Wode Life Sciences Secures RMB 100 Million Series A Financing Co-led by Sequoia China and Qiming Venture Partners

VCBeat (WeChat ID: vcbeat) has learned that Shenzhen Render Biotech Co., Ltd. recently announced the completion of its RMB 100 million Series A financing round, jointly invested by HongShan China Fund and Qiming Venture Partners. Garnering favor from two top-tier investment firms simultaneously is not only a testament to the Render Biotech team’s spirit of bold innovation but also an endorsement of their solid and prudent operational style.

It is reported that the proceeds from this round of financing will be used to deepen Render Biotech’s pipeline layout in coagulation and hemostasis diagnostics, build a robust marketing team, and strengthen supply chain capabilities, thereby enabling the company’s innovative products to serve customers more efficiently and effectively for the benefit of patients.

Render Biotech, established in 2016, boasts a core team primarily drawn from industry-leading brands, with an average of over ten years of industry experience. Leveraging robust R&D capabilities and a rigorous, pragmatic approach, the company has rapidly launched multiple patented products. Its series of fully automated thromboelastography (TEG) analyzers have taken a leading position in the market, serving as a rare example where a new company’s first-generation product surpasses imported alternatives. The product design and quality have consistently received high praise from experts and customers, enabling rapid adoption by numerous renowned Grade A tertiary hospitals. In terms of business performance, the company has achieved consecutive annual revenue doubling over the past three years. Looking ahead, Render Biotech will continue to strengthen its technological expertise in automation, optoelectronic detection, microfluidics, and biochemical reagents, aiming to build a comprehensive closed-loop solution for hemostasis and thrombosis testing, encompassing TEG, chemiluminescence immunoassay, platelet analyzers, and coagulation analyzers.

Coagulation testing is a routine segment of in vitro diagnostics (IVD). Many diseases can either cause coagulation disorders or be triggered by coagulation dysfunction, including trauma, pregnancy-related conditions, cardiovascular and cerebrovascular diseases, and hematological disorders. Taking cardiovascular disease as an example: according to 2019 statistics from the National Center for Cardiovascular Diseases, the number of patients with cardiovascular disease in China reached 330 million. These patients are highly likely to have concurrent coagulation dysfunction, necessitating relevant functional screening. Early diagnosis, early intervention, and early treatment, along with precise clinical management, can not only improve patient outcomes but also alleviate the financial burden on the national medical insurance system. Given the strong clinical value and broad application scenarios of coagulation testing, the market has maintained a compound annual growth rate (CAGR) of over 20% in recent years and is expected to sustain this level over the next five years. However, the coagulation testing market has the lowest rate of import substitution within the IVD sector, estimated at less than 30%, with imported brands dominating among large and medium-sized customers. Meanwhile, traditional detection methods have significant limitations and urgently require improvement. The fully automated thromboelastography products launched by Render Biotech Co., Ltd. will significantly enhance the precision and coverage of coagulation function screening, holding substantial promise for future development.

Jin Ying, Founder of Render BiotechHe stated, “As a veteran with twenty years of experience in the IVD industry, the further we advance, the more acutely we feel our own limitations and our reverence for the market, our customers, and life itself. The market is vast, projects are diverse, and technologies are numerous. We are not fast enough to chase every trend, nor strong enough to capture every large-scale opportunity. Therefore, we have turned inward to examine ourselves, recognizing our boundaries and identifying our modest strengths: customer orientation, precise identification of pain points, meticulous product craftsmanship, and persistent dedication. Only by excelling in these four areas do we stand a slim chance of success, which also requires a measure of luck. While we cannot control luck, what we can do is to ‘do good deeds without worrying about the future.’ Today’s investment from Qiming Venture Partners and HongShan indicates that we have made some small progress and enjoyed a bit of good fortune. In the future, we will double our efforts to prove worthy of the trust placed in us by all stakeholders.”

Xu Qiang, Managing Director of HongShan China FundHongShan stated: “HongShan has always been committed to supporting and safeguarding top-tier entrepreneurial teams, particularly those led by entrepreneurs with a spirit of breakthrough and craftsmanship. Leveraging two decades of industry experience, Mr. Jin’s team at Render Biotech precisely entered a niche segment, successfully breaking through the bottlenecks in the coagulation testing industry. Through continuous refinement, they have achieved excellence in both quality and innovation, making it a classic case study. We appreciate Render Biotech’s pragmatic long-termism and believe that more innovations are yet to come. HongShan is willing to continue supporting Render Biotech in becoming an industry benchmark, serving society, and benefiting more patients.”

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by providing its portfolio companies with abundant global resources and valuable historical experience. Over the past 49 years, Sequoia Capital has invested in numerous innovative enterprises and leaders shaping industry trends. As “entrepreneurs behind entrepreneurs,” Sequoia China focuses on investment opportunities in three key sectors: TMT (Technology, Media, and Telecom), healthcare, and consumer goods/services. Over the past 16 years, Sequoia China has invested in nearly 600 companies characterized by distinct technological advantages, innovative business models, and high growth potential.

Qiming Venture Partners was established in 2006 and has successively set up offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages nine U.S. 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 companies in sectors such as TMT and Healthcare. To date, Qiming Venture Partners has invested in more than 380 high-growth innovative enterprises, among which over 130 have achieved exits through listings on exchanges including the New York Stock Exchange, NASDAQ, the Hong Kong Stock Exchange, the Taipei Exchange, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange, as well as through mergers and acquisitions. More than 40 of these portfolio companies have become industry-recognized unicorns and super unicorns.