PushKang Biotech Secures RMB Hundreds of Millions in Series C Financing Led by Hillhouse Capital and Furong Investment, Files IPO Prospectus

VCBeat Learns First，Pushkang BiotechCompleted RMB 100 MillionC-round financing, led byGL Ventures and Furong Investment JointlyLead Investor,Yunion Healthcare Industry FundCo-investment, with Dianshi Capital serving as the exclusive financial advisor.

The proceeds from this financing round will be primarily allocated to new product development, mass production of centrifugal microfluidic chips, clinical trials, market promotion, and supplementing working capital. This will accelerate regulatory approval and increase market share for Pushikang Biotech’s new products, empower the company to strengthen its presence in the POCT testing market, and establish it as a comprehensive platform-based IVD company with a complete product portfolio.

Puskang Biotech, established in 2014, is a leading enterprise dedicated to point-of-care testing (POCT), built on a core platform of centrifugal microfluidics technology. According to reports, Puskang Biotech leverages internationally advanced centrifugal microfluidics technology, combined with its proprietary trace whole blood separation function and lyophilized reagent technology, to develop diagnostic reagent chips and novel supporting POCT systems for coagulation (i.e., thrombosis and hemostasis), chemiluminescent immunoassay, and clinical chemistry, tailored to domestic needs. The company strategically focuses on the coagulation market, targeting the untapped "blue ocean" of coagulation POCT. Its products are primarily applied in scenarios such as emergency departments and clinical units of large hospitals, small and medium-sized hospitals, community-level healthcare facilities, and mobile medical novel diagnostic systems.

After more than six years of development, Pushikang Biology has completed its product layout across three major technology platforms: microfluidic coagulation, microfluidic chemiluminescence, and microfluidic biochemical testing, launching corresponding series of products. Additionally, adhering to independent innovation, Pushikang Biology possesses the capability to rapidly identify market demands and develop solutions; its developed centrifugal microfluidic coagulation and centrifugal microfluidic chemiluminescence detection systems have filled domestic gaps in China.

Dr. Yu Bo, Founder of Pushikang Biologicsstated: “We extend our gratitude to both new and existing shareholders for their recognition and support of the company’s development. Pushkang Biotechnology will continue to adhere to its product innovation philosophy guided by clinical market demands, providing healthcare institutions at all levels with POCT testing system products that are differentiated, accurate in results, cost-controllable, and user-friendly, thereby fulfilling the corporate mission and vision of ‘making health testing accessible to all.’”

Mr. Li Zhengxiong, Senior Investment Director at Furong Investment“It stated: ‘Driven by population aging and multiple factors promoting tiered diagnosis and treatment, the POCT market is experiencing rapid growth. Proscan Biotech has strategically entered the coagulation and thrombosis sector, which features fast growth and significant potential for import substitution. The team has built a solid foundation in microfluidics technology, and its coagulation products have gained widespread industry recognition. The company is continuously expanding its portfolio into immunodiagnostics and clinical chemistry. Meanwhile, Proscan Biotech remains committed to being guided by clinical needs, emphasizing product innovation and academic promotion. We highly recognize the Proscan Biotech team and will continue to support the company’s development, looking forward to the launch of more products that provide solutions for clinical decision-making.’”

Mr. Wang Ruolin, Executive Director of Yunion Healthcare Venturesstated: “Pushikang Biotechnology has built a leading microfluidics technology platform in China and established a rich product portfolio centered on coagulation, while also encompassing chemiluminescence and clinical chemistry. We believe that Pushikang Biotechnology has the opportunity to rapidly grow into a leading POCT enterprise in China. As a professional venture capital fund deeply rooted in the healthcare sector, Yunion Healthcare Ventures is pleased to collaborate with the Pushikang Biotechnology team to provide better and more valuable products for clinical users and patients.”

GL Ventures is the venture capital fund under Hillhouse that focuses on early-stage innovative companies, primarily investing 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.

Furong Investment is a technology finance and innovation & entrepreneurship platform initiated by Fudan University’s Ningbo Research Institute. Leveraging Fudan University’s robust resources in talent, scientific research, academia, and clinical practice, it promotes the industrialization of related technological achievements and supports high-level talent in innovation and entrepreneurship. Actively serving national innovation-driven development strategies—including the integrated development of the Yangtze River Delta region and Shanghai’s initiative to build a globally influential science and technology innovation center—it focuses on incubating and investing in early- to mid-stage projects in fields such as life and health, integrated circuits, new energy, and new materials.

Yunion Healthcare Ventures, a specialized venture capital fund deeply rooted in the healthcare sector, focuses primarily on medical devices, in vitro diagnostics (IVD), and biopharmaceuticals. Its investment portfolio includes Shanghai Yehui Pharmaceutical, Haichuang Pharma, Xiyou Health, Auscan, Baikonix, Saikesaisi Biology, and Lianzhong Medical.