Igenesis Biotech Secures Hundreds of Millions of RMB in Series C Financing to Advance Point-of-Care Molecular Diagnostics

Recently, Igenesis successfully completed a Series C financing round amounting to hundreds of millions of RMB.This funding round was led by Morningside Venture Capital, with participation from Shanlan Capital, Silicon Port Capital, and Kanghua Biological. Existing shareholder Bangqin Capital and angel investors increased their investments, while MaiBo Capital served as the financial advisor.. This financing marks another successful funding round for Igenesis, following the Series B round led by Shenzhen Capital Group in 2020. The funds raised will be primarily used for clinical product registration, advancement of product commercialization, expansion of automated production lines, and research and development of new products.

Igenesis, established in 2015, is an innovative high-tech medical device enterprise integrating R&D, production, and sales. It is among the first batch of companies in China to focus on point-of-care molecular diagnostics technology. Mr. Yu Jiachang, Founder and CEO, has devoted more than two decades to the field of point-of-care molecular diagnostics. Leveraging his dual expertise in innovation and research, he has attracted a cohort of top-tier talents from both home and abroad. The company’s core team comprises distinguished professionals with exceptional capabilities and extensive experience in this field.

In the broader context of precision medicine and personalized healthcare, molecular diagnostics represents the fastest-growing segment within the in vitro diagnostics (IVD) industry. Fluorescent polymerase chain reaction (fluorescent PCR) technology is regarded as the gold standard for molecular testing. However, the rapid development of the molecular diagnostics sector has been significantly constrained by traditional fluorescent PCR due to its cumbersome workflow, complex operations, reliance on centralized sample submission, and requirement for specialized personnel. In contrast, point-of-care molecular diagnostic technologies not only retain the superior performance of traditional fluorescent PCR but also overcome the limitations imposed by existing testing methods regarding personnel and facility requirements. By effectively shortening turnaround times and greatly enhancing convenience, point-of-care molecular diagnostics represents an inevitable trend in the evolution of nucleic acid testing technologies.

Guided by the design philosophy of “safety, speed, convenience, and precision,” Igenesis’s products deliver a truly integrated system for nucleic acid extraction, amplification, and analysis. The system is easy to operate without requiring extensive training; it features fully closed testing to prevent contamination and ensure biosafety; delivers results within 1–1.5 hours; and allows flexible throughput selection. With comprehensive performance that consistently stays ahead of industry peers, Igenesis’s products have been adopted by hospitals, clinical laboratories, and research institutions both in China and overseas, and the company has established strategic collaborations with numerous leading enterprises across the upstream and downstream value chain.

Igenesis is committed to becoming a leader in point-of-care molecular diagnostics that integrates high technology with biotechnology. The company has never ceased its efforts in technological continuity and iteration, having filed nearly 100 domestic and international intellectual property applications, with 73 grants secured. Leveraging its independently developed innovative real-time 7-color fluorescence PCR analysis system, proprietary iCassette smart cartridge technology, advanced multiplexed color melting curve detection and analysis capability (up to 54-plex), lyophilization automation technology, and patented magnetic bead transfer structures, Igenesis’s products are not only applicable to infectious disease testing but are also expanding into multiple diagnostic fields, including early cancer screening, genetic disorders, sexually transmitted diseases, and personalized medication. This ensures that Igenesis is well-equipped to handle more diverse and complex samples in the post-pandemic era, catering to a broader range of application scenarios.

Mr. Yu Jiachang, Founder and CEO of IgenesisHe stated, “Igenesis’s point-of-care molecular diagnostic technology holds a leading position in China. Multiple products have completed R&D and entered mass production. We sincerely appreciate the recognition from this round of investors—Morningside Venture Capital, Shanlan Capital, Silicon Port Capital, and Kanghua Biological—as well as the continued support from existing shareholder Bangqin Capital and our angel investors. We will continue to advance new product development and accelerate commercialization. Igenesis envisions making nucleic acid testing safer, simpler, and more precise. We are committed to working with peers across the industry to bring advanced point-of-care molecular diagnostic technologies to the public sooner, ensuring that no medical laboratory faces challenges in performing nucleic acid tests.”

Mr. Xue Wenyu, Managing Director of Morningside Venture CapitalIt was stated that molecular POCT has long been hailed as the fastest-growing segment within the IVD industry. However, in China, products that effectively address clinical needs, boast high technological maturity, and have clear intellectual property rights remain scarce. Igenesis is a rare company that excels in all three areas. Morningside Venture Capital is pleased to become a shareholder of Igenesis and will leverage its international background, along with global capital and industrial resources, to support the company’s faster and more robust development.

Dr. Liu Daozhi, Founding and Managing Partner of Shanlan CapitalStatement: Molecular POCT represents a key niche for the upgrading and development of the IVD industry, offering diverse application scenarios and broad growth potential. The founder of Igenesis has successful overseas entrepreneurial experience and extensive industry expertise. The team possesses deep accumulation in molecular POCT technology, holding industry-leading differentiated advantages in product performance such as multi-analyte detection and complex sample testing. Meanwhile, the company’s self-developed automated production solutions have laid a solid foundation for the large-scale commercialization of its products. Shanlan Capital is honored to participate in this round of financing and looks forward to leveraging our industrial resources to help the company’s products deliver broader value to clinical practice and patients.

Mr. He Xin, Founding Partner of Silicon Port CapitalIgenesis is committed to becoming an international leader in point-of-care molecular diagnostics. Its fully automated all-in-one PCR molecular diagnostic system and multiplex assay reagents are on par with the most advanced overseas molecular diagnostic POCT products. Featuring a "sample-in, result-out" workflow, high flexibility through modular design, broad applicability, and strong scalability, the platform effectively meets the clinical demand for rapid and accurate multiplex pathogen screening both domestically and internationally. We believe that in the post-pandemic era, Igenesis’s products will continue to stand out and lead the global market.

Mr. Yang Zhiting, Chairman of Kanghua BiologicsStatement: As a company with 25 years of deep engagement in the POCT industry, we have been continuously exploring diagnostic needs in decentralized and tiered diagnosis and treatment scenarios. We strongly align with Igenesis’s understanding of application scenarios for molecular POCT products and fully recognize its research achievements and technical expertise in integrated cartridge design, device compatibility, lyophilization processes, and automated production lines. We look forward to Kanghua supporting Igenesis in becoming a leading player in China’s molecular POCT sector.

Morningside Ventures, a subsidiary of Morningside Group, conducts high-tech venture capital investments globally. Since its establishment in 1986, Morningside Ventures has been dedicated to supporting biotechnology companies in their startup and growth stages, with investments spanning new drug development, clinical diagnostics, medical devices, healthcare services, and digital health. The firm boasts an excellent investment management team, most of whose members have experience in corporate operations and entrepreneurship, and possess in-depth understanding of the frontiers of life sciences, the healthcare industry, and the entrepreneurial and investment environments across different regions.

Founded in 2014, Shanlan Capital is a specialized healthcare investment fund focusing on early-stage and growth-stage companies in the medical health industry. It targets high-growth niche sectors such as biopharmaceuticals and medical devices—including in vitro diagnostics (IVD) and gene technologies, minimally invasive interventional procedures, implantable devices, minimally invasive surgical instruments, and medical robotics. To date, the firm has invested in nearly 40 standout healthcare enterprises. The core team at Shanlan Capital comprises founders of publicly listed companies with over two decades of industry experience, as well as top-tier professionals in biotechnology and medical equipment. Leveraging their profound understanding of the fundamental dynamics of healthcare subsectors and long-term industry trends, the team provides precise and efficient support to accelerate the rapid development of its portfolio companies.

Silicon Port Capital is an international investment firm focused on early- and growth-stage emerging technology sectors worldwide. Founding Partner Mr. He Xin previously served as Deputy Director of Intel Capital, President of The Carlyle Group’s China operations, and President of Ares Management Corporation’s Asia-Pacific region. The other partners at Silicon Port Capital are industry investors in the technology sector and serial successful entrepreneurs. Its investment team brings together top-tier talent with deep insights into the development of the semiconductor, internet IT, and software/hardware industries.

Shandong Kanghua Biomedical Technology Co., Ltd., established in 1996, is dedicated to the research and innovation of products for life health and precision medicine. Integrating R&D, manufacturing, and sales of in vitro diagnostic (IVD) reagents and laboratory analytical instruments, the company provides comprehensive medical diagnostic solutions. Its core business spans clinical laboratory equipment, IVD reagents, medical electronics, and other fields. Leveraging five major platforms—enzyme-linked immunosorbent assay (ELISA), point-of-care testing (POCT), chemiluminescence, biochemical testing, and molecular diagnostics—the company has registered over 500 products. It ranks among the industry leaders in both product line breadth and number of approved registrations, with a sales network covering more than 140 countries and regions worldwide.

Bangqin Capital is an emerging fund manager in a phase of rapid growth, deeply rooted in the biomedicine sector with a focus on early- to mid-stage investments. Within less than five years since its establishment, Bangqin Capital, as a fund manager, has successfully launched nearly ten funds and invested in and incubated close to 20 portfolio companies. Currently, the Bangqin Capital brand has gained initial recognition as a private equity fund manager. Its new fund, Bangqin Xingrui, has secured capital commitments from the Shenzhen Angel Fund of Funds, the Shenzhen Pingshan Government Guidance Fund, as well as multiple listed companies and renowned enterprises.