Access Medical Systems Secures Over $100 Million in New Funding Led by Sequoia China and Hillhouse Capital to Accelerate Global Expansion and Innovation

VCBeat (WeChat: vcbeat) has learned that Access Medical Systems (AMS), the parent company of Xingtong Medical, has just announced the completion of a new round of financing, with the transaction amount exceeding $100 million.This round of financing was co-led by HongShan and GL Ventures, with participation from Kaiser Permanente, Sinovation Ventures, Wisdomont Asset Management, and Qianlong Investment. Existing shareholders Qiming Venture Partners, Matrix Partners China, and Legend Capital continued to increase their investments, while Gelu Capital served as the exclusive financial advisor.The new funding will be used for the research and development of new technologies and products, global market expansion, and enhancement of production capacity.

AMS owns two subsidiary brands: ET Healthcare and Gator Bio, which are strategically positioned in the fields of in vitro diagnostics (IVD) and life sciences, respectively. Leveraging its innovative biosensing technologies and testing platforms, the company is committed to becoming a new global leader in niche markets.

The company’s core competitiveness stems from its proprietary biosensor, Test-On-A-Probe (TOP), which is protected by more than 50 global patents. TOP technology integrates diverse detection modalities onto a single probe, enabling the analysis of proteins, antibodies, nucleic acids, small molecules, cells, and other analytes. To date, the company has successfully developed multiple technological platforms based on this architecture, including fluorescence detection, chemiluminescence detection, and label-free detection. The uniqueness of its technology, coupled with its industrialization capabilities and market potential, has been thoroughly validated across multiple niche markets.

The innovative spirit of Silicon Valley has given rise to many great companies, upholding this tradition of innovation. As a senior engineer who once designed the control system for NASA’s high-energy space telescope, Dr. Tan Hong chose to embark on his entrepreneurial journey in Silicon Valley.

Since 2000, Dr. Tan Hong has founded multiple innovative technology companies in fields such as optical communications and bioanalysis. The biolayer interferometry technology he invented is widely used in new drug development and life sciences research.

To further advance the development of new technologies in the life sciences and in vitro diagnostics (IVD) sectors, Dr. Tan Hong led the establishment of AMS, embarking on a new journey. AMS decided to enter the Chinese IVD market under the brand ET Healthcare (“Xingtong Medical”). The name “Xingtong” (literally “Star Child”) symbolizes humanity’s enduring curiosity and hope in the face of rapidly evolving technology, much like a child gazing up at the starry sky.

In the in vitro diagnostics market, the domestic emergency immunology testing market exceeds RMB 5 billion, yet over 90% is monopolized by imported brands.Emergency immunoassay testing presents high barriers to entry, demanding rapid turnaround times, high sensitivity, accurate data, user-friendly operation, and stringent performance specifications. These specialized technical and quality requirements have instead allowed Starlight Medical to thrive.

Leveraging TOP biosensing technology, Starlight Medical has developed the distinctive Pylon 3D fully automated immunoassay system. This product delivers exceptional performance, reducing requirements for laboratory space, water supply and drainage, and power infrastructure, while also simplifying operational procedures.Its accuracy and precision are comparable to those of large-scale fully automated analytical instruments. Pylon 3D demonstrates its superior performance, particularly in the detection of cardiac markers, inflammatory markers, and other analytes.The Pylon 3D instrument utilizes individually packaged, integrated reagent strips that enable direct testing of whole blood; it effectively meets the demand for high-performance immunoassays in hospital clinical laboratories, particularly in emergency departments, and has led the development of China’s rapid, fully automated immunoassay market.

In 2020, Starlight Medical developed and launched the more powerful Pylon IRIS, which enables multi-channel, high-throughput, and rapid testing. The system can automatically identify sample container types using AI vision; it completes the process from sample loading to result output in just 9 minutes; its batch processing capacity exceeds 200 tests per hour; and its 300 reagent positions allow for continuous, random reloading of reagents without downtime. Reportedly, the Pylon IRIS has been widely welcomed since its launch, with product orders exceeding supply.

Xingtong and Pylon have emerged as leading brands in China’s emergency and outpatient immunodiagnostics sector, with installations in over 1,000 hospitals—including Beijing Fuwai Hospital, Beijing Anzhen Hospital, Shanghai Xinhua Hospital, and Shandong Qilu Hospital—thereby achieving their rapid growth targets.

In the field of high-sensitivity troponin testing, which represents the pinnacle of immunoassay technology, Starlight Diagnostics rivals top international brands and is a member of the International Federation of Clinical Chemistry and Laboratory Medicine (IFCC) as well as a committee member of its Cardiac Biomarkers Committee.

As a rising star in the field of in vitro diagnostics (IVD), StarChild Medical has established a technological leadership position with its globally innovative biosensing technology and detection platforms. In the future, the company will deploy its breakthrough technologies into the broader immunoassay market. Its revolutionary products will compete in the market with faster speed, higher throughput, lower cost, and superior performance compared to existing chemiluminescence technologies. Meanwhile, the company is expanding into international markets, aiming to make significant strides in multiple specialized diagnostic segments in the United States and target the blue-ocean market valued at hundreds of billions.

In the life sciences field, molecular interaction analyzers are core tools for life science research and new drug development, serving as standard equipment for biopharmaceutical companies, CROs, CDMOs, and research institutions. With the rapid expansion of the new drug development market, this sector maintains high-speed growth annually.However, due to the extremely high barriers to entry in the molecular interaction market, this sector has long been dominated by a handful of multinational corporations.Currently, Danaher and Sartorius collectively account for more than 70% of the global market share.

AMS’s subsidiary, Gator Bio, overcame significant technical challenges to launch the Gator Prime label-free biomolecular analyzer in March 2019, achieving international leading standards. This instrument not only enables molecular interaction analysis but also facilitates rapid quantitative detection of antibody drugs. The device not only demonstrates significantly superior performance compared to international competitors but also pioneers new applications that are unattainable with competing products.

Within just two years, the GatorPrime instrument has become the focal point of the biomolecular interaction analysis market and rapidly gained user recognition. Today, Gator instruments can be found in numerous biological laboratories worldwide. In China, the device has been adopted by prestigious institutions and companies such as the laboratory of Academician Chen Wei (a recipient of the Medal of the Republic), Shanghai Jiao Tong University School of Medicine, GenScript, Simcere Pharmaceutical, RemeGen, Osun Biotechnology, GeneChem, and EMBiotech. Internationally, renowned universities including MIT, Cornell University, UCSF, and EPFL are leveraging Gator technology for cutting-edge research projects, while biotechnology and pharmaceutical companies such as Alector, Grifols, and Immune-Onc are utilizing Gator products for various new drug development initiatives.

In 2021, Gator Bio also launched subsequent products such as the more powerful GatorPlus. With outstanding innovation capabilities and superior product performance, it has become a strong competitor in the label-free analysis and molecular interaction analysis market.

AMS spans the two major fields of in vitro diagnostics and life sciences, continuously translating innovative technologies. Its global team is driven by a clear mission: to help healthcare professionals better diagnose and treat patients, and to assist scientists in accelerating new drug development. They are steadily turning this vision into reality.“Enable every laboratory worldwide to use our biosensors”vision.

Regarding the success of this round of financing,Dr. Tan Hong, Founder of AMSstated: “We extend our sincere gratitude to both new and existing investors for their recognition and support of AMS. Since its inception, we have remained unwavering in our commitment to building an advanced technology company spanning in vitro diagnostics and life sciences, while always keeping customer needs at the forefront of our minds. To this end, we will continue to invest in research and development, leverage our diversified technology platforms to advance the broader biopharmaceutical industry, and contribute to improving human health.”

Zhou Kui, Partner at HongShanHongShan China Fund stated: “By participating in and leading AMS’s latest round of financing, HongShan affirms the company’s long-standing commitment to foundational technological innovation, as well as Dr. Tan Hong’s persistent entrepreneurial spirit aimed at achieving global leadership. Through years of accumulation in core technologies and multiple rounds of technological iteration, AMS has gradually established its reputation and brand recognition in the fields of rapid clinical immunodiagnostics and high-end life science instrumentation. HongShan will continue to support the company’s sustainable development by facilitating industry resource connections, enhancing corporate governance standards, and assisting in talent acquisition. We look forward to AMS evolving into a globally leading Chinese enterprise driven by original innovation.”

Yi Nuoqing, Co-Chief Investment Officer of Hillhouse Capital and Head of Biopharmaceuticals and Medical Devices at Hillhouse Ventures, the lead investorHe stated, “Driven by his passion for and ambition in biotechnology, Dr. Tan Hong has embarked on multiple entrepreneurial ventures, overcoming immense hardships to lead China’s immunodiagnostic industry through its transformation from zero to one. Whether it is Singuimune, the pioneer of innovative immunodiagnostic platforms, or Gator, the next-generation leader in the life sciences sector, their mission extends beyond merely achieving import substitution; they aim to attain global technological leadership in their respective fields. GL Ventures will provide long-term support to help AMS become a world-class company spanning in vitro diagnostics and life sciences, break Western monopolies, and make the research achievements of Chinese scientists accessible to patients worldwide.”

Yang Xiaolong, Partner at Sinovation Ventures“It stated: ‘Leveraging years of industry foresight and scientific research accumulation, Singleron Biotechnologies has developed unique platform technologies, establishing a leading position in the fields of life science research and in vitro diagnostics. Led by Dr. Tan, the team is based in China and the United States with a global outlook, benefiting patients, physicians, and researchers through disruptive innovation. Sinovation Ventures believes that Singleron’s platform technologies will extend to more application scenarios, driving progress in global scientific research and the healthcare industry.’”

Hu Xubo, Managing Partner at Qiming Venture Partnersstated: “First, congratulations to the company on completing its latest round of financing. We have consistently supported our portfolio companies in targeting major innovations and addressing critical medical challenges. Under the leadership of founder Dr. Tan Hong, Singlera Genomics has developed a series of fully automated immunoassay instruments and reagents with ultra-high sensitivity and accuracy, centered on its proprietary fiber-optic biosensor technology, while simultaneously entering international markets such as the United States. We believe that with this new capital support, Singlera Genomics will continue to achieve significant breakthroughs in core technologies and product performance.”

Xu Chuansheng, Founding Managing Partner of Matrix Partners Chinastated: “We began collaborating with Dr. Tan’s team as early as 2012, accompanying the company for many years and witnessing its steadfast commitment to foundational technological innovation. The company has built a highly competitive product portfolio in the two major fields of in vitro diagnostics and life sciences analysis. We look forward to the company continuing to focus on biosensing technologies and becoming a world-leading life sciences platform company originating from China.”

Zhou Quan, Managing Director at Legend CapitalHe stated, “Dr. Tan Hong is a serial successful entrepreneur and an accomplished technology inventor. The company boasts a globally leading, disruptive biosensor technology platform characterized by low cost, high precision, and rapid detection, addressing unmet market needs in multiple fields such as IVD immunodiagnostics and life sciences research. Legend Capital was honored to make the initial investment at a very early stage of the company’s development. As the earliest and largest institutional investor, we have accompanied and witnessed the team’s growth throughout this journey. We congratulate the company on its remarkable achievements and look forward to its continued creation of greater value, driven by its rich and highly competitive product pipeline.”

Sequoia Capital has always been committed to helping entrepreneurs build enduring, great companies by bringing its member enterprises rich 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 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 features, innovative business models, and high growth potential.

GL Ventures is the venture capital fund under Hillhouse Capital that focuses on early-stage innovative companies. It primarily invests in four key sectors: biopharmaceuticals and medical devices, software and hard technology, consumer internet and technology, and emerging consumer brands and services. Biopharmaceuticals and medical devices have long been a core investment focus for Hillhouse. Over the past decade, Hillhouse has invested in more than 200 outstanding enterprises in the fields of biopharmaceuticals, medical devices, and healthcare services. We aim to partner with companies as “friends of time,” jointly driving innovation and development in the broader healthcare sector to benefit more patients.

For 75 years, Kaiser Permanente has been dedicated to shaping the future of health and healthcare, helping members, patients, and communities experience healthier lives. It is widely recognized as one of the leading healthcare providers and nonprofit health plans in the United States. Since July 21, 1945, Kaiser Permanente’s mission has been to provide high-quality, affordable healthcare services and to improve the health of its members and the communities it serves. Currently, it provides care to 12.4 million members across eight states and the District of Columbia.

Sinovation Ventures is a venture capital firm founded by Dr. Kai-Fu Lee in September 2009. It aims to help young Chinese entrepreneurs build world-class companies through comprehensive startup services. The firm manages five U.S. dollar funds and five RMB funds, with total assets under management of approximately RMB 16 billion. Headquartered in Beijing, it has branch offices in Guangzhou, Shanghai, Nanjing, and Shenzhen. Over the years, Sinovation Ventures has grown into one of the most influential tech-focused venture capital firms in China, having invested in approximately 400 projects to date, including multiple unicorn companies.

Wisdomont Asset Management, established in September 2014, specializes in equity investments in the healthcare sector. Its founding team boasts over two decades of investment management experience, and the firm comprises a diverse and professional team with backgrounds in scientific research, industry, clinical practice, investment banking, and investing, endowing it with a strong healthcare investment DNA. Wisdomont Asset Management is committed to facilitating the transformation and upgrading of the healthcare industry and helping entrepreneurs realize their dreams, while delivering long-term, stable returns to its investors.

Qianlong Investment focuses on investments in the healthcare and medical sectors, leveraging capital to propel the development of the biopharmaceutical industry. It consistently adheres to the investment philosophy of “research-driven, value creation,” growing alongside outstanding enterprises with core competencies. Qianlong Investment concentrates on niche segments including innovative drugs, innovative medical devices, vaccines, and pharmaceutical services.