Pinsheng Medical Secures Hundreds of Millions in RMB in New Financing to Accelerate Clinical Mass Spectrometry Solutions
VCBeat has learned that Pinsun Medicine, a leading domestic clinical mass spectrometry enterprise, recently completed a new round of financing amounting to hundreds of millions of yuan, introducing institutional investors such as Centurium Capital and Cowin Capital. It is understood that Pinsun Medicine’s comprehensive solutions based on innovative clinical mass spectrometry technologies have been recognized by multiple benchmark hospitals in China. Following the completion of this financing round, Pinsun Medicine will accelerate its R&D and commercialization processes.The newly raised funds will be used to expand market presence and increase R&D investment, promote the localization of clinical mass spectrometry equipment and the development of related diagnostic reagents, and expand infrastructure such as production facilities and laboratories.
It is reported that Pinsheng Medicine was founded in 2016 by Dr. Cheng Xiaoliang, a mass spectrometry expert and returnee with a Ph.D. The company is dedicated to promoting the clinical implementation of innovative multi-omics testing applications based on next-generation mass spectrometry technology. With nearly 20 years of experience in developing innovative mass spectrometry technologies and their clinical applications, Dr. Cheng is an internationally renowned scientist in the fields of metabolomics and clinical mass spectrometry. He is also one of the inventors of Qchip, a world-leading high-throughput mass spectrometry chip technology. Previously, he worked at the Mass Spectrometry Technology Innovation Center of Lawrence Berkeley National Laboratory in the United States, one of the three global centers of excellence for mass spectrometry. Dr. Cheng and his team have developed hundreds of technologies and patents for early disease diagnosis, drug screening, and enzymatic activity screening in enzyme engineering. Among these, a high-throughput chip screening technology has been adopted by multiple national key laboratories and industry partners worldwide. In 2013, Dr. Cheng was the only Chinese recipient selected for the R&D 100 Awards, often referred to as the "Oscars of Innovation," and was also honored with the inaugural Novozymes Scientist Award, presented by Novozymes, the world’s largest biotechnology company, and the European Science Foundation.
Dr. Cheng Xiaoliang, Founder and CEO of Pinsheng Medicine, stated“Clinical mass spectrometry in China has entered a phase of rapid development. In terms of hardware, mass spectrometry instruments have completed the transition from research tools to medical diagnostic devices, with an increasing number of products obtaining medical device registration certificates. Consequently, demand for hospital-based mass spectrometry platforms is beginning to surge. Meanwhile, as a platform technology, clinical mass spectrometry testing panels are expanding year by year, covering an increasingly broad range of disease areas. Applications have gradually expanded from initial neonatal screening and vitamin analysis to therapeutic drug monitoring and hormone assays. Leveraging its advantages in metabolomics and proteomics, the technology is progressively extending into fields such as oncology, cardiovascular diseases, neurology, and maternal and child health. Over the past five years, Pingsheng Medicine has consistently adhered to a technology-driven strategy, continuously strengthening its innovative R&D capabilities for forward-looking products, and pioneered the introduction of comprehensive clinical mass spectrometry solutions within the industry. This investment round aims to leverage capital to achieve two main objectives: first, to launch comprehensive marketing and promotion efforts to rapidly capture emerging markets; and second, to increase R&D investment, continually enrich and upgrade the product portfolio, and sustain competitive advantages on the product front.”
Li Hui, Chairman of Centurium Capital, stated“From the perspective of the global medical diagnostics market, mass spectrometry (MS) technology boasts broad application prospects in clinical testing due to its technical advantages. In developed countries such as the United States, clinical MS has developed rapidly, becoming a key platform technology in the medical diagnostics market. The clinical application of multi-omics is emerging, and the global market continues to experience rapid growth. In contrast, China’s clinical MS sector lags significantly behind that of the United States, presenting substantial room for expansion. With the maturation of clinical test items, the improvement of supporting industrial chains, and the widespread adoption in clinical practice, the domestic clinical MS testing market is already developing rapidly. Pingsheng Medical possesses an international perspective and deep understanding of clinical MS technology and industry development. We will support Pingsheng Medical in its continuous innovation, leveraging leading MS technology to drive further transformation in the field of medical diagnostics, truly serve clinical needs, and address more medical challenges.”
IDG Capital has consecutively invested in three rounds since the angel round of Pisheng Medical, with its partner Yang Fei stating“In the era of precision medicine, we firmly believe that mass spectrometry is poised to become the next revolutionary technology in medical diagnostics, following gene sequencing, thereby creating a new market segment. The founding team of BGI Medical possesses profound expertise in mass spectrometry technology and has a deep understanding of both domestic and international healthcare markets. IDG Capital has been an investor since the early stages of BGI Medical’s establishment and has participated in three consecutive funding rounds to date. We are committed to growing alongside this outstanding company and look forward to seeing BGI Medical, under the leadership of Dr. Cheng Xiaoliang, drive the development of China’s clinical mass spectrometry industry.”
Ding Baoyu, Managing Partner of Cowin Capital, stated“Pinsheng Medical boasts an experienced, pragmatic, and highly efficient management team. It has established a comprehensive industry chain covering clinical mass spectrometry hardware, reagents, and third-party testing services. Its products and services have gained recognition from multiple top-tier benchmark hospitals, securing a leading position within the industry. We strongly endorse Pinsheng’s commitment to enhancing quality of life and advancing human health through precise diagnostic technologies, and we look forward to collaborating with this outstanding enterprise to achieve shared goals.”
Yangzijiang Fund has also invested in Pinsheng Medical for two consecutive rounds. Zhang Jian, General Manager of Yangzijiang Fund, stated“Nanjing Jiangbei New Area is a national-level new area, with the life and health industry being one of its landmark industries. As a leading domestic mass spectrometry testing company, Pinsheng Medical is a highly representative technological innovation enterprise in the New Area and a crucial link in its life and health industry chain. We have consistently maintained strong confidence in Pinsheng Medical’s development prospects and have completed two consecutive rounds of investment to date. We aim to support the growth of more outstanding sci-tech innovation companies like Pinsheng Medical, striving to establish Jiangbei New Area as a globally influential source of innovation and an engine for regional innovative development.”
In recent years, clinical mass spectrometry has emerged as a hot sector for innovative medical devices. According to statistics from VCBeat, as of press time, 10 clinical mass spectrometry companies in China, including Pinsheng Medical, completed 13 primary market financing rounds in 2021 alone, raising a total of over RMB 1 billion, with individual financing amounts frequently exceeding RMB 100 million.
According to Dr. Cheng Xiaoliang, the surge in capital interest in clinical mass spectrometry projects is closely linked to the maturation of its products and the growing market recognition. The underlying reason why clinical mass spectrometry has gained widespread acceptance in application within just a few years and rapidly emerged as one of the most promising clinical testing modalities lies in its significant technical advantages over traditional diagnostic tools. Specifically, compared with conventional diagnostic techniques such as biochemistry and immunoassays, mass spectrometry offers unique advantages in sensitivity, specificity, and multiplex detection. It serves not only as a complement but also as an extension to existing biochemical and immunological testing methods, enhancing the precision of current tests and enabling the measurement of analytes undetectable by other technologies. This capability better guides clinical diagnosis and provides patients with more accurate test results.
Currently, mainstream clinical mass spectrometry testing items include newborn screening, vitamin analysis, hormone profiling, and therapeutic drug monitoring. These are primarily applied in fields such as maternal and child health, cardiology, endocrinology, mental health, pharmacy, and physical examinations. As a platform technology, mass spectrometry offers significant advantages and boasts a broad range of applications. It provides superior solutions for routine tests that are poorly served or unfeasible with traditional methodologies such as biochemistry and chemiluminescence, addressing a market valued at tens of billions of yuan. Looking ahead, the integration of proteomics and metabolomics, coupled with innovative diagnostic applications powered by big data and artificial intelligence, will further facilitate the adoption of clinical mass spectrometry in oncology, cardiovascular disease, and neurology, thereby raising the market ceiling even higher.
“Meanwhile, innovative diagnostic technologies represented by clinical mass spectrometry have also received strong policy support,” stated Dr. Cheng Xiaoliang. For instance, in early 2021, the Ministry of Industry and Information Technology solicited public comments on the Development Plan for the Medical Equipment Industry (2021–2025). In its third section, the plan outlined seven key areas for priority development in China’s medical device industry over the next five years, one of which was diagnostic and testing equipment, with mass spectrometry instruments included among the prioritized diagnostic and testing devices. Furthermore, the latest version of the Regulations on the Supervision and Administration of Medical Devices, which officially came into effect on June 1, stipulates that for in vitro diagnostic reagents for which no equivalent products are yet marketed domestically, eligible medical institutions may develop their own tests based on their clinical needs and use them within their facilities under the guidance of licensed physicians. This means that the Laboratory Developed Tests (LDT) model adopted by most clinical mass spectrometry companies has gained regulatory compliance recognition, significantly promoting the application and development of mass spectrometry technology in clinical settings.
Currently, the landscape of domestic healthcare institutions is dominated by large public tertiary hospitals (Grade 3A), making hospital admission virtually an essential pathway for most clinical mass spectrometry companies to increase their market penetration. In this process, due to immaturity in areas such as inclusion in fee schedules, reagent registration approval, methodological standardization, laboratory conditions, and availability of specialized talent, leading companies represented by Pinsheng Medicine, bolstered by their first-mover advantage, have demonstrated stronger capabilities in breaking through barriers as they strive to develop hospital entry strategies.
“Compared to the traditional IVD sector, the core of competition in the clinical mass spectrometry industry lies in technological platforms and the clinical implementation of products. As competition intensifies, companies that can provide diverse product portfolios and service solutions to meet the personalized needs of end-user hospitals, and gain validation and recognition from benchmark hospitals through robust technology and comprehensive services—thereby enabling the effective and sustainable operation of mass spectrometers in clinical laboratories—will gain a competitive edge in the market,” pointed out Dr. Cheng Xiaoliang.
In 2020, Pisheng Medicine’s first clinical mass spectrometer, the Qlife Lab 9000, was officially launched, establishing a comprehensive product portfolio encompassing instruments, reagents, and testing services. Since its market debut, the company has introduced diverse marketing strategies through optimized product combinations and integrated sales approaches, enabling more flexible adaptation to the needs of different hospital clients. It is reported that Pisheng Medicine has partnered with hundreds of hospitals, including dozens of national benchmark institutions, driving rapid growth in corporate performance. Throughout this process, Pisheng Medicine’s professional team has continued to expand, with clearer division of labor and each functional area led by seasoned experts possessing extensive industry experience.
Meanwhile, Shenzhen Institute of Life and Health Medicine Co., Ltd. has been actively promoting the establishment of clinical mass spectrometry standards and guidelines in China. “Throughout our journey, we have received strong support from academicians and committee chairs in the fields of mass spectrometry and clinical laboratory medicine in China,” said Dr. Cheng Xiaoliang. “By collaborating with these top key opinion leaders (KOLs), we have accumulated extensive experience and developed outstanding technical capabilities in clinical mass spectrometry hardware, application areas, and multiple clinical disease domains. This provides powerful momentum for us to continue on this path and contribute more to the industry.” In addition, the company’s business model of “IVD as the core, ICL as supplementary,” established since 2018, is becoming the mainstream commercial model in China’s clinical mass spectrometry industry. The nationwide distributor network formed under this model has created conditions for explosive business growth and provided important guarantees for sustained R&D investment.
Looking ahead, Dr. Cheng Xiaoliang expressed confidence that Pinsheng Medical will maintain its leading position in China’s clinical mass spectrometry field. Over the longer term, he hopes Pinsheng Medical will grow into a high-tech company capable of comprehensively addressing the needs of precision medicine, thereby promoting broader application of mass spectrometry technology.
IDG Capital pioneered venture capital operations in China in 1993. After nearly three decades of development, the firm’s cumulative assets under management have exceeded RMB 150 billion. IDG Capital focuses on enterprises in sectors such as Technology, Media, and Telecom (TMT), new consumption and services, culture and entertainment, healthcare, advanced manufacturing, and clean energy. Its investment scope covers all stages, including early-stage, growth-stage, mature-stage, and mergers and acquisitions/restructuring, with investment sizes ranging from millions to hundreds of millions of US dollars.
To date, IDG Capital has invested in over 1,000 outstanding companies worldwide and has facilitated successful exits for more than 300 portfolio companies through initial public offerings (IPOs) or mergers and acquisitions (M&A) in the capital markets of mainland China, Hong Kong, the United States, and Europe, supporting nearly 100 leading companies with valuations exceeding $1 billion.
Centurium Capital is a leading private equity fund management firm in China, managing both RMB and USD funds with total assets under management exceeding $4 billion. Centurium Capital focuses on investment opportunities in the Chinese consumer, enterprise services, and healthcare sectors, leveraging deep industry insights and extensive industry resources in these areas.
Upholding the philosophy of “investment-driven transformation,” Centurium Capital makes long-term investments in selected companies and entrepreneurs, helping them formulate effective business strategies and improve operational efficiency to drive corporate growth and industry transformation.
Cowin Capital was established on June 26, 2000. As one of the first professional private equity investment firms in China, it boasts 21 years of investment management experience, with assets under management exceeding RMB 25 billion. The firm has invested in more than 500 companies and successfully facilitated the public listing of 93 enterprises. It stands as a leading domestic professional investment institution with a long operational history and consistently outstanding returns.
Cowin Capital takes industrial chain investment as its entry point, focusing on emerging industries, maintaining a prudent investment strategy, deeply uncovering hidden champions, supporting innovation and entrepreneurship, and fully serving the real economy.
Nanjing Yangtze River Investment Fund Management Co., Ltd. (hereinafter referred to as “Yangtze River Fund”) was established on November 28, 2014. It is a wholly-owned subsidiary of Nanjing Yangtze River State-owned Assets Investment Group Co., Ltd., primarily undertaking investment, construction, and operational functions for major urban functional facilities and the innovative development of leading industries in the Nanjing Jiangbei New Area. The group has a registered capital of RMB 13 billion, total assets of RMB 260 billion, a domestic corporate credit rating of AAA, an international corporate credit rating of A-, and has been honored with the title of National Civilized Unit as well as the Municipal and Provincial “May 1st” Labor Award certificates.