Jiangfeng Bio Completes Over RMB 100 Million Series C Financing Round, Led by Shengshan Capital with Hyi Capital as Exclusive Financial Advisor

VCBeat has learned that Jiangfeng Bio, a leading provider of integrated smart pathology solutions, recently completed the first closing of its Series C financing round, raising over RMB 100 million. The round was led by Shengshan Capital, with Haoyue Capital serving as the exclusive financial advisor.

Founded in 2011, Jiangfeng Bio has been dedicated to intelligent pathology for over a decade. As a leading domestic provider of digital pathology products and services, it is a platform-based company offering comprehensive solutions for intelligent pathology. Adhering to the core values of “being rooted in pathology, focusing on pathology, deepening expertise in pathology, and serving pathology,” Jiangfeng Bio has built platforms covering pre-analytical processing, digital pathology, pathology AI, pathology informatics, and independent clinical laboratories, all tailored to the needs of pathology laboratories. It stands as an industry leader in providing holistic intelligent pathology solutions.

Jiangfeng Bio Headquarters

Pathological diagnosis is the gold standard for disease diagnosis, often referred to as “the doctor’s doctor.” It has clear essential attributes, yet it faces pain points such as scarce and unevenly distributed pathological resources, as well as low levels of digitalization and intelligence. This has created a vast blue ocean market with unmet needs. NINGBO KONFOONG BIOINFORMATION TECH CO.,LTD. was established in response to the major trend toward digitalization, automation, and intelligence in pathology departments. At present, the company leads and spearheads the construction of fully digitalized smart pathology departments within hospitals. It has already partnered with multiple top-tier hospitals, including West China Hospital, Henan Provincial People’s Hospital, and Sichuan Cancer Hospital, as well as regional pathology centers such as the Ningbo Pathology Diagnosis Center and the Dongguan Pathology Center. Together, they are creating benchmark departments for fully digitalized pathology and promoting the development of pathological digitalization in China.

The company’s digital pathology business has established itself as a renowned brand in the high-end market, maintaining the leading position with the highest domestic market share for multiple consecutive years. Its comprehensive product portfolio has been adopted by over 2,000 hospitals, earning industry-wide recognition and a strong reputation, positioning the company as a pioneer in the domestic substitution of digital scanning equipment. Leveraging its robust R&D capabilities and customer trust, the company has secured a first-mover advantage in pathological AI and informatics software. In 2019, it obtained the industry’s first Class II medical device certificate for deep learning-based pathological AI and subsequently applied for a Class III certificate through the green channel, thereby building a comprehensive product matrix covering the full spectrum of pathological AI from cytology to histology. Furthermore, the company has entered into all-around collaborations with professional organizations such as the Chinese Maternal and Child Health Association, as well as industry partners including Huawei, Intel, and H3C, to jointly promote the comprehensive implementation of smart pathology in China and drive the substantial growth of the pathology market.

Leveraging its internationally leading product quality and independent R&D capabilities, the company has achieved remarkable success in expanding its overseas market in recent years. It has gained widespread customer recognition in countries and regions including Europe, Thailand, Russia, Pakistan, Turkey, Brazil, Chile, and Australia, and will launch a cervical cancer screening project for hundreds of thousands of individuals in Brazil. Over the next three to five years, the company’s domestic and international revenues are expected to reach parity, with the vast overseas market serving as a powerful new growth engine to propel the company toward becoming a premium global brand in Chinese smart pathology.

Jiangfeng Bio's Digital Slide Scanner Deployed in Chile

Mr. Liu Bingxian, Chairman and General Manager of Konfoong BioinformationIt stated that Ningbo Konfoong Bioinformation Tech Co., Ltd. is a provider of comprehensive smart pathology solutions, dedicated to focusing on, deeply cultivating, and serving the pathology sector. By leveraging next-generation information technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data, the company has developed five core business segments: digital pathology scanning systems, pre-analytical pathology equipment, pathology informatics products, AI-driven pathology products, and pathology diagnostic services, thereby creating an integrated commercial closed loop for smart pathology. Adhering to the principles of policy guidance, market orientation, product-driven development, and customer-centricity, the company is committed to comprehensively promoting the high-quality development of the pathology industry. In this new phase, Ningbo Konfoong Bioinformation will align with the strategic direction of "Healthy China," leverage its competitive advantages, and further advance the innovative development of smart healthcare.

Dr. Cheng Hao, Managing Director at Shengshan CapitalHe stated that NINGBO KONFOONG BIOINFORMATION TECH CO.,LTD. is a national-level “Little Giant” enterprise specializing in sophisticated, niche, and innovative products within the digital pathology sector. Over nearly a decade of development, the company has achieved full product-line coverage encompassing pre-processing equipment, digital pathology scanners, and AI-powered pathology solutions. Since its establishment, Shengshan Capital has been dedicated to deep value-chain investments in specialized healthcare segments. Given the substantial unmet clinical needs in the pathology industry, we are highly optimistic about the future growth of this field. We are delighted to have this opportunity to collaborate with NINGBO KONFOONG BIOINFORMATION TECH CO.,LTD. and will fully support its efforts to become a leading global enterprise in digital pathology.

Mr. Ding Yameng, Founding Managing Partner and Chief Operating Officer of Haoyue CapitalThe statement highlighted that Haoyue Capital remains bullish on the significant market opportunities within the clinical pathology niche and is committed to continuously supporting the development of China’s pathology industry. As a leading enterprise providing comprehensive smart pathology solutions, NINGBO KONFOONG BIOINFORMATION TECH CO.,LTD. stands out as a pioneer in mastering advanced technologies and achieving import substitution, securing its place among the top global players in this specialized sector. The company enjoys widely recognized reputation and influence within the industry, and its successful track record in leading Chinese hard-tech products to overseas markets is evident to all. This achievement is the result of over a decade of dedicated focus and relentless efforts by the founding team, led by Mr. Liu. Haoyue Capital will continue to stand alongside outstanding Chinese healthcare companies like Konfoong Bioinformation as they navigate market cycles, and looks forward to seeing Konfoong Bioinformation thrive following its successful financing round.

Ningbo Konfoong Bioinformation Tech Co., Ltd. is a high-tech enterprise “dedicated to pathology, rooted in pathology, deeply engaged in pathology, and serving pathology,” and one of the few pioneers in China providing end-to-end smart pathology solutions. With ten years of deep expertise in the pathology industry, Konfoong offers comprehensive solutions including whole-process pathology management, departmental digitalization, remote pathology diagnosis, and AI-assisted diagnostic services. By advancing the informatization, digitalization, and intelligent transformation of pathology departments, the company enhances their overall management and operational capabilities, positioning itself as a proactive driver of smart pathology solutions for the next decade.

Shengshan Capital, established in 2014, specializes in equity investments in the life sciences and healthcare sectors. The company’s founder and investment research team possess extensive professional medical expertise, industry background, and capital operation experience. Adhering to the principles of “technology-driven, clinically oriented, industry-integrated, and value-based investing,” Shengshan Capital deeply focuses on leading enterprises in niche segments such as biotechnology, innovative drugs, and digital healthcare, serving as a long-term enabler for these companies. Portfolio companies include Viva Biotech (01873.HK), Sunlight Novaharmony (688621.SH), Obio Technology (688238.SH), Kangfeng Biotech, Meizhong Jiahe, Genetron Health, Yikon Genomics, Compass Therapeutics, Starry Medical, and Pinpeak Medical.

Haoyue Capital, established in January 2014, is a leading industry-focused investment bank in China specializing in the healthcare sector. Headquartered in Shanghai, the firm maintains regional offices in Beijing and Shenzhen. Committed to empowering growth through capital and research-driven insights, Haoyue Capital facilitates successful connections between outstanding Chinese healthcare enterprises and the capital markets, thereby creating value-added benefits for its clients. The partnership team comprises senior investment bankers with extensive experience in China’s healthcare sector, supported by a professional team of over 70 members. Haoyue Capital closely monitors dynamics and trends in the healthcare investment market, with its research coverage and transaction scope spanning multiple sub-sectors, including biopharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. In 2021, Haoyue Capital completed more than 50 complex transactions involving private financing, mergers and acquisitions, and spin-offs of listed companies, with a total transaction value amounting to tens of billions of RMB, securing a leading position across various healthcare sub-sectors.