Axinome Files for Hong Kong IPO Following $100M Series B to Accelerate Commercialization of Fourth-Generation Sequencing Platform

VCBeat learned at the earliest opportunity that on June 20,Axbio, a Fourth-Generation Sequencing Company, AnnouncesCompleted nearly $100 million in Series B financing.This marks another vote of confidence from investors for Axbio, following its Series A+ financing round in October 2021, bringing its cumulative funding to over $100 million.This round of financing was co-led by the AstraZeneca CICC Healthcare Industry Fund and Yunfeng Capital, with follow-on investments from Qiao Capital, SDIC Zhaoshang, 5Y Capital, and others.

It is reported that,The financing will be used for AxbioFurther Optimization of Sequencing Technologies, Construction of Sequencer Production Bases, and Commercial Expansionetc., to support the iterative development of Axbio’s fourth-generation sequencing technology and accelerate its industrialization. This will make long-read sequencing products more affordable, efficient, and accessible to a broader range of end users, thereby driving the advancement of the life sciences and healthcare industries.

Axbio's Fourth-Generation Gene Sequencer

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Dr. Tian Hui, Founder of Axbiostated that our international, interdisciplinary team aims to break through the bottlenecks constraining the development of the sequencing industry through continuous innovation. The company’s independently developed fourth-generation sequencer, based on large-scale integrated circuits and cutting-edge biotechnology, combinesLow Cost, Miniaturization, High Accuracy, and Long Read LengthAdvantages of Long, enabling repetitive sequencing of individual bases at the single-molecule level, with broad application prospects in both scientific research and clinical settings.Axbio's first GMP-compliant medical device production base is also scheduled to be completed and commence trial production within 2022.Securing investment from multiple renowned professional institutions once again is a testament to the recognition and trust placed in our team and products, and it signifies that Axbio will assume greater responsibilities and embrace higher challenges. The company will continue its efforts to accelerate the realization of its vision: upgrading the sequencing industry and achieving widespread adoption of low-cost sequencing.

To achieve lower sequencing costs, longer read lengths, higher accuracy, and faster detection, Axbio has developed nanoscale Bio-CMOS chips using large-scale integrated circuits and microfluidics technology. This chip has been successfully deployed in Axbio’s fourth-generation sequencers: featuring a novel design and manufacturing process, along with high-throughput capabilities enabled by millions of channels on a single chip,resulting in a precipitous drop in both chip costs and sequencing costs.Moreover, Axbio’s proprietary microfluidic Bio-CMOS chip technology offers strong scalability for applications, with technical extensions into the field of multi-omics testing.A highly innovative and independently controllable technology system is the key to Axbio’s long-term vitality and core competitiveness.

Chen Bing, Managing Director of the CICC-AstraZeneca Healthcare Industry Fund, Vice President of AstraZeneca China, and Head of Strategic Partnerships and Business DevelopmentHe stated, “NGS technology has been developing for over a decade. Although the global COVID-19 pandemic accelerated its widespread adoption, the penetration rate of high-throughput sequencing remains low worldwide due to technical barriers and cost constraints associated with highly integrated platforms. The popularization and broader accessibility of sequencing technologies require the emergence of sequencing platforms that are miniaturized, low-cost (in terms of both acquisition and sequencing), high-precision, and high-efficiency. We are fully committed to empowering the development of Axbio, an interdisciplinary team with an international perspective and independent intellectual property rights. We also look forward to witnessing the upgrading of the sequencing industry and the comprehensive adoption of precision medicine based on low-cost sequencing in the near future.”

Mr. Shan Junbao, President of CICC Capital and Representative Appointed by the Executive Partner of the AstraZeneca-CICC Healthcare Industry Fundstated: “Globally, cutting-edge technologies in the field of gene sequencing continue to drive industrial iteration and market expansion, enabling outstanding companies with core technologies to rise rapidly. Axbio possesses independently developed bio-CMOS core chip technology and an international, multidisciplinary team with a track record of serial entrepreneurial success. We are delighted to support exceptional enterprises like Axbio and look forward to the company’s continuous independent R&D efforts to advance sequencing technologies, thereby realizing the vision of widespread adoption of low-cost sequencing at an early date to benefit patients.”

Dr. Huang Xiao, Executive Director of Yunfeng Capital“Gene sequencers are the ‘crown jewel’ of high-end diagnostics and advanced precision intelligent manufacturing, with long-read sequencing representing the next-generation trend in gene sequencing technology. Over the past six years since returning to China, Dr. Tian Hui, founder of Axbio, has led his team in independently developing a new generation of long-read gene sequencers through autonomous innovation. We invited Yunfeng Capital’s portfolio companies to conduct sample testing as end users, thereby validating the performance of Axbio’s sequencers. Leveraging its unique semiconductor chip design, the company has the capability to reduce current sequencing costs by two orders of magnitude. We believe that Axbio’s ingenious, proprietary technological innovations and the revolutionary reduction in sequencing costs will bring transformative change to the global gene sequencing industry. We wish Axbio every success as it rides the wave of digitalization and intelligence in biomedicine, forging ahead with great momentum.”

Marco, Managing Director at CB Capital“It stated: ‘Gene sequencing is one of the core technologies in modern life sciences. After decades of rapid development, it has entered a new phase. Each transformation in gene sequencing technology has had a profound impact on genomic research, disease treatment, and drug development. Axbio possesses fully independently developed fourth-generation sequencing technology, which offers potential advantages such as low cost, high speed, miniaturization, long read lengths, and high accuracy, effectively addressing the current pain points in the sequencing industry. Looking ahead, the rapid innovation of life science instruments and domestic substitution represent important entry points for investment in the biopharmaceutical and healthcare sectors. Notably, Axbio is the first investment project undertaken by the Qiaojian Growth Fund team of C-Bridge Capital since its establishment. C-Bridge Capital will leverage the ecosystem it has long cultivated in the life sciences sector to actively support the company’s growth.’”

SDIC Merchants Life Sciences Teamstated: “Gene sequencing technology is a critical foundational technology driving advancements in knowledge within the field of human life sciences. Since the invention of first-generation Sanger sequencing in the 1970s, although significant progress has been made in related technological developments, the most widely applied high-throughput sequencing technologies still face challenges in effectively balancing read length, accuracy, sequencing costs, and turnaround time. The microfluidic Bio-CMOS chip technology pathway, represented by Axbio, is poised to provide a state-of-the-art and optimal comprehensive technical solution on a global scale. We are optimistic that Axbio’s global R&D team, with its strategic presence in both China and the United States, will ultimately achieve this goal through its continuous efforts, thereby contributing to technological advancements in the global life sciences industry.”

Jing Xutian, Managing Director at Source Code Capital“He stated, ‘In recent years, we have been pleased to witness the emergence of numerous new application scenarios in the life sciences field. Gene therapy, cell therapy, and synthetic biology all hold vast potential for future research, development, and application. Underpinning these advances is an enduring pursuit of long-read, high-accuracy, and low-cost gene sequencing tools. New sequencing platforms that can consistently meet these criteria will become the most critical infrastructure for next-generation life sciences technologies. By integrating chip technology, computing, and synthetic biology, Axbio has validated a novel sequencing methodology that achieves comprehensive breakthroughs in cost, throughput, read length, and accuracy. We look forward to Axbio’s contributions to enhancing R&D efficiency across the life sciences industry.’”

Founded in 2016 by a team of serial entrepreneurs from Silicon Valley, executives from multinational corporations, senior engineers, and scientists, Axbio has established R&D centers in both the United States and China. The company’s expertise spans biochip development, nanotechnology, microfluidics, biotechnology, bioinformatics, big data, and artificial intelligence, consistently attracting attention and investment from top-tier global venture capital firms.

Axbio has successfully developed an ultra-low-cost microfluidic Bio-CMOS platform capable of high-throughput sequencing and multi-omics molecular diagnostics, enabling a wide range of applications—from low-cost handheld devices for point-of-care testing and consumer use to fully automated instruments for independent laboratories and hospitals.

The AstraZeneca-CICC Healthcare Industry Fund is a private equity fund jointly initiated by AstraZeneca and CICC Capital, focusing on investments in the healthcare industry. By integrating AstraZeneca’s global industrial strengths with CICC Capital’s extensive experience in capital operations, the fund targets investment areas such as biopharmaceuticals, medical devices, diagnostic services, and digital health. It is committed to pooling industrial and financial resources to provide enterprises with full-cycle empowerment from R&D to commercialization, jointly fostering innovative development in China’s healthcare industry.

Yunfeng Capital was established in 2010 as a professional private equity investment firm dedicated to fostering forward-looking enterprises, partnering with them to create long-term value and build a better future. The firm focuses on sectors including deep tech, enterprise services, green energy, modern agriculture, biotechnology, and consumer industries, working alongside startups to drive technological innovation and sustainable development, thereby facilitating industrial reshaping and upgrading.

Kangqiao Capital is one of the largest and most active private equity funds in the healthcare sector in Asia, focusing on platform building and acquisition opportunities in three core areas: biopharmaceuticals, medical technology, and healthcare services. Kangqiao Capital empowers leading companies in the healthcare industry to undergo transformation, achieve long-term sustainable growth, address unmet medical needs, and continuously improve the overall health and quality of life for people in China and other parts of Asia. Established in 2014, Kangqiao Capital has strong investment, medical, and portfolio management teams based in Singapore, Shanghai, Beijing, Hong Kong, and New York.

SDIC Merchants Capital is a leading private equity management firm in China, specializing in investments in the advanced manufacturing sector. It places significant emphasis on technological innovation and the value of outstanding entrepreneurs and their teams. The firm focuses on key areas such as intelligent manufacturing, new energy smart vehicles, life sciences, and information and communications technology (ICT), striving to promote the green, digital, and service-oriented transformation of the manufacturing industry. The team manages cumulative assets exceeding RMB 100 billion, with investors including financial institutions, the National Social Security Fund, and both state-owned and private capital.

Yuan Capital currently manages dual-currency funds in USD and RMB with a total AUM of approximately RMB 32 billion. Yuan Capital seeks out, supports, and empowers solitary entrepreneurs, providing them with comprehensive assistance ranging from emotional support to operational guidance. We believe that when the “crazy” ideas others dismiss begin to gain trust, the world will be transformed in remarkable ways.