MetWare Bio Completes RMB 100 Million Series A Funding Led by Sequoia Capital China, Files for IPO

Recently, Metware Biotechnology Inc. (hereinafter referred to as “Metware”) announced the completion of its RMB 100 million Series A financing round.Metware is committed to becoming a leader in metabolomics testing services, metabolomics technology innovation, and clinical diagnostic applications.

It is reported that this round of financing was exclusively led by Sequoia Capital China, with existing shareholders Bilin Capital and Ruijiang Investment participating as co-investors. The funds will be primarily used to build a professional team for innovative metabolomics, expand Metware’s leading advantages in core technologies and the market, strengthen the R&D of clinical products based on metabolic small molecules, enrich the product pipeline, and accelerate the development of its clinical mass spectrometry platform.

Headquartered in Wuhan, Metware has also established an East China R&D Center in Shanghai/Jiashan. The company currently operates nearly 20,000 square meters of laboratory space, equipped with approximately 40 mass spectrometry systems, and employs a team of 350 professionals specializing in CT+BT+IT, with R&D technical personnel accounting for 60% of the workforce. As a leading professional metabolomics center in China, Metware has long been dedicated to applying innovative metabolomics technologies in life science research and medical health, striving to become a global pioneer in metabolomics technical services and the application of innovative clinical diagnostic products.

Metware’s business portfolio encompasses: innovative metabolomics technology CRO services, development of metabolic kits for “liquid biopsy”-based early cancer screening, and development of prognostic kits for chronic metabolic diseases. Its services have reached research institutes, hospitals, and industrial enterprises across 34 provinces, municipalities, and autonomous regions in China, serving over 2,000 clients. Since its inception, Metware has been dedicated to constructing metabolomics databases and developing detection methodologies, including its independently developed database of 2.2 million metabolites, high-throughput, ultra-sensitive, and broadly covered widely targeted metabolomics detection methods, and machine learning algorithms for metabolic biomarkers.

Metware’s IVD platform leverages its strengths in metabolomics technology, with a core focus on the development of innovative clinical mass spectrometry products. Targeting major disease areas such as oncology, cardiovascular diseases, and maternal and child health, the platform engages in deep scientific research collaborations with leading medical centers, including Peking Union Medical College Hospital, Chinese PLA General Hospital, Fuwai Hospital, the Seventh Medical Center of Chinese PLA General Hospital, Beijing Friendship Hospital, Zhejiang Cancer Hospital, and Shanghai Chest Hospital. The aim is to translate and promote high-quality testing products and services urgently needed in clinical practice, expand the applications of clinical mass spectrometry, broaden the clinical adoption of mass spectrometry technology, significantly enhance the quality of clinical diagnosis and treatment, and reduce societal healthcare costs.

One of its first-in-class products, a blood metabolomics test for colorectal cancer, utilizes biomarkers identified through widely targeted metabolomics technology for ultra-early diagnosis. It has completed two rounds of multicenter clinical validation across China, achieving an auxiliary diagnostic sensitivity of 0.69 for advanced adenomas at a specificity of 0.9.

Metware established its IVD R&D Center in Wuhan in 2017, and completed the construction of its GMP-compliant production base and Wuhan Medical Laboratory Center in 2021. It is expected that multiple me-too and innovative products will receive approval from the National Medical Products Administration (NMPA) in 2022, positioning Metware as an industry-leading provider of comprehensive clinical mass spectrometry solutions covering innovative diagnostic reagents, instruments, and clinical laboratory services.

Tang Tang, CEO of Metware, stated:

We extend our gratitude to Sequoia Capital and our existing shareholders for their attention to the field of metabolomics and their recognition of Metware. The United States began systematically funding technological research and development in metabolomics around 2013, while China initiated systematic project approvals in this field around 2018. Against this backdrop, Metware has remained committed to technological innovation, striving to enhance the throughput and accuracy of metabolomic data acquisition. We have achieved a leap from collecting hundreds to thousands of metabolomic data points, thereby promoting the application of metabolomics in life sciences research and accelerating the discovery and clinical translation of candidate metabolic biomarkers. “Making metabolism the myriad bridges connecting genes and phenotypes” is our mission. Whether with our current team of 350 or a future workforce of 1,000, we remain focused on overcoming this critical challenge. Our goal is to accelerate the deciphering of the metabolic code and better serve human health through metabolomics.

Xu Qiang, Managing Director of Sequoia China, stated:

Metabolomics is an emerging discipline that has developed following genomics, with changes in metabolic small molecules serving as a real-time reflection of physiological states. The core team at Metware boasts extensive experience in both R&D and commercialization, holding distinct advantages in metabolomic detection methodologies and metabolic databases. This expertise has secured its industry-leading position in technical services, and four years ago, the company strategically established multiple pipelines for the clinical translation of metabolomic products. We value not only Metware’s current industry standing but also its dedicated commitment to advancing life science research and clinical translation through continuous innovation in metabolomics technologies. We are delighted to partner with Metware as we jointly strive to become a global leader in the field of metabolomics.

Sequoia Capital is committed to helping entrepreneurs build enduring, great companies by providing its portfolio companies with abundant global resources and valuable historical expertise. Over the past 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. As “entrepreneurs behind entrepreneurs,” Sequoia Capital China focuses on investment opportunities in three key sectors: TMT (Technology, Media, and Telecom), healthcare, and consumer goods/services. Over the past 16 years, Sequoia Capital China has invested in nearly 600 companies characterized by distinct technological advantages, innovative business models, and high growth potential.