Jinyi Shengshi, a Leading Upstream Biopharma Company, Completes Two Consecutive Rounds of Financing and Files for IPO

VCBeat (WeChat: vcbeat) has learned that Jin Yi Sheng Shi, a provider of single-use systems for biopharmaceuticals, has completed two significant rounds of financing within six months.EachThe funding amounts for each round have all reached hundreds of millions of yuan.

Jinyi Shengshi’s Series A round was led by Matrix Partners China, with participation from Sinowisdom and Jiayuan Capital. The Series B round was led by CMB International Capital, with participation from specialized healthcare funds including Sherpa Partners, CITIC Medical Fund, and Xiamen C&D Emerging Industry Equity Investment Co., Ltd., while existing Series A investors continued to increase their stakes. Gelu Capital served as the exclusive financial advisor.The funds raised will be primarily used for the development and capacity expansion of a series of consumables, including novel single-use bioreactors, single-use solution preparation and storage systems, single-use cell culture bags, breathing bags, sampling bags, and solution storage bags, to meet continuously surging customer demand. Against the backdrop of the company’s maturing core technologies and rapidly expanding market demand, these two rounds of financing will empower the company to capitalize on this momentum, achieving a rapid leap in competitive strength and market position amid the broader trend of import substitution.

Jinyi Shengshi, established in 2014, is China’s first high-tech enterprise to achieve the domestic production of single-use bioreactors and single-use consumable technologies for biopharmaceutical processes.The company’s core technology is a novel single-use bioreactor, protected by key global patents. Jinyi Shengshi provides customers with comprehensive process technology solutions covering the entire spectrum of biopharmaceutical development, from R&D to industrialization. Its services cater extensively to institutions and enterprises involved in the production of recombinant protein drugs, gene therapy products, human vaccines, and veterinary vaccines.Grounded in independent R&D and committed to continuous innovation, the company has assembled a top-tier team with a global perspective, comprising professionals who have previously served at renowned companies such as Cytiva, Merck, Sartorius, and Pall. This senior R&D team includes experts in cutting-edge biotechnology, polymer materials, digitalization, automation, precision machinery, software engineering, and biopharmaceuticals. Additionally, the company boasts an internationally leading upstream marketing and after-sales service team dedicated to the biopharmaceutical industry.

Amid the booming development of biopharmaceuticals, the market prospects for upstream and downstream equipment and consumables are promising. According to estimates by consulting firms such as Research and Markets and MarketsandMarkets, the global market size for biopharmaceutical equipment and consumables combined is approximately USD 20 billion, with a growth rate exceeding 10%. Of this total, equipment accounts for about 46%, while consumables account for about 54%.

Single-Use Bioreactors Are Essential Core Equipment for Biopharmaceutical Companies.With the rapid global growth of biopharmaceuticals and the swift advancement of therapeutic technologies such as antibody drugs, vaccines, recombinant proteins, cell therapies, and gene therapies, biopharmaceutical companies are increasingly demanding high-quality, cost-effective, and highly customized equipment and consumables. Consequently, the market size for single-use biopharmaceutical equipment is expanding rapidly.

The market for upstream and downstream consumables in biopharmaceutical manufacturing primarily includes segments such as cell culture media, single-use bioreactors/storage bags and their accessories, microcarriers, chromatography resins/media, and filters/filter membranes, representing significant market potential. Currently, the single-use biotechnology market is dominated by five major players—Thermo Fisher Scientific, Sartorius, Merck, Cytiva, and Pall Corporation—which collectively hold 92% of the global market share. Against the backdrop of severe global shortages in single-use biological supplies during the 2020 pandemic, the mismatch between supply and demand for single-use bioreactors and related consumables in China has become increasingly pronounced. The 14th Five-Year Plan explicitly identifies breakthroughs in frontier areas of biomedicine as a key task, aiming to resolve critical bottlenecks (“chokehold” issues) in the biopharmaceutical sector. Therefore, judging from market demand, national policy orientation, and industrial maturity, single-use biotechnology is poised for a very broad market prospect in the future.

Leveraging the industrial manufacturing powerhouse of the Jiangsu-Zhejiang-Shanghai region, Jinyi Shengshi has built a comprehensive, localized supply chain system. It offers an integrated supply solution covering everything from equipment to consumables, supporting upstream and downstream process products for biopharmaceutical R&D, pilot-scale testing, and large-scale production, thereby providing customers with one-stop comprehensive process technology solutions.

Traditional bioreactors are tank-type reactors with impellers as the core component. Currently, the Chinese market is essentially monopolized by foreign companies, with major brands including GE, Sartorius, and Thermo Fisher Scientific. The few domestic Chinese enterprises merely produce imitative traditional stirred-tank bioreactors. Such imitative stirred-tank single-use bioreactors struggle to circumvent patent and technical barriers, creating nearly insurmountable obstacles to the completion of equipment for scaled-up production. Consequently, there remains a significant gap in meeting the demands of large-scale manufacturing.

Jinyi Shengshi’s single-use bioreactor adopts a revolutionary non-sparging interfacial oxygen transfer mechanism, and this technology has alreadyGlobal Patents GrantedThis perfusion-type single-use bioreactor features an impeller-free design, enabling ultra-low shear stress. It supports a 1,200-liter culture scale without the need for pure oxygen supplementation, achieving cell densities exceeding 100 million cells/mL. Its oxygen transfer efficiency and cell density are significantly higher than those of traditional imported bioreactors. More importantly, this unique structure and oxygen transfer mechanism allow the Jinyi Shengshi perfusion-type single-use bioreactor to achieve scalable cell culture production at volumes exceeding 10,000 liters, meeting customers’ large-scale manufacturing demands.

The design, testing, and validation of the equipment operation software were independently completed by Jinyi Shengshi. The operation software fully complies with the process requirements of biopharmaceutical manufacturing and meets the specific cGMP and NMPA requirements for electronic signatures, data record management, and traceability. Its control precision and stability are consistent with those of internationally renowned brands.

Jinyi Shengshi’s disposable general-purpose consumables are manufactured in a GMP-certified workshop spanning nearly 5,000 square meters. Core management positions in key areas—including technical processes, production management, and quality control—are held by senior experts with many years of experience at world-renowned companies in the field, establishing a competitive advantage that places the company among the few leading players in China’s consumables sector.

The company holds significant advantages over its competitors in terms of cost, delivery timelines, customized manufacturing, and after-sales service. Consequently, it has gained recognition from numerous well-known enterprises for industrial applications, establishing itself as a benchmark among industry players in the fields of antibody drugs, human vaccines, veterinary vaccines, and CDMO services.

Following two rounds of financing, leveraging years of technological accumulation, a professional marketing team, innovative holistic solutions, and robust manufacturing and service capabilities, the company will acquire more new customers, accelerate the domestic substitution of upstream equipment and consumables in the biopharmaceutical industry, serve the global biopharmaceutical market, and drive the vigorous development of the global biopharmaceutical industry.

Mr. Sun Linghao, Investment Director at Matrix Partners China, stated“As the company’s first institutional shareholder and lead investor in Series A, we have continued to increase our investment in subsequent financing rounds. Over the past decade, Mr. Xu and the Jinyi team have honed their expertise, achieving breakthroughs in the domestic production of key equipment and consumables for the biopharmaceutical industry. In the six months since our investment, the company’s team has undergone continuous upgrades. We look forward to the company’s ongoing iteration of its products and services, deep cultivation of foundational technological innovation, and gradual development into a leading enterprise in the upstream supply chain of the biopharmaceutical industry.”

Mr. Rong Jing, Managing Director of China Merchants Bank International Capital, stated“As the lead investor in the company’s Series B financing round, we are honored to invest in Jinyi Shengshi and support its rapid growth. Our fund has invested in numerous innovative biopharmaceutical enterprises spanning innovative drugs, vaccines, and cell therapies, and we deeply recognize that upstream key equipment and consumables constitute a critical segment of the biopharmaceutical industry chain. Jinyi Shengshi is one of the few domestic companies possessing global patents and core underlying technologies, capable of providing comprehensive solutions including single-use bioreactors and consumables. Looking ahead, the company will establish its foundation in China while expanding its global footprint, contributing to the advancement of the biopharmaceutical industry.”

Mr. Cai Daqing, Partner at Sherpa Investment Management, stated“The importance of manufacturing key upstream equipment and consumables for the biopharmaceutical industry is becoming increasingly prominent. Jinyi Shengshi boasts profound technical expertise, strong innovation capabilities, and a continuously improving industrial layout. The team possesses forward-looking strategic vision and an enduring spirit of craftsmanship. We are optimistic about Jinyi Shengshi’s potential and are committed to providing long-term support to help it become an industry benchmark. By continuously advancing R&D and innovation, the company aims to resolve critical technological bottlenecks facing China’s biopharmaceutical sector and drive the industry’s rapid development.”

China Merchant Bank International Capital Management (Shenzhen) Ltd. (hereinafter referred to as “CMB International Capital”) is a wholly-owned subsidiary of China Merchants Bank. It has established a comprehensive business layout in the fields of private equity investment, investment fund management, mezzanine fund management, cross-border capital operations, and other innovative financial services. Committed to development, transformation, and innovation, it strives to build a high-quality integrated investment platform and an alternative asset management platform under the China Merchants Bank umbrella. Since its establishment, CMB International Capital has accurately grasped industry development trends and capitalized on emerging opportunities, leading or participating in numerous prominent investment cases within the industry, thereby establishing itself as a leading private equity investment institution in China.

Sherpa Capital is a specialized fund focused on early-stage healthcare investments. Adhering to an investment philosophy centered on building industry ecosystems, the firm constructs its portfolio by targeting rigid, unmet medical needs in the treatment of major diseases, leveraging deep expertise in these areas. It strategically positions itself across the industrial value chain, covering both upstream and downstream sectors. By actively sharing operational experience and providing forward-looking perspectives across the entire industry chain with its portfolio companies, the team proactively fosters internal and external synergies. This approach helps companies achieve rapid growth in business performance and valuation, securing leading positions in their respective niche markets. Sherpa Capital has invested in industry leaders within segments such as healthcare services, pharmaceuticals, gene technology, and medical devices, thereby establishing comprehensive resource advantages in deal sourcing, post-investment value-added services, and exit strategies. From 2011 to 2020, spanning four fund vintages and over 100 healthcare projects, the firm has had the privilege of partnering with numerous outstanding entrepreneurs, growing together along the way.

CITIC Medical Fund is CITIC’s equity investment management platform focused on the pharmaceutical and healthcare sector, dedicated to building a comprehensive, value-added pharmaceutical industry fund with deep capabilities in sector consolidation. The fund’s team comprises industry specialists with extensive operational experience at multinational pharmaceutical companies and financial experts with deep expertise in the finance sector.

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.

Matrix Partners China was founded in 2008 and is a leading venture capital firm in China. Over the more than ten years since its establishment, it has remained deeply rooted in the local market, firmly committed to investing in Chinese entrepreneurs. Matrix Partners China has currently invested in over 700 companies. Notable portfolio companies include Didi Chuxing, XPeng Motors, Li Auto, Futu Securities, Chehaoduo Group, Youzan, Ronbay Technology, XGIMI, Momo, Ele.me, Peijia Medical, Kemei Diagnostics, Genor Biopharma, Career International, LexinFintech, So-Young, Yuanfudao, PingCAP, Zihai Guo, Simple Love, i-Space, Taimei Medical Technology, and Drug Research Club.

Founded in 2002, Sinowisdom is one of the earliest private institutions in China to raise and manage private equity funds. With over RMB 15 billion in assets under management, it focuses on investing in hard-tech industries such as integrated circuits, biopharmaceuticals, and new energy. The firm has invested in more than 200 projects, nurturing a host of prominent listed companies including Crystal-Optech, Wondershare Technology, StarPower Semiconductor, Inventronics Opto-electronic, Leadshine Technology, and Yunda Shares. In the biopharmaceutical sector, its portfolio features leading enterprises across sub-sectors such as traditional Chinese medicine, precision diagnostics, innovative drugs, gene and cell therapy, and key equipment and consumables. These include Jinyi Shengshi, Obio Technology, Huadao Biotechnology, Lianchuan Biotechnology, Shangjian Biotechnology, Daoer Biotechnology, Haoyang Biotechnology, Huijian Technology, Yusen New Drug, Mole Biotechnology, and Hu Qing Yu Tang.

Jiayuan Capital is a professional private equity investment fund focusing on cross-border consumer sectors and technological innovation, with assets under management of approximately RMB 2 billion. In the cross-border sector, Jiayuan Capital was an early investor in Shein, China’s largest cross-border e-commerce company. It has made significant investments in Feisu Innovation, a global leader in e-commerce for enterprise communication products, and maintains a strong focus on cross-border independent websites and premium Amazon sellers. In the field of technological innovation, Jiayuan Capital strategically invests in leading medical device companies such as Medcaptain and Kingray Shengshi, next-generation information technology enterprises like Huarui Finance, and emerging players in third-generation semiconductors such as Nashe Intelligence. Guided by a research-driven approach and industry-focused investment philosophy, Jiayuan Capital invests in high-quality enterprises with core competitiveness and distinct industrial characteristics.