Angel Harvest Season: Kairui Ventures' Portfolio of Five Healthcare Companies Completes Pre-IPO Financing Rounds
Over the past three months, Thrive, Conatus, Taimei Medical Technology, Zhenhe Technology, and Cytek—five healthcare companies in which Kaifeng Venture Capital invested early as the first institutional investor—have successively announced the completion of their latest pre-IPO financing rounds, each exceeding $100 million. The cumulative amount raised has surpassed $800 million, with investors including numerous renowned professional investment firms and strategic industrial investors from both China and abroad. The funds raised will further accelerate these companies’ product development and market expansion.
Kaifeng Venture Capital exclusively invested in Taimei Medical in 2014; made its initial investment in Cytek, and exclusively invested in Thrive and Zhenhe Technology in 2015; and made its initial investment in Connaught in 2016, while continuing to increase its stakes in these five startups in each subsequent financing round.
Since its founding in 2009, Kaifeng Capital has remained true to its original mission, consistently supporting high-tech enterprises with international competitiveness, and is committed to becoming the preferred institutional investor for outstanding high-tech entrepreneurs.
1. Thrive is the world’s fastest-growing liquid biopsy company specializing in multi-cancer early detection. Founded in March 2014 in Baltimore, USA, by cancer scientists from Johns Hopkins University, the company is dedicated to molecular testing of tissue and bodily fluids using proprietary genetic detection technologies for the early diagnosis and screening of cancer.. Thrive is the world’s first interventional pan-cancer screening company to complete a large-scale clinical trial involving 10,000 participants.
In July 2020, Thrive Earlier Detection announced the completion of a $257 million Series B financing round. The round was led by Casdin Capital and Section 32, with participation from other investors including Bain Capital Life Sciences, Brown Advisory, Driehaus Capital Management, Intermountain Ventures, Janus Henderson Investors, Lux Capital, Moore Strategic Ventures, Perceptive Advisors, Rock Springs Capital, and Sands Capital. Additionally, all investors from the Series A round participated in this financing round.
2. ConneXin Therapeutics, founded in 2012, is a biopharmaceutical company based in the United States and China, dedicated to the development of novel therapeutics for autoimmune diseases and inflammatory conditions. ConneXinDe has established a high-throughput drug screening platform based on T-cell immunomodulatory functions. Compared with traditional methods, this platform can rapidly and efficiently identify and screen disease-treating molecules targeting relevant targets. Multiple products of the company have taken the lead in conducting multicenter clinical trials globally.
In August 2020, Conatus Pharmaceuticals announced the completion of a $115 million Series C financing round. The round was led by RA Capital Management, with participation from Lilly Asia Ventures, Boxer Capital, and HBM Healthcare Investments, alongside continued follow-on investments from existing shareholders.
3. Taimei Medical Technology, founded in 2013, is a digital operations platform for the life sciences industry, with business covering pharmaceutical R&D, pharmacovigilance, pharmaceutical marketing, and market access.To date, Taimei Medical Technology has conducted business with over 500 leading pharmaceutical companies both domestically and internationally, established collaborations with more than 200 CROs and third-party service providers, and maintained stable partnerships with over 1,600 hospitals. The company has cumulatively provided services to 3 million patients. Its platform supports one-third of China’s registered clinical trials and adverse drug reaction reporting, and it was the first to integrate directly with the National Center for ADR Monitoring’s direct reporting system.
In September 2020, Taimei Medical Technology completed its Series F financing round, raising a total amount exceeding RMB 1.2 billion. The round was led by Tencent, Hillhouse Ventures, and Yunfeng Capital, with continued participation from existing investors.
4. Zhenhe Technology, founded in Beijing in 2014, specializes in the field of precision oncology therapy.Leveraging next-generation sequencing (NGS) and bioinformatics as its core competencies, the company focuses on non-invasive precision oncology diagnosis and treatment, as well as companion diagnostics. It has established an optimized platform for cell-free DNA (cfDNA) extraction and quantitative detection, featuring domestically pioneered technologies for companion diagnostics, prognostic assessment, and medication guidance across multiple solid tumors (including lung cancer, liver cancer, ovarian cancer, and cervical cancer) based on cfDNA analysis. Zhenhe Laboratory has obtained CAP accreditation from the United States, becoming a world-class central laboratory aligned with international standards and specialized in the detection of tumor molecular biomarkers.
In October 2020, Genetron Health announced the completion of a strategic financing round exceeding RMB 1 billion. The round was led by China State-Owned Enterprise Structural Adjustment Fund (Guotiao Fund), with participation from Taikang Asset Management, CCB Equity Investment, Hillhouse Ventures, Suzhou Zhongmengxin, China Renaissance Capital, and other investment institutions, as well as certain existing shareholders.
5. Cytek is a leading manufacturer and supplier of high-end flow cytometry products, providing advanced flow cytometers and solutions worldwide.Headquartered in Silicon Valley, USA, the company established its Shanghai branch, Shanghai Xatai, in 2015; set up a standardized production base in Wuxi in 2017; and opened subsidiaries in Tokyo, Japan, and Amsterdam, the Netherlands, as well as an office in Beijing in 2019. Cytek’s immune cell analysis system represents the first leapforward technological advancement in flow cytometry over the past few decades. Committed to developing innovative technologies and applications, the company provides scientists, researchers, laboratory technicians, and clinical experts with novel tools for in-depth research and diagnosis of biological cell samples and cell populations. By offering high-quality services and high-performance, cost-effective products, Cytek facilitates the safe and efficient conduct of experimental and clinical diagnostic procedures.
In early November 2020, the company announced the completion of a $120 million Series D financing round. The round was co-led by RA Capital and Hillhouse Capital, with participation from OrbiMed and LYFE Capital.