WuXi Diagnostics Secures $150 Million Series B Funding to Accelerate Global Integrated Diagnostics Expansion

VCBeat (WeChat ID: vcbeat) has learned that on February 24, 2021, WuXi Diagnostic Investment (Cayman) Limited (“WuXi Diagnostics”) announced the completion of a $150 million Series B financing round. This round was heavily supported by Shiyu Capital (“Shiyu”), Thermo Fisher Scientific (“Thermo Fisher”), ABC International, Sunland Capital, and CCB Science and Technology Innovation Fund, among others. Existing shareholder YF Capital continued to increase its investment, with China Renaissance serving as the exclusive financial advisor. The proceeds from this round will be used to expand the open innovation empowerment platform and accelerate the integration of diagnostic product R&D and global industrial layout.

WuXi Diagnostics Lab is China’s first enabling platform company to practice integrated diagnostics. Since its establishment in 2018, the company has continuously advanced the clinical application of integrated diagnostics through an open platform that integrates multi-platform, multi-omics, and clinical data-driven capabilities. In 2020, the company achieved significant milestones: it entered into a global strategic partnership with Thermo Fisher Scientific and Mayo Clinic for COVID-19 testing, expanding into overseas markets via license-out agreements and actively contributing to global pandemic response; it launched innovative diagnostic solutions based on integrated algorithmic models, helping the Chinese Biliary Atresia Collaborative Network achieve internationally leading preoperative non-invasive auxiliary diagnosis; and it developed precision medication protocols leveraging Mayo Clinic’s integrated diagnosis and treatment concepts and experience, supporting Beijing Anding Hospital, Capital Medical University, in establishing Chinese standards for personalized medication in mental disorders. Furthermore, WuXi Diagnostics Lab is collaborating with innovative pharmaceutical companies, medical insurance providers, and partners in the broader health industry to co-build an innovative ecosystem for precision medicine.

For this round of financing,Cao Jian, Founding Partner of Shiyu Capital“The company stated: ‘WuXi Diagnostics Lab is a platform-based innovative diagnostics company that integrates multi-platform, multi-omics, clinical big data, and algorithms. In just three years since its establishment, it has built a robust product portfolio across multiple disease areas. The company’s efficient innovation translation capabilities and top-tier international collaboration strengths give us full confidence in its rapid future growth. Shiyu Capital will fully leverage pharmaceutical industry resources to support the company’s development.’”

Gianluca Pettiti, Senior Vice President, Thermo Fisher Scientific, and President, Professional Diagnosticsstated: “Thermo Fisher Scientific strongly endorses WuXi Diagnostics Lab’s mission to advance the clinical application of integrated diagnostics. Our support for WuXi Diagnostics Lab underscores the importance of multi-omics data in the development of precision medicine and demonstrates Thermo Fisher Scientific’s firm commitment to helping China improve access to high-quality healthcare services.”

Yu Peng, Managing Director of ABC Internationalstated: “We are delighted to partner with WuXi Diagnostics Lab. While jointly advancing the development of a leading, innovative integrated diagnostics platform, we also aim to contribute to China’s diagnostics industry. The vision and execution capability of the WuXi Diagnostics Lab team best exemplify its platform-based business model. We are confident in the company’s future growth.”

Dr. Liu Daozhi, Founding and Managing Partner of Sunland Capital“It is impressive to see WuXi Diagnostics Lab’s extensive product portfolio, the innovative integration of data algorithms with diagnostic technologies, its robust capability in integrating global medical resources, and its deep collaborations with domestic and international clients. Sunland Capital is committed to working closely with the team to propel WuXi Diagnostics Lab toward becoming a global leader in the field of innovative integrated diagnostics.”

Dr. Huang Xiao, Executive Director of YF Capital“YF Capital, as the largest external shareholder in the Company’s Series A round, has witnessed its rapid growth over the past two years and has firmly increased its holdings in both financing rounds. We look forward to WuXi Diagnostics Lab becoming a leading enterprise in the diagnostics field. YF Capital will further leverage its ecosystem resources in the health check-up and testing sectors to better support the Company’s development.”

Li Gang, Partner at China Renaissance“The participation of top-tier domestic funds and international industry giants in this transaction fully demonstrates that platform companies specializing in integrated diagnostics represent the future trend of the diagnostic industry. We are honored to have assisted the company in completing this round of financing and eagerly anticipate more milestone developments within the industry. As WuXi Diagnostics Lab grows into a global leader in diagnostics, we will continue to move forward hand in hand.”

“We appreciate the investors’ steadfast confidence in WuXi Diagnostics Lab. Our robust shareholder background and strong capital support will lay a solid foundation for the company’s rapid future growth.”Dr. Liu Fujun, CEO of WuXi Diagnostics Labstated, “We will join hands with domestic and international partners to accelerate product R&D and global market expansion, making integrated diagnostics accessible to more patients and healthy individuals.”

WuXi Diagnostics Lab is China’s first enabling platform company to practice integrated diagnostics, with its headquarters in Shanghai. The company operates a medical laboratory licensed across all disciplines and accredited by the College of American Pathologists (CAP). It has established a global industrialization base in Suzhou, certified under the ISO 13485 quality management system for medical device production, and set up an R&D center for innovative clinical diagnostic projects in Rochester, USA.

Leveraging the integrated care philosophy and expertise of Mayo Clinic, WuXi Diagnostics Lab utilizes an open empowerment platform driven by multi-platform, multi-omics, and clinical data. Through algorithmic integration and upgrades, it continuously launches innovative diagnostic services and products, while accelerating the technological translation for innovators in diagnosis and treatment from R&D to application, thereby creating a new industrial ecosystem of win-win collaboration and shared benefits.

WuXi Diagnostics Lab leverages its robust capabilities in integrating medical and commercial resources to achieve a global industrial footprint through a “proprietary R&D + licensed collaboration” model, thereby advancing precision diagnosis and treatment and benefiting more patients and the health-conscious population.

Shiyu Capital specializes in equity investments in the pharmaceutical and healthcare sectors, with assets under management exceeding RMB 7 billion. It has invested in more than 30 pharmaceutical companies, including WuXi AppTec (603259.SH/2359.HK), CStone Pharmaceuticals (2616.HK), Ascentage Pharma (6855.HK), HitGen (688222.SH), JW Therapeutics (2126.HK), Allist Pharmaceuticals (688578.SH), JD Health (6618.HK), and Jacobio Pharmaceuticals (1167.HK), all of which have successfully completed their initial public offerings (IPOs). Guided by its investment philosophy of “industry-rooted, innovative, professional, and focused,” Shiyu Capital serves as a capital partner for the transformation and upgrading of China’s pharmaceutical industry, co-creating value with outstanding entrepreneurs.

Thermo Fisher Scientific is the world leader in scientific services, with annual sales exceeding $30 billion.

Our mission is to help customers make the world healthier, cleaner, and safer. We assist clients in accelerating research in the life sciences, addressing complex problems and challenges in the analytical field, advancing medical diagnostics and therapeutics, and enhancing laboratory productivity.

With more than 80,000 employees worldwide, Thermo Fisher Scientific delivers leading innovative technologies, convenient procurement solutions, and comprehensive services to customers through its industry-leading brands: Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, and Patheon.

ABC International Holdings Limited is a professional investment banking platform meticulously established in Hong Kong by the Agricultural Bank of China. The company was incorporated in Hong Kong in November 2009. It currently has eight wholly-owned subsidiaries, including financing, investment management, asset management, and securities companies. In Hong Kong, it provides comprehensive and integrated financial services, such as IPO sponsorship and underwriting, bond issuance and underwriting, financial advisory, asset management, direct investment, institutional sales, securities brokerage, and securities consulting.

Shanlan Capital, established in 2014, is a specialized healthcare investment fund focusing on early-stage and growth-stage investments in the medical health industry. It concentrates on high-growth niche sectors such as biopharmaceuticals and medical devices (including in vitro diagnostics, gene technology, orthopedics, biomaterials, cardiovascular solutions, minimally invasive surgical instruments, and robotics). The firm has invested in more than 30 leading healthcare companies. Shanlan Capital’s core team comprises founders of publicly listed companies with over two decades of industry experience, as well as top-tier professionals in biotechnology and medical equipment. With a profound understanding of the fundamental dynamics of healthcare subsectors and long-term industry development trends, the team leverages its extensive expertise to precisely and efficiently accelerate the rapid growth of its portfolio companies.

CCB Sci-Tech Innovation Fund is an equity investment fund established through a collaboration between CCB International and the Suzhou Branch of China Construction Bank, targeting technology-driven enterprises. It focuses on sectors such as bionanotechnology, artificial intelligence, information technology, high-end manufacturing, the internet, healthcare, and mass consumption. Leveraging the comprehensive financial strengths of China Construction Bank and the investment and investment banking expertise of CCB International, the fund strategically invests in high-growth, high-quality companies, supporting their development through an innovative model that integrates equity investment with lending services.

YF Capital was established in 2010 as a private equity fund jointly initiated by Jack Ma, founder of Alibaba Group, and Yu Feng, founder of Focus Media. Since its inception, the most defining characteristic of YF Capital has been entrepreneurship. Beyond providing capital, YF Capital is committed to helping portfolio companies achieve better development in areas such as strategic planning, organizational management, and brand building. We focus on young entrepreneurs and strive to empower the next generation of leaders. YF Capital currently manages multiple USD funds, RMB funds, and specialized funds. After years of dedicated effort, we have developed in-depth research capabilities and strategic investments in sectors including internet, technology, healthcare, culture and entertainment, consumer goods, finance, and logistics.

China New Economy Investment Banker, Focusing on Global TMT, Consumer and Health Industries. In addition to investment banking business, China Renaissance is managing a RMB fund and a US dollar fund. The company has branches in Beijing, Shanghai, Los Angeles and San Francisco, and holds a license for the U.S. securities market.

The healthcare and medical sector is a key focus area where Capital Equity holds significant competitive advantages, having ranked as the new economy investment bank with the highest number of healthcare industry transactions in China for four consecutive years. Meanwhile, Capital Equity boasts the largest, most professional, and most comprehensively integrated healthcare investment banking team in China.