Wellgrow Biotech Secures Hundreds of Millions in Series B+ Financing to Advance High-Throughput Flow Fluorescence Detection

VCBeat has learned that in January 2022, Wellgrow Technology announced the completion of its Series B+ financing round, amounting to hundreds of millions of yuan. The round was led by China Merchants Health, with follow-on investments from existing shareholders, including the China Innovation Fund under a global life sciences leader, and Cowin Capital. This marks Wellgrow Technology’s achievement in 2021 of securingAward for Outstanding Projects in the Biotechnology Field of the First National Disruptive Technology Innovation Competition...once again becoming a favorite of capital.

Shenzhen Wellgrow Technology Ltd is an innovative high-tech enterprise founded by national-level overseas high-caliber talents, integrating R&D, production, and marketing. The company specializes in the research, development, and industrialization of in vitro diagnostic (IVD) equipment and reagents. Adhering to the philosophy and mission of “high technology, high quality, and service to the public,” Wellgrow is committed to developing novel high-throughput fluorescence detection platform technologies. By leveraging its core competitiveness across R&D, application, and commercialization platforms, the company aims to widely apply these systems in fields closely related to public welfare, including life sciences, clinical medical diagnostics, and food safety.

Wellgrow Technology isThe first manufacturer in China and the second globally to independently hold intellectual property rights for both magnetic fluorescent encoded microsphere technology and a flow fluorescence detection platform, its multiplex assay reagents based on magnetic fluorescent coding microspheres and high-throughput flow fluorescence detection platforms have obtained registration certificates from the national drug regulatory authorities. These innovations have significantly optimized testing costs while doubling detection efficiency, thereby accelerating the development of immunoassays toward automated multiplex testing.

Since its inception, Wellgrow Technology has focused on the field of multi-analyte combined testing, investing tens of millions in R&D for its EasyCell detection platform. The platform integrates automated preparation and analysis of lymphocyte subsets, automated preparation and analysis of cytokines, and automated semen analysis. Additionally, the company has launched a range of supporting reagents, including those for multiplex cytokine detection, tumor marker detection, autoimmune disease detection, and allergen detection.

Wellgrow Technology - Flow Cytometer (EasyCell)

To address the pain point of long-term reliance on labor-intensive manual operations in flow cytometry, Wellgrow Technology has launched the world’s first fully automated cytokine sample preparation instrument based on magnetic-encoded microspheres (EasySampler C). By automating flow cytometry sample preparation and cytokine assay preparation, this solution further liberates clinical laboratory personnel from cumbersome manual tasks, significantly simplifying workflow complexity and improving efficiency.

Wellgrow Technology - Fully Automated Cytokine Sample Preparation System (EasySampler C)

The company has also launched the fully automated flow cytometer (EasyCell Auto), achieving full automation and integration of whole blood loading, sample preparation, flow cytometry detection, data analysis, and result transmission. Meanwhile, the company is developing a fully automated flow fluorescence detection device that seamlessly combines the automation of chemiluminescence immunoassay instruments with the high-throughput capabilities of flow cytometry platforms, poised to elevate immune detection capabilities to a higher level.

Wellgrow Technology - Fully Automated Flow Cytometer (EasyCell Auto)

Currently, independently developed by Shenzhen Wellgrow Technology Ltd.The EasyCell flow cytometer, EasySampler sample preparation system, EasySampler C cytokine sample preparation system, various antibody reagents, cytokine detection kits, and sperm function testing reagents have all obtained registration certificates., also the industry's to date,One of the few suppliers capable of providing comprehensive flow cytometry solutions, including immune function assessment, cytokine detection, and sperm function testing., a leader in the domestic fields of flow cytometry and flow fluorescence.

Leveraging a comprehensive product portfolio and the industry’s unique concept of automated flow cytometry detection, Wellgrow Technology’s high-throughput flow fluorescence detection system has become an ideal choice for hospitals, significantly helping top-tier Chinese hospitals simultaneously improve diagnostic accuracy and efficiency. Within one year of its market launch, it has been adopted byClass III Grade A hospitals, prestigious universities, and research institutions across 25 provinces in China—including many of the top five largest hospitals in each province—have consistently recognized the client.

Furthermore, over the next 1–2 years, Shenzhen Wellgrow Technology Ltd. will gradually launch its autoimmune disease testing reagents, allergen testing reagents, and other products to the market. This will rapidly advance the clinical detection of autoimmune diseases and allergens from qualitative or semi-quantitative methods to quantitative assays, forming a strong complement to chemiluminescence technology. These efforts will further leverage the advantages of flow fluorescence in high-throughput multiplex testing and optimize clinical laboratory workflows.

Shenzhen Wellgrow Technology Ltd.'sMagnetic fluorescent encoding microsphere reagents are compatible with mainstream flow cytometers from Beckman, BD, Mindray, and others.Therefore, customers who already own flow cytometers can provide patients with more effective clinical testing services without incurring additional capital expenditure on new instruments. Leveraging its open flow cytometry platform, Shenzhen Wellgrow Technology Ltd. will collaborate with the entire industry to further refine flow fluorescence detection assays and accelerate the clinical implementation of high-throughput flow fluorescence testing.

The company has attracted numerous overtures from in vitro diagnostic (IVD) manufacturers. In June 2021, Shenzhen Wellgrow Technology Ltd entered into a partnership with Beckman Coulter, a subsidiary of a global leader in the life sciences industry. Leveraging their respective strengths in research and development, marketing, sales, and service, both partiesEngage in in-depth collaboration on the market promotion, sales support, and technical cooperation of cytokine detection reagents,Jointly promote product innovation, market development, and clinical application of cytokine testing products.

Lead Investor in This RoundChina Merchants Health statedAs platform technologies, flow cytometry and flow fluorescence hold immense potential for future clinical applications. Shenzhen Wellgrow Technology Ltd is a leading manufacturer in China and globally, possessing independent intellectual property rights for both magnetic fluorescent encoded microsphere technology and flow fluorescence detection platforms. Backed by an experienced, efficient, and pragmatic team, the company is well-positioned for growth. CMH Health looks forward to partnering with Wellgrow Technology to accelerate the translation of advanced diagnostic technologies into more accurate and clinically practical products, thereby promoting public health. Leveraging the power of technological innovation, we aim to break down health barriers and ensure well-being for all.

Follow-on investors in this round, existing shareholdersMs. Huang Li, Founding Partner of Cowin Capital, statedWe are delighted to see that Shenzhen Wellgrow Technology Ltd. has made rapid progress in its team, products, and business over the past year or so. The company’s management team has remained diligent and committed to its original entrepreneurial vision, focusing on the field of clinical diagnostics and continuously striving for excellence. Cowin Capital has great confidence in Dr. Li Weigong and his team, and is pleased to increase its investment in Shenzhen Wellgrow Technology Ltd. in this round, looking forward to the company’s new achievements and further progress.