Yilexin Bio Completes Tens of Millions of RMB Series A Financing to Accelerate Global Expansion and Core Technology Product Development

VCBeat has learned that Chengdu illumax Biotechnology Co., Ltd. (“illumax”), a domestic provider of single-sample chemiluminescence flow cytometry platforms, has announced the completion of its Series A financing round, raising tens of millions of RMB. The round was led by Sichuan Medical Industry Group, with participation from Guanghua Wutong Fund, Sichuan Venture Capital, existing shareholder Chende Capital, and individual investors. Xiqi Capital served as the exclusive financial advisor.

The funds raised in this round will be used for the development, registration, large-scale industrialization, and global expansion of single-test chemiluminescence assays, single-test flow fluorescence assays, and supporting diagnostic reagents.

illumax Corporate Environment

Founded in August 2018, illumax is committed to achieving full supply chain controllability through hard-core innovation, providing cost-effective single-test chemiluminescence and flow fluorescence detection systems for clinical use. The founding team has many years of experience in the IVD industry, with strong R&D capabilities and industrialization expertise.

Development History of illumax

The company specializes in the research, development, and manufacturing of single-test chemiluminescence assays, single-test flow fluorescence assays, and laboratory automation products. It also provides an open ecosystem platform for chemiluminescence and flow fluorescence technologies to the industry. With a nearly 4,000-square-meter industrialization base located in Chengdu International Medical City, the company offers one-stop products and services, including instrument customization, reagent customization, reagent matching, CDMO contract manufacturing, and product registration.

100,000-Class Reagent Production Workshop

The Company's Three ProductsThe fully automated flow fluorescence luminescence immunoassay analyzer P16, the single-test chemiluminescence immunoassay analyzer Lumilite8, and the fully automated chemiluminescence immunoassay analyzer Lumiflx16 have all obtained NMPA certification and European CE certification.

Among them, the lumilte8, an ultra-compact fully automated chemiluminescent immunoassay (CLIA) analyzer no taller than a bottle of cola, stands as the world’s smallest 8-channel single-test CLIA system. Combining the high sensitivity of CLIA with the immediacy of point-of-care testing (POCT) products, it enables rapid detection of over 100 immune assay items, including cardiac markers, inflammation indicators, and bone metabolism markers. With 8-channel parallel processing, results can be obtained in as little as 15 minutes.

The P16 Fully Automated Flow Fluorescence Immunoassay Analyzer is a global first. From the optical system and coded microspheres to fully automated sample pretreatment and ready-to-use reagent kits, all components are independently developed and manufactured in-house. Its unique single-sample, fully automated design has ushered flow fluorescence multiplex detection into a new stage of application, offering extensive prospects in fields such as cytokines, allergens, autoimmune diseases, and life sciences.

These two products not only mark a technological breakthrough for illumax but also break through the limitations of application scenarios, making them suitable for a wide range of settings including clinical laboratories at medical institutions of all levels, ICUs, emergency departments, cardiology departments, chest pain centers, ambulances, and clinics.

Lumilite8 Single-Test Chemiluminescence Immunoassay Analyzer

Guided by the mission of “making precision diagnostics readily accessible,” illumax has dedicated itself to intensive development for several years and has gradually entered a harvest phase in recent years.

• In April 2023, the company’s first fully automated flow fluorescence instrument and its配套 cytokine kits were installed;

• In February 2023, we participated in the Medlab exhibition in Dubai and established collaborations with numerous overseas clients;

• In January 2023, the company was recognized as one of the first batches of innovative small and medium-sized enterprises in Sichuan Province;

• In December 2022, the P16, the world’s first single-sample fully automated flow fluorescence immunoassay analyzer, obtained a medical device registration certificate from the Sichuan Provincial Medical Products Administration.

• In December 2022, it was recognized as a National High-Tech Enterprise;

• In August 2022, four fully automated chemiluminescence immunoassay analyzers and 60 corresponding reagents obtained CE certification;

• In March 2022, ten single-test chemiluminescence immunoassay kits for myocardial inflammation obtained Class II medical device registration certificates;

illumax Sets Sail Overseas, Attracting Attention from Foreign Manufacturers

According to Frost & Sullivan, the market size of China's in vitro diagnostics (IVD) industry is projected to reach RMB 195.7 billion in 2024. With the gradual implementation of tiered diagnosis and treatment systems and the growing demand for routine monitoring driven by heightened public health awareness, the POCT chemiluminescence market—characterized by portable instruments, ease of operation, and timely, accurate results—will continue to expand. This trend will present greater development opportunities for illumax.

Regarding this financing,Zhang Xingpeng, Founder of illumaxHe stated, “We are deeply grateful for the strong support and confidence shown by both new and existing shareholders. In the current environment characterized by a sluggish macroeconomy, extremely rational and even conservative capital, and intense industry competition, gaining recognition from numerous investors not only demonstrates that illumax is pursuing the right initiatives in the right sector, but also reflects their affirmation of our core competitive advantages and future growth prospects. With the support of this round of financing, illumax will continue to focus on single-analyte chemiluminescence and flow fluorescence technologies. Guided by our mission to make precision diagnostics readily accessible, we will remain committed to hardcore innovation, achieve end-to-end supply chain control, actively expand into global markets, and strengthen our channel and brand development. We aspire to grow into a globally leading enterprise in the field of single-analyte immunodiagnostics.”

Chen Wei, Investment Director of Hongke Fund“The IVD sector has always prioritized convenience and cost-effectiveness as key drivers of industry development. illumax’s chemiluminescence POCT solution achieves significant optimization in cost, size, and weight through multi-directional underlying technological innovations, while maintaining diagnostic accuracy. This greatly expands the application prospects of chemiluminescence devices in specialized departments and primary healthcare settings. Additionally, flow fluorescence instruments have achieved further improvements in efficiency and cost reduction. We are highly optimistic about the innovations that illumax’s growth will bring to the healthcare sector and will make every effort to support the company’s future development.”

Dr. Deng Yixin, VP of Guanghua Wutong Fundstated: “The IVD industry is intensely competitive. As the only IVD company in our current investment portfolio, illumax possesses many qualities we highly value: independent R&D and manufacturing of core components, extreme cost compression, robust foundational technologies, and strategic focus on the POCT niche. Single-test chemiluminescence balances the trade-off between speed and accuracy in POCT while reducing instrument procurement and usage costs; meanwhile, single-test liquid-phase microarrays innovatively meet the clinical demand for low-cost multiplex testing. Both product pipelines have clear market potential, and independent R&D efforts in these areas have laid a solid technological foundation for illumax, providing the technical capability to expand into a CDMO within the IVD sector in the future. We expect illumax to continue demonstrating its results-oriented, pragmatic, and down-to-earth corporate culture in upcoming market promotion efforts, growing into a leading enterprise in single-test POCT.”

Zhang Fan, Investment Director of Sichuan Venture Capitalstated: “illumax is one of the few IVD innovators in China with end-to-end (‘0-to-1’) R&D capabilities. The founder’s deep industry insights, the portfolio of immunoassay POCT devices currently on the market and in development, and a pragmatic, execution-oriented business model give us confidence that the company will deliver strong performance in this field and contribute to the healthy development of China’s healthcare sector. Going forward, we will also help the company integrate resources across R&D, manufacturing, and commercialization to accelerate its growth.”

Chende Capitalstated: “We remain bullish on the illumax team’s efforts in the R&D and application development of single-use instruments. By starting with foundational design and core component modules, the company has built a high-performance, highly cost-competitive product portfolio featuring flow fluorescence and chemiluminescence POCT solutions. We look forward to the company accelerating clinical application development and commercialization with the support of its latest round of financing, thereby delivering reliable, user-friendly, and affordable diagnostic products to clinical customers in China and around the world.”

Lei Qiangsheng, Partner at Xiqi Capitalstated: “China continues to advance the expansion and decentralization of high-quality medical resources, as well as their balanced regional distribution. New healthcare infrastructure has once again garnered market attention and policy support. Breakthrough innovative products launched by illumax, such as the fully automated flow fluorescence immunoanalyzer and the single-test chemiluminescence immunoanalyzer, are well-suited to the current needs of new healthcare infrastructure development. We have also long focused on innovative medical products and solutions adapted to the evolving landscape.”

Sichuan Biopharmaceutical Industry Group Co., Ltd. is a wholly-owned subsidiary of Sichuan Development Holding Co., Ltd. As a provincial-level pharmaceutical industry group, it focuses on investment and operations in the biopharmaceutical sector. Its business scope encompasses the research, development, and production of active pharmaceutical ingredients (APIs), intermediates, and finished drugs; the research, development, manufacturing, and production of high-end medical devices and equipment; and pharmaceutical outsourcing services.

Sichuan Development Hongke Equity Investment Fund Management Co., Ltd. is a wholly-owned subsidiary of Sichuan Biopharmaceutical Industry Group Co., Ltd. It has grown into one of the most influential venture capital management institutions in Sichuan Province. The company currently manages two funds, with assets under management totaling nearly RMB 1 billion, and has invested in more than 30 projects in the electronic information and biopharmaceutical sectors. In 2022, it was recognized as one of the “Top 100 Future Healthcare Companies • Emerging Healthcare Investment Institution of the Year.”

Guanghua Wutong Fund is committed to uncovering the primal forces of technological innovation, empowering the growth of partner companies, and serving the development of key industries at both national and regional levels. Life sciences and healthcare are the fund’s primary investment focuses. To date, Guanghua Wutong Fund has invested in multiple innovative pharmaceutical companies and high-end medical device enterprises characterized by high growth potential and breakthrough technologies, and has also taken equity stakes in several funds.

“Chuan Venture Capital” was established in December 2015 as a controlling subsidiary of Sichuan Revitalization Group. It is a professional institution primarily engaged in equity investment and management. The company manages two provincial industrial guidance funds: the Sichuan Innovation and Entrepreneurship Equity Investment Fund and the Sichuan Scientific and Technological Achievement Transformation Equity Investment Fund. Additionally, it initiated and established two market-oriented equity investment funds: the Sichuan Biopharmaceutical Fund and the Mianyang Science and Technology Innovation Fund. Its investment scope covers key industries and sectors, including biopharmaceuticals, electronic information, advanced equipment manufacturing, and new materials.

Chende Capital is an investment firm specializing in innovative medical technologies and frontier biotechnology sectors. Managed and operated by a professional team with extensive experience in the healthcare industry, it oversees multiple RMB and USD-denominated funds. Adhering to the investment philosophy of “focus, excellence, and reputation,” Chende Capital leverages its deep industrial resources in the healthcare sector and years of in-depth research and engagement to promptly identify emerging global technological trends and seize investment opportunities driven by technological innovation. Committed to discovering top-tier companies with the potential to become industry leaders, Chende Capital employs an interconnected, win-win investment methodology and a precise, pragmatic post-investment value-creation system. By co-building an industrial ecosystem and growing alongside entrepreneurs, the firm delivers sustainable, superior returns to its investors.

Xiqi Capital is a boutique investment banking institution jointly established by the Chengdu Angel Investment Association and the Chengdu Technology Enterprise Incubator Association. It specializes in providing professional capitalization advisory services to technology enterprises in Western China, serving as a deep strategic partner for startups over the long term, with the aim of facilitating the capitalization of technological resources in the region.