Zhenzhen Biotech Secures Nearly RMB 100 Million Series A Funding to Accelerate Clinical Adoption of Flow Fluorescence Products

VCBeat (WeChat ID: vcbeat) has learned that Beijing Zhizhen Biotechnology Co., Ltd. (“Zhizhen Biotech”) recently completed a Series A financing round of nearly RMB 100 million. The round was led by Shanghai Sharewin Equity Fund Management Co., Ltd. (“Sharewin Investment”), with participation from Beijing Yizhuang Innovation Equity Investment Center (Limited Partnership) (“Yizhuang State-owned Capital”) and existing investor Honghui Capital. Following this financing, Zhizhen Biotech will continue to expand its R&D pipeline for flow fluorescence products, enhance production capacity, and accelerate the clinical implementation of its products.

Zhenzhi Bio was established in April 2017 and completed its angel and Pre-A financing rounds in 2018 and 2019, respectively.

Over the past three years since its establishment, Zhizhen Biology has gradually built platforms with fully independent intellectual property rights, including a magnetic fluorescent coding microsphere platform, a protein fluorescent labeling technology platform, a multispectral flow cytometry fluorescence detection platform, and an automated magnetic separation technology platform. The company has formed a product portfolio comprising flow fluorescence immunoassay products and combined hematology-infection testing solutions, tailored for multi-analyte joint detection scenarios in clinical diagnostics. It has successively launched a series of products, such as multiplex cytokine assay reagents, multi-parameter flow cytometers, and integrated analyzers for complete blood count (CBC) and C-reactive protein (CRP) joint testing, thereby establishing a solid foundation for industrialization.

Ma Yongbo, Chairman of Zhizhen Bio, stated: “Moving forward, Zhizhen Bio will continue to deeply explore clinical needs and develop a series of multiplex and automated diagnostic products focused on infectious disease diagnosis, immune assessment, and other areas, based on the characteristics of disease diagnosis and clinical pathways. Meanwhile, in response to the sudden outbreak of the COVID-19 pandemic, the company will gradually expand its product portfolio related to public health epidemic prevention and control.”

The flow cytometry-based fluorescence product system comprises three core components: a fluorescently encoded microsphere system, a reagent reaction system, and flow cytometry-based fluorescence detection instruments. Among these, the encoded microspheres serve as capture carriers for the target analytes, enabling specific capture of multiple proteins or nucleic acid fragments. The reagent reaction system determines key assay performance characteristics, including specificity and sensitivity. The instrument platform serves as the final detection tool, with factors such as optical configuration, throughput, level of automation, and data analysis capabilities critically influencing overall product performance and user acceptance.

Flow cytometry-based fluorescence detection involves using lasers to excite fluorophores or probes labeled on the analytes, generating new fluorescence spectra. The concentration of the analytes is then back-calculated, or population classification is performed, based on the detected intensity of the excited fluorescence. The lower limit of detection for the excited fluorescence intensity, together with the signal amplification capability of the reagent reaction, determines the lower limit of detection or sensitivity for the analyte concentration.

Zhenzhen Bio’s self-developed magnetic fluorescent encoded microsphere system is compatible with both single-laser and dual-laser flow cytometers. Some of the encoding colors utilize proprietary dyes independently developed and synthesized by the company, achieving superior multi-color encoding performance. Meanwhile, Zhenzhen Bio has completed the development of flow fluorescence detection platforms configured for 4–8 colors, establishing robust technical pathways in mitigating non-specific interference in multiplex serum immunoassays and implementing multi-stage signal amplification.

Zhizhen Biology’s first flow fluorescence multiplex assay product, the Cytokine Multiplex Detection Kit, has been deployed for clinical use in multiple hospitals. In clinical comparisons with imported counterparts, it demonstrated a correlation coefficient of 0.99, while offering shorter reaction times and more convenient magnetic separation washing.

Currently, the domestic in vitro diagnostics (IVD) market in China has exceeded RMB 70 billion, with immunoassay diagnostics accounting for nearly half of the market share. Serum immunoassay products, primarily based on chemiluminescence, hold a market share of nearly RMB 30 billion, with a compound annual growth rate (CAGR) exceeding 15%. Cellular immunoassay products, represented by flow cytometry, have a market share of nearly RMB 3 billion, with a CAGR exceeding 30%, and the market is mainly concentrated in medical institutions at level II and above. Among these, imported products hold an absolute market advantage, with imports accounting for over 80% in the chemiluminescence sector and over 90% in the flow cytometry sector, indicating that the path to domestic substitution remains long and arduous. Meanwhile, China’s prevention and control efforts against the COVID-19 pandemic, along with subsequent policy directions, have highlighted a strong demand for highly normalized, high-throughput, and rapid screening and diagnostic solutions.

Within Zhenzhi Bio’s product portfolio, there are not only high-throughput flow fluorescence five-part differential assays and combined infection panels (CRP, SAA, PCT, IL-6) for initial screening and diagnosis of infections, but also multiplex cytokine assays and lymphocyte analysis products designed for immune assessment during the treatment of critical illnesses. In the future, Zhenzhi Bio will gradually develop specialized diagnostic solutions tailored to specific application scenarios to help clinical customers enhance their service capabilities. Examples include a series of andrology and gynecology tests involved in pre-diagnostic assessments for reproductive medicine, such as semen quality analysis, hormone level testing, ovarian status evaluation, and systemic immune assessment.

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Regarding this round of financing, Ma Yongbo, Chairman of Zhizhen Bio, stated: “As a young startup, Zhizhen Bio’s rapid growth requires substantial capital support. Our team is deeply honored to have earned the trust and backing of renowned investment institutions and all existing shareholders. Moving forward, Zhizhen Bio will accelerate the clinical market entry of its products, continuously iterate and enrich its product pipeline, and contribute Zhizhen’s strength to the widespread clinical adoption of flow fluorescence products.”

Ms. Shen Qin, Managing Partner at Sharewin Investment, the lead investor in this round, stated: “The team at Zhizhen Bio is highly capable, well-structured, and brings extensive industry experience. We are also very optimistic about its flow fluorescence technology platform and product portfolio. Sharewin Investment is delighted to partner with the Zhizhen team to pursue mutual growth, and we believe that Zhizhen Bio will rapidly emerge as a prominent new force in China’s in vitro diagnostics industry.”

Sharewin Investment is an equity investment firm with the core attributes of an industrial fund. Over years of development, it has evolved into an institution capable of investing in both primary and secondary markets, with assets under management exceeding RMB 8 billion. Since 2011, Sharewin’s healthcare fund has focused on the in vitro diagnostics (IVD) and medical device sectors, pursuing a sector-specific investment strategy centered on “specialization” and “industrial partnership.” It has built an integrated investment and research team with complementary industrial and professional expertise, and boasts limited partner (LP) resources that combine industrial and financial strengths, including Yuwell Medical, Huahai Pharmaceutical, and Shanghai Trust.

Shengyu Investment’s healthcare team has invested in dozens of healthcare projects, including Snibe, Aipeng Medical, Contec Medical Systems, Kanghua Biological, Zhishan Biology, Zhongzhi Biology, New Health Achievement, Xinwei Medical, Nabai Medical, Inluo Medical, Lingsheng Pharmaceutical, and Qinhao Pharmaceutical.

HLC Capital (HLC) is an investment institution focused on the “Healthy Living” sector, dedicated to serving leading enterprises that provide technological products and differentiated services for human disease diagnosis and treatment as well as healthy living. It has extensive expertise and practical experience in bioengineering, medical devices, diagnostic equipment, personal care, and healthcare. HLC manages dual-currency funds in RMB and USD, with total assets under management exceeding RMB 10 billion. Its portfolio includes high-quality investments such as Mindray Medical, WuXi AppTec, Tigermed, Pharmaron, Yuwell Medical, United Imaging Healthcare, Borui Medicine, Zentalis Pharmaceuticals, Genetron Health, Kintor Pharmaceutical, Sansure Biotech, Joinn Laboratories, Keming Diagnostics, SMOL International, BEABA, and Nayuki’s Tea.