Singlera Genomics Secures RMB 300 Million Series B+ Financing to Advance Multi-Cancer Early Detection Product Development and Commercialization
VCBeat has learned that on June 8, 2022, Shanghai Geneseeq Biotechnology Co., Ltd. (hereinafter referred to as “Geneseeq”) announced the completion of its RMB 300 million Series B+ financing round. The round was led by Fengshi Capital, with participation from Galaxy Source Huihui, Guojing Investment, Juanci Investment, Qiandao Investment, Baishide, and funds under Huachen Meijing. Sansure Biotech participated as a strategic investor. The proceeds will primarily be used to further expand the company’s pipeline of early cancer screening products, advance regulatory approval and manufacturing, facilitate commercialization, and explore international markets.
Since its establishment in 2014, as a leader and promoter of methylation detection technology, Genetron Health has provided full-cycle products and services for risk assessment, early screening and diagnosis, medication guidance, and recurrence monitoring of high-incidence cancers. The company boasts a rich product pipeline covering pan-cancer types as well as specific high-incidence cancers, including lung cancer, colorectal cancer, liver cancer, gastric cancer, esophageal cancer, pancreatic cancer, and thyroid cancer. Among these, Colotect® is an original Chinese blood-based multi-gene methylation detection product for early screening of colorectal cancer; its research findings were published in Gastroenterology, a top-tier international journal in the field of gastrointestinal diseases, attracting widespread attention. Genetron Health’s independently developed PanSeer®, a circulating tumor DNA (ctDNA) methylation-based pan-cancer screening technology, was the first globally to validate pan-cancer early screening technology in a large-scale natural population cohort. In November 2021, Genetron Health, in collaboration with Fudan University and 11 domestic Grade A tertiary hospitals, launched the “Fusheng Project” in Shanghai, a pan-cancer early screening study targeting the Chinese population. This is the largest and most extensive prospective pan-cancer early screening study conducted in China to date, with an expected enrollment of over 60,000 participants across 10 provinces and municipalities directly under the central government in East, North, South, and Southwest China. PanSeer® is expected to achieve commercialization by the end of 2023.
Previously, Genetron Health secured RMB 120 million in Series A financing in August 2016, led by Lilly Asia Ventures. In March 2018, the company raised RMB 350 million in Series A+ financing, co-led by Sinopharm Capital and Jingxu Venture Capital. Subsequently, in December 2020, it completed a RMB 1 billion Series B round, led by CICC Qide Innovation Biopharma Fund (under CICC Capital), with DT Capital Partners and Furong Investment as co-lead investors. This latest Series B+ round has once again garnered favor from professional investors, underscoring Genetron Health’s robust capabilities in original technology R&D and its broad commercialization prospects.
Mr. Zhang Jiangli, Co-founder and CEO of Genetron Health, stated: “As an innovation-driven enterprise specializing in early cancer screening and diagnosis, Genetron Health remains committed to providing superior products and services to physicians and users. We have established a robust technological foundation and a diverse product pipeline, delivering comprehensive cancer screening solutions for clinical and health-checkup markets in China, while actively expanding into international markets and cultivating global partnerships. At this new starting point, Genetron Health pursues not only commercial success but also the exploration and implementation of a distinct Chinese approach to cancer screening, aligning our corporate development with the national ‘Healthy China’ strategy. We sincerely thank our existing and new shareholders for their trust and support, and look forward to joining hands with investors and partners to achieve mutual growth.”
Mr. Guo Kun, Executive Director of Fengshi Capital, the lead investor in this funding round, stated: “Kunyuan Biotech has deeply cultivated ctDNA methylation technology, establishing solid and systematic technological and platform advantages. The company’s independently developed pan-cancer and multiple single-cancer early screening products are on the verge of full commercialization. We firmly believe that Kunyuan’s mature management model, top-tier R&D capabilities, and robust commercialization pathway will guide the company to new heights. Fengshi Capital has long focused on the healthcare sector. Under the national strategy of ‘Healthy China,’ we remain confident in Kunyuan’s long-term development and will work alongside existing and new shareholders to provide comprehensive support and assistance for the company’s growth.”
Ms. Li Zinan, Director of Investment and Financing at Sansure Biotech, a strategic investor in this funding round, stated: “The Healthy China Action (2019–2030) sets a target to raise the national five-year survival rate for all cancers to no less than 46.6% by 2030. Early cancer screening plays a significant role in cancer prevention and control, effectively reducing the burden of medical expenditures while improving survival rates. The market is currently transitioning from a cultivation phase into a period of rapid growth, holding substantial development potential. As a global leader in early cancer screening, Genetron Health has consistently pioneered advancements in methylation detection technology. The company’s accumulated expertise has evolved from its foundational stages to full fruition, with an extensive product pipeline providing precise and accessible solutions for clinical practice. Genetron Health also boasts an exceptional management team. We are confident that under their leadership, the company will continue to lead the development of the early cancer screening industry. We are delighted to participate in this financing round and look forward to future mutual empowerment between Sansure Biotech and Genetron Health, jointly bringing greater innovative strength to the industry.”
Mr. Wan Liyang, General Manager of Guojing Capital, stated: “Kunyuan Biotechnology boasts advanced technology, a strong team composition, and a rich product pipeline. In the vast Chinese market, Kunyuan has established brand appeal and earned widespread trust through its powerful internal drive and innovative spirit. We believe that Kunyuan will also achieve success in the international market. We are honored to participate in Kunyuan Biotechnology’s Series B+ financing round and will provide comprehensive support for the company’s development. We are confident that Kunyuan will become an enterprise with significant influence, benefiting society.”
Ms. Song Weinan, Managing Director of Qiandao Group, stated: “As a leader and promoter of methylation detection technology, Koonova Bio has leveraged its mature technological advantages to develop multiple early screening products with excellent performance metrics that align with market demands across various scenarios. Its advanced nature and scarcity are beyond doubt. Upholding the original aspiration of ‘integrating industry with finance and serving the country through real economy,’ Qiandao Fund is honored to participate in Koonova Bio’s new round of financing, supporting the company’s continued development and breakthroughs in the field of early cancer screening and diagnosis, and contributing to the building of a Healthy China.”
Mr. Sun Fei, Partner at Best Capital, stated: “We are honored to participate in New Horizon’s Series B+ financing round. Early cancer screening is a critical component in improving the nation’s health index. As a pioneer in ctDNA methylation detection, New Horizon has built an extensive product pipeline and a large sample base. By integrating its R&D strengths with market demands and strategically deploying both PCR and NGS technological pathways, the company has developed a suite of early screening and diagnostic technologies and products covering major cancer types. We are firmly confident in New Horizon’s technological reserves and product roadmap in the early cancer screening sector, and we look forward to the swift market launch of its early cancer screening products to benefit the public.”
Mr. Li Yishi, Senior Partner at Joy Capital, stated: “Joy Capital is honored to have served as the exclusive financial advisor for Genetron Health’s current round of financing, assisting the company in successfully completing this transaction. ‘Early screening and diagnosis of cancer’ aligns with the national health strategy, has received support from governments at all levels, and continues to attract strong interest from the capital market. As a leading player in early cancer screening, Genetron Health remains committed to innovation and iteration of foundational technologies, upholding its mission to ‘develop early screening products suitable for population-wide testing.’ In terms of product portfolio, after launching Changaike®, its multi-gene blood test for colorectal cancer, Genetron Health has leveraged its globally leading technology to further identify new biomarkers, continuously expanding its product line, enriching product dimensions, and establishing a comprehensive product system and technological barriers. Regionally, Genetron Health continues to push beyond its limits, actively expanding into international markets such as the United States, where its technological capabilities and products have secured a significant global presence. We remain bullish on the company’s future prospects and look forward to Genetron Health’s continued success.”
About Fengshi Capital
Fengshi Capital is an asset management firm headquartered in Shanghai, specializing in controlling investments and growth-stage equity investments. In the realm of industrial investment and operations, Fengshi Capital has established a strong track record and brand reputation in sectors such as vaccine biologics, financial services, and environmental protection and recycling. For minority equity investments, the firm has strategically positioned itself in logistics, cultural creativity, consumer goods, and in vitro diagnostics (IVD). Committed to investing in leading companies within niche sectors that possess sustainable development potential, Fengshi Capital provides long-term support to foster enterprise growth.
About Guojing Capital
Guojing Capital is committed to its mission of “creating value and contributing to the nation and society,” striving to become a premier private equity management firm. It is a member of both the Wuxi Listed Companies Association and the Wuxi Venture Capital Association. The company focuses on investments in new energy, advanced manufacturing, semiconductors, and the healthcare industry. It currently manages ten funds targeting various investment stages, with its partners primarily comprising shareholders and senior executives of listed companies. Established in 2015, Guojing Capital has already facilitated successful IPO exits for several portfolio companies despite its relatively short history. The firm has successfully invested in three medical device and pharmaceutical manufacturing enterprises: Kunyuan Bio, Dongxing Medical, and Kangqin Pharmaceutical. Remaining true to its original aspiration, the company is dedicated to fostering the growth of high-quality enterprises and building a strong reputation as a well-regarded private equity institution in the market.
About Juanci Investment
Shanghai Juanci Investment Management Co., Ltd., established in 2015, is an emerging asset management firm specializing in equity investment, with a strategic focus on sectors including information technology, artificial intelligence, biopharmaceuticals, and healthcare informatics. Amid China’s rapid economic growth and the continuous refinement of its multi-tiered capital markets, Juanci Investment aims to collaborate with outstanding enterprises to build a “Healthy China” and a “Technological China.”
About QianDao Fund
Qian Dao Fund was established in 2011. Upholding the philosophy of “empowering finance with technology, serving industries through financial services, and contributing to the nation through industrial development,” the fund focuses on asset management and investment activities, including equity investment and industrial investment. In the pharmaceutical and healthcare sectors, it has strategically invested in high-quality segments such as innovative drugs, in vitro diagnostics (IVD), innovative medical devices, healthcare services, and health technology. Its portfolio includes prominent projects such as Genetron Health, Northland Biotechnology, Lipin Pharmaceutical, Mabwell, CosmoBio, Lianxin Medical, and Kailian Medical. Notably, Northland Biotechnology was among the first batch of companies listed on the Beijing Stock Exchange.
About Baishide
Hubei Baishide Private Equity Fund Management Co., Ltd. focuses on investments in the big health, new energy, and new materials sectors, and has established and manages multiple industrial investment funds in these areas. Baishide is committed to optimizing resource allocation, providing capital support and comprehensive financial solutions to its partners, and achieving organic integration and interactive development between financial capital and the real economy.
About Sansure Biotech
Sansure Biotech Inc. is a provider of comprehensive in vitro diagnostic (IVD) solutions, centered on independently innovated genetic technologies and integrating diagnostic reagents, instruments, and third-party medical laboratory services. Its products and services reach more than 160 countries and regions worldwide. Listed on the STAR Market (stock code: 688289), the company is included as a constituent of the “STAR 50” Index, ranked among China’s Top 100 Pharmaceutical Industry Enterprises, and designated as a National Demonstration Center for Genetic Testing Technology Applications, a National-Local Joint Engineering Research Center for Gene Diagnostic Technologies for Infectious Diseases and Tumors, a National Technological Innovation Demonstration Enterprise, a host institution for a National Postdoctoral Research Station, and a National Intellectual Property Demonstration Enterprise. Committed to becoming a promoter of inclusive genetic technology, Sansure Biotech exports its globally beneficial “Sansure Solution” to help China secure a leading position in global genetic technology and contribute to building a global community of health for all, striving to make genetic technology a cornerstone force in serving human health.
About Haoyue Capital
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 clients 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 and transaction coverage spanning multiple sub-sectors, including biopharmaceuticals, innovative medical devices, IVD and life sciences, health services, and smart healthcare. In 2021, the firm 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.