Genecast Completes RMB 700 Million Series B1 Financing with China Renaissance as Exclusive Financial Advisor

Recently, Berry Oncology (hereinafter referred to as “Berry Oncology” or the “Company”) announced the completion of its Series B1 financing round, raising nearly RMB 700 million. The round was led by China Merchants Capital, with continued support from existing investors Qiming Venture Partners and Legend Capital. Prominent institutional investors, including Zhongjin Qichen Fund under CICC Capital, E Fund Capital, Fujian Innovation Investment, and Xiamen C&D Emerging Industry Equity Investment, also participated in the financing.

Cai Capital served as the exclusive financial advisor to Berry Oncology in this transaction.

As a unicorn enterprise in the field of early cancer screening, Berry Oncology has attracted approximately RMB 1 billion in investment within less than one year, bringing its total cumulative funding from top-tier Chinese funds to nearly RMB 2 billion since its inception.

Berry Oncology is a genetic testing company dedicated to comprehensive cancer care throughout the entire disease journey, and it stands as a leading enterprise in the field of early cancer screening. Since its inception, the company has established a complete product and service system for genetic testing tailored to high-risk populations and cancer patients. Its liver cancer early screening product, “Laisining,” is backed by a major national research project under China’s 13th Five-Year Plan. Validated through the only large-scale prospective cohort study in China, and built upon a foundation of multi-omics and AI technologies, the product features a robust underlying general-purpose technology platform. It has already begun promotion and application in clinical and commercial settings, demonstrating excellent testing performance. The company collaborates with over 700 hospitals across China, establishing a comprehensive service network, and has provided valuable cancer genetic testing services to hundreds of thousands of cancer patients.

Berry Oncology has always adhered to the philosophy of being rooted in academia and serving clinical practice, achieving multiple breakthrough scientific research results in the past six months. In the liver cancer early screening (PreCar) project, jointly led by Academician Wang Hongyang and Professor Hou Jinlin and primarily executed by Berry Oncology, the company’s cfDNA¹Whole-genome sequencing-based early screening technology for liver cancer, with sensitivity and specificity as high as 95.42% and 97.91% respectively, has been included in the first “Expert Consensus on Early Screening Strategies for Liver Cancer in China.” Berry Oncology’s independently developed cfDNA whole-genome sequencing-based early screening technology for liver cancer²Gaining international authoritative recognition, it provides an early warning of liver cancer risk 6–12 months ahead of the current gold standard, offering a valuable time window for clinical intervention. Related research findings have been published in the prestigious international journals Cell Research and Clinical Cancer Research.^3,4。

While adhering to clinical validation and scientific research collaboration, Berry Oncology is actively exploring diversified business models. On June 20, Berry Oncology formally signed a strategic cooperation agreement with AliHealth to jointly create an inclusive medical service model for early cancer screening, centered on the integration of “internet platforms + early cancer screening technologies + medical security.”

Meanwhile, the company is dedicated to expanding its internet insurance business. In March this year, adopting “Insurance + Technology” and “Insurance + Services” as its core business models, the company entered into multiple collaborations with Hisker, Taikang Online, and Anhua Agricultural Insurance to promote the widespread application of early liver cancer screening. These efforts aim to establish an accessible, shared, and sustainable ecosystem for early tumor screening, thereby facilitating early diagnosis, early treatment, and early recovery from cancer in China, and contributing to nationwide health.

Zhou Jun, CEO of Berry Oncologystated: “We extend our gratitude to both new and existing shareholders for their trust and support in Berry Oncology. We will continue to uphold our mission of ‘achieving early diagnosis and treatment for all cancers, and ensuring precise treatment for all patients.’ Building on our existing technological and product advantages, and driven by our R&D strategy for early cancer screening, we are committed to delivering higher-value genetic testing services for clinical precision oncology, immunotherapy, and personal health management. Working collaboratively with multiple stakeholders, we aim to develop comprehensive early screening solutions for China, positioning ourselves as a landmark enterprise in the global field of early cancer screening and diagnosis, and as the leader in China’s tumor genetic testing market.”

Zhu Zhengwei, Senior Managing Director of China Merchants Capitalstated: “The early cancer screening industry boasts vast potential market space. With strong support from national policies, it is poised to enter a period of rapid growth and reap significant dividends in the coming years. Berry Oncology’s product, Lai Si Ning, has achieved a global breakthrough in early liver cancer screening, overcoming substantial R&D barriers and delivering remarkable technological achievements recognized by the industry. The company’s management team demonstrates highly forward-looking strategic vision, upholding scientific rigor, professional integrity, and a strong sense of social responsibility, while driving steady and rapid corporate development through efficient execution. Boasting an industry-leading R&D and scientific team, the company stands as a benchmark enterprise in China’s early cancer screening sector, with its product technology reserves ready for deployment. We are honored to have successfully partnered with Berry Oncology and look forward to its role in promoting the vibrant and orderly development of China’s early cancer screening industry, thereby contributing to the realization of the ‘Healthy China’ vision.”

Liang Yingyu, Managing Partner at Qiming Venture Partnersstated, “We have been collaborating with Berry Oncology since its Series A financing in 2017 and have continuously participated in its Series A+ and Series B funding rounds. Qiming Venture Partners is optimistic about the market prospects in the field of early cancer screening. Over the past four years, we have witnessed Berry Oncology achieve new milestones and realize rapid development in this sector. We remain confident in the management team’s innovative spirit and forward-looking strategic layout. We hope that Berry Oncology will achieve further breakthroughs, become a world-class early screening enterprise, and provide precise, high-quality products and services to more patients.”

Zhou Quan, Managing Director of Legend Capitalstated: “As long-standing shareholders of Berry Oncology, we are delighted to participate once again in this round of financing, supporting the company in accelerating its progress in product registration, technological R&D, and market expansion. Currently, the company’s early screening technology for liver cancer has been incorporated into the ‘pyramid’ model outlined in the expert consensus on early liver cancer screening. We hold very high expectations for the company’s future development.”

Wu You, Managing Director of China RenaissanceBerry Oncology stated: “As a leading enterprise in China’s early cancer screening industry, Berry Oncology has developed the liver cancer early screening product with the largest-scale prospective cohort validation to date and successfully built a multi-omics underlying technology platform for early cancer screening. The company is committed to delivering early screening products for 5–8 types of high-risk, high-incidence cancers in China within five years. China Renaissance Capital firmly believes that, with the joint support of existing and new shareholders, the company will lead the rapid development of China’s early cancer screening and diagnosis industry, demonstrating deep compassion for public suffering and bringing benefits to the people.”

China Merchants Capital Co., Ltd. (hereinafter referred to as “China Merchants Capital”), established in 2012, is committed to becoming a leading alternative asset management institution in China and a globally renowned player. As of the end of 2020, China Merchants Capital managed total assets of approximately RMB 280 billion. Originally a key subsidiary of China Merchants Group, China Merchants Capital advanced its mixed-ownership reform by introducing strategic investors in 2019 and is now a joint venture between China Merchants Group and GLP.

China Merchants Capital adheres to the business philosophy of “Integrity, Standardization, Excellence, and Sharing.” Seizing strategic opportunities presented by China’s structural reforms, industrial upgrading, and new-type urbanization, it seeks cooperation opportunities in sectors including transportation infrastructure and logistics, real estate and related industries, finance and fintech, TMT, advanced manufacturing, new energy and environmental protection, and pharmaceuticals and healthcare.

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages nine US dollar funds and six RMB funds, with total assets under management reaching $5.9 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage enterprises in sectors such as TMT (Technology, Media, and Telecom) and healthcare. To date, Qiming Venture Partners has invested in more than 380 high-growth innovative companies, among which over 130 have achieved exits through listings on exchanges including the New York Stock Exchange (NYSE), NASDAQ, the Hong Kong Stock Exchange, the Taipei Exchange (TPEx), the Shanghai Stock Exchange, and the Shenzhen Stock Exchange, as well as through mergers and acquisitions. More than 40 of its portfolio companies have become industry-recognized unicorns and super unicorns.

Legend Capital is an independent professional venture capital firm under Legend Holdings, with its core business focused on early-stage venture capital and growth-stage expansion investment. Currently, Legend Capital manages USD and RMB funds with a total scale exceeding RMB 60 billion, focusing primarily on innovation and growth opportunities in China. As of 2021, Legend Capital had invested in more than 500 companies, among which over 90 have successfully listed or been quoted on domestic or overseas stock exchanges, and more than 70 have exited through mergers and acquisitions. With the vision of “becoming the most valuable, respected, and internationally influential investment firm,” Legend Capital promotes corporate innovation and growth through capital and management support, plays an active role in driving industrial progress and social development, and strives to co-create desirable ventures with like-minded partners while sharing success.

Zhongjin Qichen Emerging Industry Equity Investment Fund (hereinafter referred to as “Zhongjin Qichen Fund”) is a professional direct investment fund managed by CICC Capital Management Co., Ltd. (hereinafter referred to as “CICC Capital”), which also serves as its general partner. CICC Capital is a wholly-owned subsidiary of China International Capital Corporation Limited (hereinafter referred to as “CICC”) and acts as CICC’s private equity investment business platform, overseeing CICC’s domestic and overseas private equity fund operations. To date, the assets under management of CICC Capital exceed RMB 350 billion.

Building on the ecosystem resources of CICC Capital and China International Capital Corporation (CICC), Zhongjin Qichen Fund has consistently sought relatively certain investment opportunities in high-growth industries, adhered strictly to the logic of value investing amidst market fluctuations, and focused its investments on the sectors of technological smart manufacturing and healthcare. The fund’s management team comprises professionals with extensive experience in direct investment. Since its inception, Zhongjin Qichen Fund has made in-depth investments in a number of leading enterprises in niche segments of the technology and healthcare sectors.

Fujian Innovation Investment has cumulatively served as the trustee manager for 37 funds, with assets under management exceeding RMB 27 billion. Its fund management portfolio encompasses a diverse range of types, including venture capital funds, private equity (PE) funds, sci-tech innovation funds, listed company bailout funds, emerging industry funds, government guidance funds, NEEQ funds, and private placement funds. The company focuses primarily on sectors such as next-generation information technology, biotechnology, new energy, new energy vehicles, high-end equipment manufacturing, new materials, and energy conservation and environmental protection. It mainly invests in small and medium-sized enterprises (SMEs), independent innovative high-tech enterprises, and companies in emerging industries. To date, the company has engaged with thousands of enterprises, completed investments in nearly 200 projects, and successfully facilitated the listing of dozens of portfolio companies on domestic and international capital markets.

C&D Emerging Investment is a corporate venture capital institution backed by the Fortune Global 500 company C&D Group. Established in 2014, the company is committed to its mission of “pioneering new value and helping more high-growth new-economy enterprises achieve better development,” with a strategic focus on emerging sectors such as healthcare, advanced manufacturing, and TMT/consumer industries.

China New Economy Investment Bank is a leader in China's new economy investment banking sector, focusing on the global TMT, consumer, and healthcare industries. In addition to its investment banking services, China New Economy Investment Bank manages one RMB fund and one USD fund. The company has offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds a license for the U.S. securities market.

The healthcare sector is a key focus area where China Renaissance holds significant advantages, having ranked as the new-economy investment bank with the highest number of healthcare industry transactions in China for four consecutive years. Meanwhile, China Renaissance boasts the largest, most professional, and most comprehensively integrated healthcare investment banking team in the country.

Note:

1. cfDNA: Circulating free DNA, referring to partially degraded endogenous DNA that circulates freely outside cells in the bloodstream.

2. Whole-genome cfDNA sequencing for early screening of liver cancer: This technology comprehensively detects cell-free DNA (cfDNA) in peripheral blood to obtain multi-dimensional variation information across the whole genome, including nucleosome footprints, fragment size distribution, sequence ends, and copy number variations. AI-based machine learning algorithms are employed to analyze these multi-dimensional variations, which are then integrated into a liver cancer-specific model for comprehensive weighted calculation to generate the HIFI SCORE, thereby assessing the risk of liver cancer.

3.Chen L, Abou-Alfa GK, Zheng B, Liu JF, Bai J, Du LT, Qian YS, Fan R, Liu XL, Wu L, Hou JL, Wang HY; PreCar Team. Genome-scale profiling of circulating cell-free DNA signatures for early detection of hepatocellular carcinoma in cirrhotic patients. Cell Res. 2021 May;31(5):589-592. doi: 10.1038/s41422-020-00457-7. Epub 2021 Feb 15. PMID: 33589745; PMCID: PMC8089097.

4.Zheng B, Liu XL, Fan R, Bai J, Wen H, Du LT, Jiang GQ, Wang CY, Fan XT, Ye YN, Qian YS, Wang YC, Liu GJ, Deng GH, Shen F, Hu HP, Wang H, Zhang QZ, Ru LL, Zhang J, Gao YH, Xia J, Yan HD, Liang MF, Yu YL, Sun FM, Gao YJ, Sun J, Zhong CX, Wang Y, Kong F, Chen JM, Zheng D, Yang Y, Wang CX, Wu L, Hou JL, Liu JF, Wang HY, Chen L. The Landscape of Cell-Free HBV Integrations and Mutations in Cirrhosis and Hepatocellular Carcinoma Patients. Clin Cancer Res. 2021 May 4. doi: 10.1158/1078-0432.CCR-21-0002. Epub ahead of print. PMID: 33947693.