Geneplus Secures RMB 750 Million Series C Financing to Strengthen Tumor Genomic Testing Business and Files for Hong Kong IPO

VCBeat (WeChat: vcbeat) has learned that Beijing Gene+ Technology Co., Ltd. (“Gene+”), a leading domestic enterprise in precision oncology medicine, recently announced the completion of its Series C financing round totaling approximately RMB 750 million, with the funds already in place.

This funding round was led by CCB International, with participation from Fortune Capital, Jinmao Capital, and GGV Capital. Other notable investors included Alibaba Health, Yuanfeng Capital, CCB Trust, Huajin Investment, Baidu Ventures, Shengyu Investment, Juanci Investment, ZGC Zhongnuo Fund, Golden Seed Fund, Weiting Capital, Beike Jianke Hui Venture Capital, and Chuanghehui Capital. China Renaissance served as the exclusive financial advisor for this financing round.

This round of financing will be used by Gene+ to further advance the innovative R&D, regulatory registration, and clinical services for its products, including large-panel tumor genetic testing and early cancer screening, as well as to deepen collaborative partnerships with innovative pharmaceutical companies in the oncology field for co-development of new drugs.

Gene+, established in 2015, is a high-tech enterprise deeply engaged in the field of precision oncology. The company has established multiple physical entities, including medical laboratories, industrialization bases for medical devices, and a gene research institute, across Beijing, Suzhou, and Shenzhen. Leveraging domestically produced NGS sequencing platforms and big data analytics platforms for genomics, Gene+ has developed four core business segments: clinical testing services, medical device manufacturing, scientific collaboration services, and cancer prevention and control services, thereby providing comprehensive products and services spanning the entire continuum of cancer care.

As a pioneer in the clinical application of domestic NGS platforms, Gene+ is the only company to have simultaneously obtained Class III medical device registration certificates for its gene sequencer and tumor gene mutation detection kits, as well as a Class II medical device registration certificate for its automated tumor NGS analysis software. Leveraging this fully certified, integrated domestic solution, Gene+ serves dozens of key hospitals across China, facilitating the implementation of comprehensive in-house tumor gene testing services.

Meanwhile, to address the practical needs of precise clinical medication and whole-course disease monitoring, the company has launched its Onco series of cancer-specific testing products, tailored to meet the individualized treatment needs of oncology patients. It has established collaborations with over 1,000 clinical experts at more than 500 key hospitals across China, completing over 250,000 tumor sample tests to date, thereby enabling better survival outcomes for more than 100,000 cancer patients.

In terms of pharmaceutical services, the company has established collaborations with more than 30 leading domestic and international oncology drug developers, providing full-cycle services including new drug clinical trials, companion diagnostic development, and post-marketing studies.

In the field of early diagnosis and screening, the company has developed an early-screening detection technology that simultaneously detects genomic variations and methylation levels. The PREDICT multi-center clinical study project, which focuses on prospective pan-cancer screening for high-risk populations, has been in clinical trials for two years, and the related early-screening kit products are about to enter the registration application stage.

Dr. Yi Xin, CEO of Gene+, stated“We appreciate the recognition from investors in this funding round, as well as the continued support from all our early-stage investors over the years. Over the past six years, we have remained committed to delivering high-quality tumor genetic testing, witnessing the rapid development of the entire industry. The localization of gene sequencers has provided us with significant cost advantages, while the continuous regulatory approvals for tumor NGS testing medical devices have strengthened our qualification barriers, enabling compliant hospital access and cost-effective testing solutions.”

“This trend not only reflects the direction of industry development but also embodies the core belief that Gene+ has steadfastly upheld throughout its journey. With the successful completion of this round of financing, we will further increase our R&D investment to accelerate the development and regulatory approval for launch of more blockbuster products in our pipeline, including large-panel genomic testing for tumors and early screening for liver cancer, thereby delivering superior products and services to more physicians and patients.”

The project lead at CCB International stated: “In recent years, CCB International has continuously focused its investments on the field of oncology diagnosis and treatment, establishing a comprehensive portfolio spanning early screening, minimally invasive therapy, innovative drugs, and patient management. Tumor genetic testing holds significant value for early cancer screening, medication guidance, prognosis monitoring, and new drug development, thereby further completing CCB International’s investment puzzle in the oncology sector.”

“Gene+ boasts a core team with solid technical expertise and extensive industry experience. As one of the earliest oncology NGS companies to deploy domestic sequencing platforms, Gene+ is establishing a first-mover advantage in the development of large-panel kits, aligning with the national strategy of ‘self-reliance and self-improvement in science and technology’ as well as the industry trends toward domestic substitution and regulatory compliance. We look forward to deepening our collaboration with Gene+ to bring greater hope to cancer patients in China.”

Wang Xianzheng, Investment Director at Fortune Capital, stated“The IVD sector represents the area with the most extensive investment portfolio for Fortune Capital in the healthcare field. As the segment with the largest market size and strongest essential demand within NGS applications, tumor genetic testing is entering a new era characterized by industry standardization, market consolidation, and the rise of leading enterprises.”

“Guided by the philosophy of prioritizing medical care, leading with R&D, and ensuring independent controllability, Gene+ has devoted years to accumulating expertise in the independent domestic development of tumor gene testing sequencers, sequencing reagents, and data algorithms, achieving a significant leading advantage. We believe that as the tumor gene testing industry becomes increasingly standardized and the LDT model transitions toward the IVD model, Gene+’s advantages in product localization and regulatory certification will rapidly translate into market dominance, accelerating its emergence as an industry leader.”

Wang Bin, Deputy General Manager of Jinmao Capital, stated“Precision oncology diagnostics is one of the fastest-growing segments in the field of molecular diagnostics. Since its inception, Gene+ has been at the forefront of precision oncology diagnostics, creating a closed-loop service covering the entire cancer lifecycle—from early screening and clinical companion diagnostics to prognosis monitoring—while promoting the domestic substitution of sequencing platforms. Jinmao Capital will leverage China Jinmao’s industrial layout to support Gene+’s business expansion across China and jointly promote the development of China Jinmao’s healthy living ecosystem.”

Wu Chenyao, Partner at GGV Capital, stated“With the rapid advancement of novel cancer therapies such as targeted drugs, immunotherapy, and tumor vaccines, humanity continues to make progress in the fight against cancer. Since nearly all new treatment modalities rely on the results of gene sequencing, there is substantial market potential for tumor gene sequencing.”

“Meanwhile, with the rapid development of domestically developed genetic testing technologies in China, there are significant opportunities for import substitution in the field of gene sequencing. Gene+ is a leading enterprise in domestic tumor genetic testing. GGV Capital is highly optimistic about the Gene+ team led by Dr. Yi Xin and Dr. Yang Ling, believing that Gene+ will continue to achieve breakthroughs in business, scientific research, and product development, thereby becoming a leading, self-controlled, platform-based genetic testing company.”

Gene+, founded in 2015, is an innovative high-tech enterprise specializing in precision oncology medicine in China. Leveraging domestically developed NGS platforms and big data on tumor genetics, the company has established a comprehensive value chain for cancer prevention and treatment, encompassing four core business segments: clinical testing, medical device manufacturing, scientific collaborations, and cancer prevention and control. Gene+ is committed to becoming the most trusted platform for tumor genomics big data services.

CCB International is the investment banking flagship of China Construction Bank Corporation. Its subsidiaries have built a comprehensive investment banking value chain covering Pre-IPO, IPO, and Post-IPO stages, offering a wide range of products. It has identified and nurtured numerous industry-leading enterprises, achieving superior investment returns while fostering win-win outcomes with its clients.

Fortune Capital is one of the most influential venture capital firms in China. With its outstanding performance, Fortune Capital has consistently ranked among the top in evaluations conducted by authoritative institutions such as the China Venture Capital and Private Equity Association (CVCA), Zero2IPO Group, CVSource, and Financing China.

Currently, Fortune Capital manages funds totaling over RMB 36 billion, has invested in more than 600 companies, and successfully exited from over 200 investments, including 116 IPOs. These listed companies include numerous high-profile names such as Aier Eye Hospital, CanSino Biologics, EVE Energy, Mingyuan Cloud, Shangpin Home Collection, and Dingdong Maicai.

“Benefiting the World, Envisioning the Future with Fortune!” Fortune Capital partners with investors, entrepreneurs, and collaborators to make positive contributions to China’s economic transformation, upgrading, and innovative development.

Jinmao Capital is the financial services platform under China Jinmao (HK.0817). Its industrial equity investment segment focuses on private equity investments in fields such as healthcare and technology, managing China Jinmao’s industrial fund-of-funds and multiple VC and PE industrial funds, with the current scale of managed industrial funds nearing RMB 10 billion.

Leveraging China Jinmao’s urban operation and development strategy, Jinmao Capital pursues value-driven investments grounded in real-world scenarios and tangible platforms. By empowering the creation of healthy urban ecosystems through capital infusion, its healthcare investment portfolio spans niche sectors including high-end medical devices, precision diagnostics, and smart healthcare.

GGV Capital is a venture capital firm focused on early- to mid-stage companies worldwide, managing 17 funds with $9.2 billion in assets under management, and maintaining offices in Silicon Valley, San Francisco, Shanghai, Beijing, and Singapore.

GGV Capital focuses on startups in sectors such as consumer and new retail, internet services, frontier technologies, enterprise services, and cloud computing. It has invested in more than 400 companies, including Alibaba, Qunar, Airbnb, Full Truck Alliance, Toutiao, and Boss Zhipin. With a long-term commitment to global markets, deep localized engagement, and integrated cross-border expertise, GGV Capital has accumulated unique resources to strongly support entrepreneurs in their continuous innovation and expansion.