhen High-Tech Investment Group Co., Ltd. (HTI), established in 1994, is a specialized financial services institution founded by the Shenzhen Municipal Committee of the Communist Party of China and the Shenzhen Municipal People’s Government to address financing difficulties faced by small and medium-sized technology enterprises. It holds the highest AAA credit rating for main entities in the capital market. Currently, the Group has paid-in capital exceeding RMB 13.8 billion, net assets of RMB 24.3 billion, and total assets of RMB 44.7 billion. Its business scope covers bank loan guarantees, engineering guarantees, bond credit enhancement, venture capital, fund management, micro-lending and pawnbroking, and commercial factoring, providing comprehensive investment and financing services to enterprises from their start-up phase through to maturity.

The healthcare sector has become one of Shenzhen High-Tech Investment Group’s key investment areas, with a specialized medical investment and research team of nearly 20 professionals. The group has cumulatively invested in more than 30 healthcare companies, including pre-IPO enterprises such as Anke Medical, Hanxiang Brain Science, Anbao Medical, Bona Precision, Reward Life Science, and Kentuo Fluidics.

The National Innovation Center for High-Performance Medical Devices was jointly initiated by leading enterprises and research institutions, including Mindray Medical, Shanghai United Imaging Healthcare, Shenzhen Institutes of Advanced Technology (Chinese Academy of Sciences), LifeTech Scientific, and Harbin Institute of Technology. Approved for establishment by the Ministry of Industry and Information Technology in April 2020, it is Shenzhen’s first national manufacturing innovation center and the only national-level innovation center established in the medical device field in China. The center is committed to overcoming common core key technologies hindering the development of the high-end medical device industry and building an innovative ecosystem for the high-performance medical device industry that integrates the innovation chain, industrial chain, and capital chain. Guochuang Zhiyuan is the sole capital operation platform under the National Innovation Center for High-Performance Medical Devices, focusing on private equity investment in the healthcare sector.

Hunan Caixin Capital Management Co., Ltd. (hereinafter referred to as “Caixin Capital”) is an industrial investment platform under Hunan Caixin Investment Holding Group Co., Ltd., a state-owned enterprise affiliated with the Changde Municipal Government. As a key platform for fully implementing Changde City’s Three-Year Action Plan for “Innovation Breakthroughs and Industrial Breakouts” and promoting high-quality local economic development, Caixin Capital’s business scope covers industrial funds, market-oriented funds, and project investments. The company manages the Changde Industrial Development Fund, which was ranked among the “Top 30 Chinese Prefecture-Level Government Guidance Funds in 2023” by Zero2IPO. It has also taken equity stakes in market-oriented funds managed by several leading domestic institutions, including Fortune Capital, CICC Capital, Oriental Fuhai, and Cowin Capital. Its investment activities focus primarily on new materials and new energy, biopharmaceuticals, and advanced manufacturing.