Genfine Biotech Completes RMB 150 Million Series A Financing Led by Sequoia Capital China and Legend Capital to Advance Nucleic Acid Sample Preparation Solutions

VCBeat (WeChat ID: vcbeat) has learned that CENFINE, short for CENFINE Biotechnology (Beijing) Co., Ltd., recently announced the completion of its RMB 150 million Series A financing round. The round was co-led by Sequoia Capital China and Legend Capital, with Shana Capital serving as the exclusive financial advisor. The funds will be primarily used to advance the research and development of the company’s sample pre-processing products, build related distribution channels, and expand into overseas markets.

CENFINE, established in 2016, is a rapidly growing enterprise in China’s nucleic acid extraction field. The company ownsMedical Sample Preservation Technology Platform, Column-Membrane Nucleic Acid Extraction Reagent Platform, Magnetic Bead Raw Materials & High-Throughput Instrument Integration Platform, Direct qPCR/qRT-PCR Detection TechnologyLeveraging its four core technology platforms and a diverse portfolio of over 300 products, the company provides customers with integrated, personalized, and customized pre-analytical sample processing solutions, covering every step from biological sample preservation and extraction to detection.

Regarding the acquisition of institutional investment, Yang Liang, founder of CENFINE, stated, “Customer recognition and support, the continuous efforts of our company team, and the trust and endorsement from our investors and shareholders collectively facilitated the completion of this financing round.” Founder Yang Liang was among the first cohort of biotechnology graduates from the University of Science and Technology Beijing and holds a master’s degree from Peking Union Medical College. After graduation, he successively held positions at several well-known domestic life science companies, accumulating over ten years of experience in product development, business expansion, and team operations. The founding team also hails from renowned Chinese biotechnology enterprises, with each member possessing at least ten years of experience in R&D or management.

In 2020, the full-blown outbreak of the COVID-19 pandemic established nucleic acid testing as the gold standard for diagnosing viral infection in the general population. Driven by this massive wave, the nucleic acid testing market expanded rapidly. In 2019, the global nucleic acid testing market was valued at USD 8.5 billion, with China’s market reaching RMB 10.6 billion, accounting for 18% of the global total. Over the past three years, the global nucleic acid testing market grew at a rate of 4%–6%, whereas China’s market experienced a growth rate of 18%–19%, leading the world in growth speed.

Unlike most domestic companies that enter the in vitro diagnostics (IVD) sector through reagents, CENFINE adopts a logic of independent research and development and manufacturing across the entire industry chain in the nucleic acid field. It establishes a closed loop for pre-analytical sample processing, including collection, preservation, and extraction, while integrating self-developed and self-manufactured capabilities for raw materials, reagents, and instruments to build a complete product portfolio and achieve an end-to-end industry chain closure.

During the COVID-19 pandemic, CENFINE rapidly developed nearly 60 nucleic acid viral extraction kits and multiple automated nucleic acid extraction instruments, all of which received approval from the National Medical Products Administration (NMPA) and were commercialized, contributing to the national efforts in controlling the epidemic. In 2017, CENFINE was recognized as a High-Tech Enterprise of Zhongguancun; in 2019, it was further accredited as a National High-Tech Enterprise. The company holds numerous invention patents, more than ten utility model patents, and six software copyrights. Meanwhile, its independently developed viral transport media, viral nucleic acid extraction reagents, and automated instruments have made outstanding contributions to epidemic prevention and control efforts, including those for African Swine Fever and COVID-19. As of press time, CENFINE had supplied over 20 million person-tests of COVID-19 extraction reagents and more than 10 million units of biological sample preservation solutions to the market.

CENFINE is rooted in China with a global vision. The company has established a reagent R&D center at its Beijing headquarters, an instrument R&D center in Nanjing, a large-scale production base in Changzhou, and sales branches in Shanghai and other regions. This year, CENFINE is investing tens of millions of yuan to build up its platform technologies in molecular biology. As the future of life sciences holds vast promise, the CENFINE team remains grounded, resilient, and steadfast in moving forward.

Regarding the investment in CENFINE, Zhou Kui, Partner at Sequoia Capital China and co-lead investor, stated: “We are delighted to invest in CENFINE. The life sciences sector holds immense potential, and within less than four years, CENFINE has emerged as a leader in the niche field of biospecimen pre-processing. The team is young and driven, combining a grand vision and clear business logic with a pragmatic, down-to-earth approach and deep market insights. We will support the company’s growth by assisting with domestic and international business expansion as well as organizational development. We look forward to seeing CENFINE, like a seedling, grow into a towering tree.”

Regarding the investment in CENFINE, Zhou Quan, Managing Director of Legend Capital and a co-lead investor, remarked: “CENFINE is a young biotechnology company, but it has demonstrated rapid momentum. Currently, CENFINE has joined the first tier of China’s nucleic acid extraction industry, boasting a rich pipeline and significant potential for future growth. We are honored to participate in Mr. Yang’s venture. The management team, represented by Mr. Yang, exhibits strong drive and exceptional execution capabilities. We are highly optimistic about the company’s future development in the field of medical testing and diagnostics, and we look forward to partnering with the company for the long term.”

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

Legend Capital is an independent professional investment firm under Legend Holdings. Established in April 2001, it was renamed from Legend Capital Ventures to Legend Capital in 2012. Its core business focuses on venture capital for start-ups and growth capital for expanding companies, with total assets under management in USD and RMB funds exceeding RMB 50 billion. The firm primarily targets innovation and growth opportunities in China. As of 2021, Legend Capital had invested in more than 500 portfolio companies, among which over 80 have successfully listed or been quoted on domestic or overseas stock exchanges, and more than 60 have achieved exits through mergers and acquisitions.