Zhizhen Bio Announces Over RMB 100 Million Series B Financing to Accelerate Commercialization of Flow Cytometric Fluorescence Products

VCBeat has learned that on July 15, 2022, ZhiZhen Bio announced the completion of its Series B financing round, raising over RMB 100 million. The round was led by Fortune Capital, with participation from Daoyuan Capital, Huihe Capital, Hybribio, Libip, and existing shareholder Qiming Venture Partners. Probe Capital continued to serve as the exclusive financial advisor for this round. The funds will be used to accelerate market expansion for the company’s products and support the development of new technologies and products.

As a national high-tech enterprise providing flow cytometry-based multiplex assay products for clinical diagnostics and life science research, Zhizhen Bio was recognized as a Deloitte “Technology Fast 50 Rising Star” in 2021. Adhering to its mission of “Innovation Changes the World, Caring for Life and Health,” the company has launched a series of innovative flow cytometry products in recent years, maintaining robust R&D capabilities and rapid product iteration. To ensure product quality and service excellence, the company has continuously invested human and material resources to establish a comprehensive supply chain system and a nationwide customer service network. Its nearly 10,000-square-meter production and quality assurance centers in Beijing and Wuxi guarantee reliable product quality and sufficient production capacity.

Flow cytometry-based fluorescence detection is a new-generation, high-throughput, multiplexed platform technology that has become a prominent emerging sector in the fields of in vitro diagnostics and life sciences research. At its core, this technology integrates multi-color flow cytometric detection with liquid-phase bead capture. It is applied to immune and protein assays, offering advantages such as high throughput, high sensitivity, multiplexing capability, and low testing costs.

As a pioneer in the research and development of flow fluorescence detection technology in China, Zhizhen Biology has not only mastered the preparation of multiplex magnetic encoding microspheres but also stands as the sole domestic manufacturer of complete flow cytometry instruments with in-house capabilities for producing core components, such as high-power flow lasers and highly sensitive multicolor fluorescence detection systems. Currently, Zhizhen Biology has developed a series of flow fluorescence detection products and solutions tailored for clinical diagnostics and life science applications, embarking on a new journey to popularize “domestically produced” flow cytometry.

Automation and intelligence have long been the core demands of customers using flow fluorescence detection products, a challenge that numerous flow cytometry suppliers, including international brands, have failed to adequately address for many years. Targeting diverse application scenarios such as protein/antibody detection and cell analysis, Zhizhen Biology has developed a series of automated and intelligent solutions for flow cytometry across multiple scenarios. These solutions leverage its independently developed multiplex magnetic encoding microsphere system, automated extraction and processing technologies for cells and magnetic beads, and multi-color labeling and clustering analysis techniques for cell subpopulations.

Zhenzhi Bio HCC Intelligent Flow Cytometry Application Platform

The HCC Smart Flow Cytometry Application Platform is an intelligent flow cytometry detection solution with customizable workflows, specifically developed by Zhen Bio for traditional flow cytometry customers. It features the HyPoster Flow Cytometry Sample Preprocessor, which allows users to customize processing protocols and integrates cell lysis/extraction with protein/antibody capture capabilities, enabling high-throughput online processing of both cellular and serum samples; the CytoFocus Automated Flow Fluorescence Detector, a dual-laser, eight-color system with ultra-high fluorescence sensitivity and high-speed automated batch sample loading; and the CytoCluster Flow Cytometry AI Analysis Software, which integrates automated batch analysis functions such as high-dimensional data extraction, cell clustering, and protein quantification.

Zhi Zhen Biology HighFlux Series Fully Automated Flow Cytometry Platform

The HighFlux Series of Fully Automated Flow Fluorescence Detection Systems are desktop-based, high-throughput flow fluorescence immunoassay systems developed by Zhenbio for clinical laboratory users. Featuring multifunctionality and flexible configuration, these systems integrate assays for multiplex cytokines, multiple tumor markers, sex hormones, and autoantibody profiles, enabling highly efficient multiplex testing. Furthermore, to meet the growing demand for large-volume testing in clinical and health examination settings, the HighFlux Series supports multi-unit networking, easily achieving a throughput of thousands of tests per hour.

Zhenbiologics Fully Automated Flow Fluorescence Detection Assembly Line

For years, Zhizhen Bio has been continuously exploring and experimenting with the application potential of flow fluorescence technology in refined cell analysis, ultra-multiplex protein detection, and even single-molecule immunoassays.

Zhihen Bio multiCyte Multi-Color Research Flow Cytometer

Looking to the future,Ma Yongbo, Chairman and CEO of ZhiZhen Biostated: “Currently, the company’s flow cytometry products have been fully launched into the market, serving both clinical and research customers. Moving forward, while continuing to provide high-quality products and services, Zhizhen Bio will focus more on exploring the unknown, fully unlocking the application potential and solutions of flow fluorescence technology in single-cell research, protein screening, and the discovery of new clinical biomarkers, thereby continuously delivering more advanced flow cytometry products and services to our customers.”

Regarding this round of financing, Ma Yongbo further stated, “The closing of this financing round will accelerate the company’s commercialization process. Meanwhile, ample financial support will enable us to attract more talent, increase R&D investment, and ensure the rapid translation of innovative products. We thank the investors in this round for their attention and support of Zhizhen Biology. We will continue to pursue innovation and contribute Zhizhen’s strength to the domestic substitution of flow cytometry products.”

Lead Investor in This RoundDr. Wang Xianzheng, Investment Director of the Healthcare Sector at Fortune Capital“High-end domestically produced life science instruments and innovative IVD products are key investment focuses for Fortune Capital. In recent years, flow cytometry diagnostic platforms have been accelerating their transition from high-end research instruments to clinical applications. With features such as multi-parameter detection, high efficiency, and ultra-high sensitivity, they hold significant potential for application in clinical departments including infectious diseases, immunology, and oncology. Zhizhen Biology has dedicated years to R&D in the domestication of flow cytometry, overcoming multiple ‘chokepoint’ technologies and achieving autonomous control over core components. The company has substantially improved product intelligence, full automation, and stability, creating a cost-effective domestic flow cytometry diagnostic platform for the Chinese clinical market. Zhizhen Biology already possesses scalable mass production capabilities for IVD instruments and reagents, along with experience in clinical promotion. As new products continue to launch, it is expected to accelerate the penetration and widespread adoption of flow fluorescence diagnostics across various clinical departments.”

Investors in This RoundZhang Dafeng, Chairman of Daoyuan CapitalHe stated, “Flow fluorescence, as a platform technology, possesses strong scalability. Based on this platform, Zhizhen Biology has developed flow cytometers, high-end hematology analyzers, and liquid chips, along with associated equipment and reagents covering cellular and molecular detection. The company’s products have broad application areas. In particular, with the rapid development of the cell therapy industry, flow cytometry products are playing an increasingly powerful and irreplaceable role in both clinical medicine and scientific research. The innovation and execution capabilities of the Zhizhen team are impressive. We look forward to the launch of more of the company’s products, bringing efficient and convenient innovative diagnostic and therapeutic solutions to patients in China.”

Fortune Capital is one of the most influential venture capital firms in China. With its outstanding performance, Fortune Capital has consistently ranked among the top in evaluations conducted by authoritative institutions such as the China Venture Capital Association, Zero2IPO Group, CVSource, and Financing China. It has been named to Zero2IPO’s “Top 50 Best Venture Capital Firms in China” for 21 consecutive years, ranking first in 2012 and 2015, and has remained among the top three domestic venture capital firms for the past decade.

Fortune Capital currently manages funds totaling over RMB 36 billion, has invested in more than 660 companies, and successfully exited from 248 investments. Among these, 128 portfolio companies have gone public, and a cumulative total of 96 have been listed on the National Equities Exchange and Quotations (NEEQ). Notable listed companies include Aier Eye Hospital, CanSino Biologics, Hybribio, Hotgen Biotech, Lanwei Medicine, Sinopep, EVE Energy, Mingyuanyun, Huayou Cobalt, H&T, G-bits, BlueFocus, Sunner Development, Teway Food, and Dingdong Maicai.

Daoyuan Capital is a leading private equity investment firm focused on the healthcare sector, dedicated to leveraging capital and industry resources to accelerate the growth of outstanding healthcare enterprises, deliver superior medical products and services to society, and advance human health.

As of now, Daoyuan Capital manages 12 RMB-denominated funds and three USD-denominated funds. Its funds have invested in a total of 77 high-quality portfolio companies, among which 14 have completed initial public offerings (IPOs), including one that has received registration approval from the China Securities Regulatory Commission (CSRC) for listing on the STAR Market. Notable examples include Jinxin Fertility (01951.HK), Viva Biotech (01873.HK), Sino Medical Sciences Technology (688108.SH), LabPile (688393.SH), and Clover Biopharmaceuticals (02197.HK). In 2022, to date, one portfolio company has passed the Hong Kong Stock Exchange’s listing hearing, while three others are in the IPO process. Daoyuan Capital expects that more than ten of its portfolio companies will list on major domestic and international stock exchanges within the next two years.

Wuxi Huikai Zhenghe Investment Management Co., Ltd. (hereinafter referred to as “Huihe Capital”) was established in 2018 as a specialized platform for private equity and venture capital, strategically developed by the Huishan District of Wuxi and the Huishan Economic and Technological Development Zone. Huihe Capital strives to leverage the pivotal role of equity investment in driving technological innovation and economic transformation and upgrading. By deepening financial system innovation and expanding channels and methods for serving enterprises, the company provides comprehensive empowerment to its portfolio companies across capital, resources, and strategy. To date, Huihe Capital manages 18 funds with assets under management totaling RMB 11.4 billion. It focuses primarily on sectors such as intelligent manufacturing, biopharmaceuticals, new energy, and next-generation information technology. The firm has cumulatively invested RMB 4.768 billion in 42 companies, including Lanpei Technology, Hai Robotics, Genetron Health, Gaofeng Medical, Canadian Solar, and Haida Photovoltaic. Huihe Capital has been honored as a Demonstration Enterprise for Venture Capital in Jiangsu Province and ranked among the “Top 50 Government Guidance Funds in 2021” by Financing China. These efforts have facilitated Huishan’s strategic layout in innovative enterprises with core technological advantages and early-stage value chain projects within future industries, thereby contributing to the iterative innovation of the regional industrial landscape.

Probe Capital, established in 2017, is a boutique investment bank specializing in healthcare and life sciences. Its business portfolio encompasses financial advisory, direct investment, industry consulting, and innovation incubation. The founding team hails from leading private equity firms, financial advisory agencies, management consulting companies, and vertical healthcare media outlets. Since its inception, Probe Capital has consistently completed double-digit private financing and M&A transactions annually, with cumulative transaction value exceeding RMB 10 billion. In terms of enterprise value-added services, the Probe Capital team boasts extensive and mature industry expertise. In 2020, Probe New Healthcare Fund was launched and, to date, has invested in more than ten leading companies within the sector.