Weigong Technologies Secures RMB 100 Million Series B Funding Led by Global Life Sciences Giant to Advance High-Throughput Flow Fluorescence Detection
VCBeat has learned that in June 2021, Wellgrow Technology completed a B-round financing of RMB 100 million. The round was led by the China Innovation Fund under a Global Fortune 500 life sciences leader, with participation from Cowin Capital, Yuan Sheng Venture Capital, Beijing Life Science Park Venture Capital, and existing investor Hechuang Capital.
Notably, the lead investor in this round of financing is a China Innovation Fund under a Fortune 500 life sciences giant.Wellgrow Technology is the first startup it has led in China.. The head of the fund stated, “As an international industrial strategic capital investor and a leader in many high-tech life science sectors, we have always been selective in our choice of investment targets. From a technical perspective, only two types of companies can meet our requirements,”First, the technology must be unrivaled globally, or at least dominant in China; second, from a management perspective, the team must comprise both technical and business talent, and the founder must possess self-drive that transcends monetary motivation."Few Chinese projects can meet both criteria simultaneously. Fortunately, we came across Wellgrow Technology."
“Prior to our visit to Wellgrow Technology, we had spent nearly two years searching globally for this type of technology, so we inevitably harbored doubts about the practical applicability of Wellgrow’s solutions. However, through their robust R&D capabilities, compelling comparative results, and an open and inclusive attitude in addressing our concerns, the founders and employees of Wellgrow Technology gradually transformed our initial skepticism into full confidence. Wellgrow Technology has reinforced our belief that China will undoubtedly produce globally leading technologies and nurture an increasing number of outstanding enterprises.”
Wellgrow Technology is committed to building a new high-throughput flow fluorescence detection platform. The company’s core team has an average of 16 years of experience in IVD product development and has led the R&D of China’s first high-end five-part differential hematology analyzer with fluorescence, China’s first blood cell slide maker and stainer, and China’s first clinical-grade flow cytometer.Wellgrow Technology is one of the few manufacturers in China that independently owns intellectual property rights for both magnetic fluorescent encoded microsphere technology and flow fluorescence detection platforms., among which the multiplex assay reagents based on multi-magnetic fluorescent coding microspheres and the high-throughput flow fluorescence detection platform have obtained registration certificates from the National Medical Products Administration. These innovations not only significantly reduce testing costs but also double the testing efficiency, accelerating the development of immunoassays towards automated multiplex testing.
High-Throughput Flow Cytometric Fluorescence Detection System: An Emerging Detection Platform Based on Microsphere Encoding Technology and Flow CytometryThe high-throughput flow cytometric fluorescence detection system is an emerging diagnostic platform based on microsphere encoding technology and flow cytometry. It enables the simultaneous multiplexed detection of multiple biomarkers, covering areas such as autoimmunity, allergens, tumor markers, and hormones. This system overcomes the limitation of traditional chemiluminescent immunoassays, which can detect only one analyte per test, thereby achieving high-throughput, rapid, multi-analyte detection to meet the clinical demand for fast turnaround times.
Wellgrow Technology 2D Magnetic Fluorescent Encoding Microspheres
Fluorescently encoded microsphere technology is the core of fluorescence detection systems.Wellgrow Technology has broken through international patent barriers for magnetic encoding microspheres and developed magnetic fluorescent encoded microsphere technology (using fluorescein and quantum dot encoding) with independent intellectual property rights. The technology supports over 100 distinct codes, reaching an internationally leading level.As a result, Wellgrow Technology has become one of the few manufacturers in China to independently hold intellectual property rights for both magnetic encoding microsphere technology and flow fluorescence detection platforms.
Since its establishment, Wellgrow Technology has invested tens of millions in the research and development of flow fluorescence detection platforms and multi-analyte combo test reagents. The company has successfully developed various flow cytometers, sample pre-processing instruments, and fully automated flow cytometers (integrating sample pre-processing and detection), as well as a range of supporting combo test reagents for multiplex cytokines, multiplex tumor markers, autoimmune antibody profiles, and allergens. These efforts have significantly advanced the realization of automated multiplex combo testing.Currently, Shenzhen Wellgrow Technology Ltd.’s independently developed flow cytometers, sample pre-processing instruments, various antibody reagents, cytokine reagents, and sperm analysis reagents have all obtained registration certificates. The company is also one of the few suppliers in the industry to date capable of providing comprehensive flow cytometry solutions for immune function assessment, cytokine detection, and sperm function testing.
Wellgrow Technology Flow Cytometer
With its comprehensive product portfolio, unique automated testing concepts in the industry (automated analysis of lymphocyte subsets, automated cytokine analysis, and automated sperm analysis), and features such as automatic LIS data transmission, Wellgrow Technology’s high-throughput flow fluorescence detection system has become an ideal choice for hospitals. Within less than a year of its market launch, itEntered Grade-A tertiary hospitals, renowned universities, and research institutions across 25 provinces and municipalities in China, with the majority of clients being the top five hospitals in each province.
Furthermore, over the next 1–2 years, Wellgrow Technology will gradually launch its autoimmune disease detection reagents and allergen detection reagents into the market. This initiative will rapidly advance clinical testing for autoimmune diseases and allergens from qualitative or semi-quantitative methods to quantitative assays, creating a strong complement to chemiluminescence immunoassays. By further leveraging the advantages of flow fluorescence in high-throughput multiplex testing, this approach will optimize clinical laboratory workflows.
Shenzhen Wellgrow Technology Ltd. believes that the clinical application of high-throughput flow cytometry fluorescence detection in China is still in its early stages. Due to the lack of automated solutions comparable to those for chemiluminescence analyzers, the advantages of high-throughput flow cytometry fluorescence detection have not been fully realized. Therefore, achieving widespread clinical adoption of this technology hinges on “full automation.”
Approved“Phased Approach, Incremental Progress”Strategy: Wellgrow Technology is gradually addressing the challenges of automating high-throughput flow fluorescence immunoassays. In 2020, the company launched the EasySampler, a fully automated flow cytometry sample pre-processing platform for lymphocyte subset analysis, which received widespread acclaim from clinical users and marked the first step toward automation in flow cytometry testing. It is reported that the EasySampler C, designed for cytokine detection,Fully Automated Cytokine Sample Preprocessing InstrumentThe device is expected to be launched in the second half of 2021.It achieves full automation of cytokine processing, from sample loading and incubation to magnetic separation and washing, positioning it as the world’s first sample preparation instrument for flow cytometry-based cytokine detection.
Wellgrow Technology Fully Automated Flow Cytometer
In addition, Shenzhen Wellgrow Technology Ltd launched in 2020High-Throughput Fully Automated Flow Cytometric Immunofluorescence Analyzerdevelopment. Based on flow cytometry detection principles and EasyMagPlex magnetic encoded microsphere technology, this product provides customers with an integrated solution encompassing sample pre-processing, detection, analysis, and reporting, thereby fully achieving automated high-throughput flow fluorescence immunoassay.The product is expected to enter the market in 2022, ushering in an era of full automation for flow fluorescence immunoassay.
In terms of market strategy, Wellgrow Technology has adoptedOpen-platform strategy, with magnetic-encoded microspheres compatible with mainstream flow cytometers from Beckman, BD, Mindray, and others.Therefore, customers who already own flow cytometers can provide patients with more effective clinical testing services without incurring additional costs for new instruments. Based on an open-platform strategy, Shenzhen Wellgrow Technology Ltd will collaborate with the entire industry to further refine flow fluorescence testing panels and accelerate the clinical implementation of high-throughput flow fluorescence testing.
Leveraging its open platform, Wellgrow Technology quickly attracted numerous in vitro diagnostic manufacturers seeking collaboration. In June 2021,Wellgrow TechnologyUnder the subsidiary of a global life sciences leader among the Fortune 500Beckman CompanyUpon reaching a cooperation agreement, both parties will leverage their respective strengths in R&D, marketing, sales, and services to determineEngage in deep collaboration on the market promotion, sales support, and technical cooperation of cytokine detection reagents,Jointly promote product innovation, market development, and clinical application of cytokine testing products.
Wellgrow Technology–Beckman Coulter Contract Signing Ceremony
Dr. Li Weigong, Founder of Wellgrow Technology, stated, “Wellgrow Technology’s offerings are highly complementary to Beckman Coulter’s products. Our cytokine detection reagents, along with our fully automated sample preparation platforms and reagents, serve as a strong addition to Beckman Coulter’s product portfolio. We look forward to expanding our collaboration with Beckman Coulter across broader fields and larger markets in the future. Meanwhile, we are eager to partner with more companies in the fields of flow cytometry and flow fluorescence technology, jointly driving the rapid development of the flow cytometry and high-throughput flow fluorescence markets.”
Huang Li, Founding Partner of Cowin Capitalstated: “In the medical field, we have always been committed to identifying teams that possess strong independent R&D and innovation capabilities, truly understand clinical needs, and operate in areas with high technical barriers. Flow cytometry and flow fluorescence are rapidly growing, high-barrier segments within the IVD industry in recent years. Shenzhen Wellgrow Technology Ltd is a leader in this field. It has not only developed the industry’s first truly fully automated flow cytometer focused on clinical customers but also become the first company in China to master the core technology of fluorescently encoded microspheres. Dr. Li Weigong, the founder, is a highly respected industry expert renowned both in academia and at leading domestic and international companies such as Beckman and Mindray. We have full confidence in Dr. Li and his team, and look forward to supporting and witnessing the success of Shenzhen Wellgrow Technology Ltd.”
HuiChuang Capital has been a long-term partner of Wellgrow Technology, maintaining strong confidence and making multiple investments from the angel round through Series B.Ding Mingfeng, Partner at Hechuang Capital“Since its inception, Wellgrow Technology has been dedicated to addressing the localization of high-end in vitro diagnostic (IVD) instruments in China, striving to break through multiple core technological barriers imposed by foreign competitors and benefiting more patients with superior products. Wellgrow Technology boasts an outstanding team with deep industry expertise and a spirit of innovation and progress. Upholding product quality as its foundation and user experience as its root, the company’s product performance has reached industry benchmark levels, earning high recognition from leading enterprises in the sector and demonstrating significant market competitive advantages. Hechuang Capital is pleased to continue accompanying and supporting such an excellent enterprise, creating long-term value for society.”
Dr. Lin Yi, Managing Partner of YuanSheng Venture Capital“Yuansheng Capital is committed to supporting innovative medical products in China. Dr. Li Weigong has a proven track record of leading the development of innovative diagnostic equipment at both Beckman and Mindray. He has now assembled an exceptional team to establish Wellgrow Technology, which has developed flow cytometry and flow fluorescence diagnostic equipment and products of world-class quality. These innovations hold the promise of breaking the monopoly held by imported products in these fields. We are honored to have the opportunity to become a partner of Wellgrow Technology and look forward to working with Dr. Li Weigong and his team to accelerate the rapid development of innovative medical products in China.”
Xue Yuan, Partner at Beijing Life Science Park Venture Capitalstated: “Beijing Life Science Park Venture Capital has been consistently focused on identifying outstanding biomedical projects featuring original innovative technologies. We are highly optimistic about the substantial growth potential of flow fluorescence detection technology in the field of in vitro diagnostics, as well as the significant opportunities for localization in China. Wellgrow Technology, under the leadership of Dr. Li Weigong, is undoubtedly a frontrunner in this direction. We are honored to support Wellgrow Technology’s future growth and help benefit more patients through technological innovation.”