Dunhui Medical Completes Hundreds of Millions RMB Series A Financing to Advance Original Biomarker-Based IVD Development and Commercialization

VCBeat (WeChat: vcbeat) has learned that Shanghai Dunhui Medical Technology Development Co., Ltd. (hereinafter referred to as “DUNWILL”) recently completed a Series A financing round amounting to hundreds of millions of yuan. The round was co-led by Luxin Venture Capital Group Co., Ltd. and funds under Shenzhen CO-WIN Venture CAPITAL Investment Limited, with participation from Qianhai Foundation, Qudao Asset Management, and Jintou Zhiyuan. Following this financing, the company will further increase investment in original research and development, strengthen its talent team, enhance production capacity, and continue to promote the translation and commercialization of key R&D projects. Life Capital served as the exclusive financial advisor for this financing round.

DUNWILL, founded in 2006 and headquartered at the Caohejing Technology Oasis within the Shanghai Lingang Songjiang Science and Technology City, is a high-tech enterprise integrating research and development, manufacturing, medical testing, and sales. It owns two biomedical high-tech enterprises: “Junshi Biology” and “Pu’en Testing.” Under the innovative closed-loop collaboration model of “medicine-research-production,” DUNWILL has, over more than a decade, established multi-omics technology platforms encompassing genomics, proteomics, single-cell phenomics, spatial transcriptomics, bioinformatics, and artificial intelligence. The company operates an SPF-level animal experimental center certified by the Shanghai Municipal Science and Technology Commission and has successfully built PDX and CDX animal model libraries. Its product portfolio covers all stages of treatment, including early disease diagnosis, therapeutic efficacy monitoring, recurrence warning, and companion diagnostics for drugs.

DUNWILL, driven by clinical needs, maintains long-term and stable partnerships with the top 100 hospitals in China, and has initially established a complete ecosystem spanning from source innovation and development to commercial application.

Ms. Wen Dong, Founder of DUNWILL“He stated: ‘We are deeply grateful to top-tier professional institutions, Luxin Venture Capital Group Co., Ltd. and Shenzhen CO-WIN Venture CAPITAL Investment Limited, for their investment support! True innovative original research always starts from scratch. Faced with numerous clinical challenges and complex pathogenic mechanisms, we must engage in diligent thinking and persistent trial-and-error. There are no shortcuts or easy fixes on the path of medical innovation. Respecting science and revering life are fundamental qualities for professionals in the biopharmaceutical industry. We feel fortunate to have encountered partners who provided us with growth opportunities at every stage of our development. As founder and manager, I will respect the work of all functional departments within the company, prioritize my own continuous learning, maintain friendly, fair, and equal cooperative relationships with investors, actively integrate resources from all parties, and calmly face the competition and challenges during the company’s growth. Under the original ‘Medical-Research-Production’ ecosystem, we will continuously develop more original products to serve patients and doctors in China!’”

Multiple products jointly developed by DUNWILL Medical and Zhongshan Hospital, Fudan University—including microRNA (miRNA)-based early diagnosis of liver cancer, circulating tumor cell (CTC)-based warning system for liver cancer metastasis and recurrence, and patient-derived xenograft (PDX) models to guide targeted therapy for liver cancer patients—have been awarded the Second Prize of the National Science and Technology Progress Award, the First Prize of the Shanghai Science and Technology Progress Award, and the First Prize of the Huaxia Medical Science and Technology Award, respectively.

DUNWILL, in collaboration with Zhongshan Hospital Fudan University, has developed and commercialized seven microRNA (miRNA) detection kits (miRNA7TM). As the world’s first miRNA-based diagnostic kit for liver cancer, it has obtained the National Class III Medical Device Registration Certificate (Registration No. 20173403299). The kit has been included in the National Health Commission’s Guidelines for the Diagnosis and Treatment of Primary Liver Cancer (2019 and 2022 editions) with Level 1 evidence and Grade A recommendation, and is currently being clinically promoted and applied in tertiary hospitals across China. “The liver cancer diagnostic model established based on the expression levels of seven plasma miRNAs can not only accurately diagnose very early-stage liver cancer but also improves sensitivity by approximately 30% compared to the traditional liver cancer biomarker AFP.”

Mr. Du Lin, Partner at Huaxin Capital, a subsidiary of Luxin Venture CapitalStated: “Healthcare is a key strategic focus for Luxin Venture Capital Group Co., Ltd. We are delighted to partner with DUNWILL and other enterprises dedicated to source innovation, leading the rapid development of the healthcare industry and undertaking initiatives of significant importance to life and health. DUNWILL boasts an experienced R&D team with multidisciplinary backgrounds and a multi-omics analysis platform. By investigating the mechanisms of complex diseases, it discovers original biomarkers and transforms them into clinical-grade diagnostic products, thereby addressing unmet clinical needs. It is a rare enterprise in the industry that possesses comprehensive capabilities spanning basic research, product translation, and commercial promotion. We appreciate the team’s dedication to the healthcare sector and have witnessed their innovative spirit and capability in solving clinical problems. We are honored to collaborate with DUNWILL to jointly promote clinical innovation and the application of its products.”

Mr. Liu Yimin, Managing Director of CO-WINstated: “We extend our gratitude to Mr. Wen’s team for providing CO-WIN with the opportunity to participate in this round of investment in DUNWILL. We are optimistic about DUNWILL’s strategic foresight and early entry into the trillion-yuan market segment of early cancer screening, where it has achieved remarkable success. Notably, in collaboration with Zhongshan Hospital affiliated to Fudan University, DUNWILL developed and commercialized the world’s first miRNA-based test kit for liver cancer detection, which was awarded the Second Prize of the National Science and Technology Progress Award. DUNWILL possesses the capability and collaborative resources to continuously develop more original products within its proprietary ‘medical-research-industry’ ecosystem. We believe that, through the efforts of Mr. Wen’s team, DUNWILL will grow into a globally leading IVD public company specializing in the R&D, translation, and commercialization of original biomarkers. As a top-tier domestic investment institution deeply rooted in the healthcare sector, CO-WIN has extensive investment holdings in biopharmaceuticals, medical devices, healthcare services, and IVD. We look forward to providing further support and enhancing collaboration with DUNWILL in terms of industrial synergy.”

Mr. Li Shengwen, Managing Director of Life CapitalIt stated: “The three major technical barriers in the IVD industry are: 1. upstream raw materials, 2. technology platforms, and 3. biomarkers. DUNWILL has developed upstream raw materials, established unique technology platforms such as small RNA detection and CTC detection platforms, and conducted R&D on original multi-omics biomarkers spanning genomics, transcriptomics, proteomics, and imaging. Thus, it has built itself into a globally leading IVD company specializing in the R&D, translation, and commercialization of original biomarkers. Its early liver cancer diagnosis products are sold across 23 provinces and municipalities in China, benefiting hundreds of thousands of patients and individuals in sub-optimal health conditions. In addition, the company has launched numerous original biomarker kits for treatment monitoring, recurrence warning, and companion diagnostics, with the expectation of benefiting more patients.”

Luxin Venture Capital Group Co., Ltd. (abbreviated as “Luxin VC”, SH.600783) is an A-share listed company specializing in venture capital investment. Controlled by Shandong Luxin Investment Holding Group Co., Ltd., it is a professional venture capital institution with significant influence in China. The life and health industry is a key sector for Luxin VC’s strategic layout and investments, with its portfolio spanning China, the United States, the European Union, Israel, and other countries and regions. Notable healthcare companies invested in by the company include 3D Medicines, RemeGen, Abclonal, Zhongke New Life, Silicon-Based Bionics, Baize Medical, Mona Biologics, Boying Medical, RayBiotech, Weimai Medical, and Dajian Biologics.

Founded in 2000, CO-WIN Capital is one of the first-tier domestic private equity (PE) and venture capital (VC) firms in China. Over the past 22 years, it has managed assets exceeding RMB 30 billion, invested in more than 500 companies, and successfully facilitated IPOs or M&A listings for over 100 portfolio companies. In the healthcare sector, CO-WIN has invested in more than 100 enterprises, with over 20 achieving IPOs or M&A listings. With extensive investment experience in healthcare, the firm has been repeatedly ranked among the Top 20 Best Investment Institutions in China and the Top 10 Best Healthcare Investment Institutions. Notable successful healthcare investments include Da An Gene, Bette Pharmaceuticals, Innovent Biologics, BGI Genomics, Chipscreen Biosciences, Pumen Technology, Venus Medtech, Tianzhihang, ACROBiosystems, United Imaging Healthcare, Aim Vaccine, and China Resources Bio-pharmaceutical.

Life Capital, with the mission of “Empowering Leaders in the Health Industry,” is a leading financial services institution in China focused on the broader health sector, offering investment banking and venture capital services. Its team comprises professionals from renowned investment banks, academic institutions, and healthcare companies, bringing decades of accumulated expertise in the medical and investment and financing fields.

Over the past few years, the team has completed dozens of financing and M&A transactions in the healthcare industry, with a cumulative value reaching tens of billions of RMB. These deals span various sub-sectors, including new drug R&D, medical devices, diagnostics, consumer healthcare, medical services, smart healthcare, and health insurance. In the Chinese Financial Advisory Firm Rankings organized by Qiming Technology, a financial big data institution, Life Capital was ranked among the Top 3 financial advisory firms in China’s healthcare sector. Additionally, at VCBeat’s “Future Healthcare 100” awards, Life Capital was honored as the “Healthcare Financial Advisory Firm of the Year.”