Aixing Biotech Secures Tens of Millions of RMB in Series B Funding and Launches Homogeneous Chemiluminescent POCT Platform

VCBeat (WeChat ID: vcbeat) has learned that Chengdu IXING Biotechnology Co., Ltd. (“IXING Bio”), a company specializing in chemiluminescence POCT (point-of-care testing) products, recently completed a Series B financing round worth tens of millions of RMB. The investment was led by Lingxian Health Fund, under Yushan Capital (hereinafter referred to as “Lingxian Health”). Previously, IXING Bio had secured early-stage investments from well-known industry funds and industrial capital, including Zhongyuan Biology, Chengdu Xinjin Shifeng Medical Instruments, and Suzhou Yuansheng Venture Capital. Following this round of financing, IXING Bio will expand its POCT product production capacity and market promotion, deploying its POCT products in more hospital departments.

Founded in April 2013, Chengdu IXING Biotechnology Co., Ltd. pioneered the global application of homogeneous chemiluminescence technology in point-of-care testing (POCT). Its LIA-12 homogeneous chemiluminescence POCT platform utilizes key raw materials with fully independent intellectual property rights. Compared with traditional chemiluminescence techniques, this approach eliminates complex magnetic bead washing steps and does not require the addition of expensive substrates or luminescence-initiating reagents. In addition to retaining the advantages of high sensitivity and a broad dynamic range characteristic of conventional chemiluminescence methods, it offers exceptional precision.

IXING Biotechnology has innovatively redefined the repeatability standard for POCT to “CV < 5%,” and was awarded the Sichuan Province Innovative Medical Device title in 2018. Since its market launch in 2019, the IXING LIA-12 POCT System has been highly acclaimed by users for its “precision, speed, and efficiency,” and is widely used in more than 17 clinical departments, including the Department of Laboratory Medicine. The company has currently obtained 12 product registration certificates from China’s NMPA, with its portfolio covering cardiac markers, inflammatory markers, gastric function, renal function, and other areas. More applications will be brought to market in a manner embodying the spirit of “Higher, Faster, Stronger.”

China’s POCT market has undergone nearly a decade of development. The first half of this period was characterized by wild, grassroots growth from scratch, with numerous companies entering the field and earning their initial profits. However, this also led the industry into a predicament marked by low recognition of POCT products, low market concentration, and low technological standards. In recent years, POCT technology platforms and methodologies have continued to iterate. POCT methodologies have gradually evolved from traditional colloidal gold to fluorescence immunoassay and chemiluminescence. During the colloidal gold era, there were over one hundred domestic POCT manufacturers. With ongoing technological advancements, POCT is now moving toward greater specialization, simplicity, and quantification.

For a long time, point-of-care testing (POCT) has faced the persistent challenge of balancing the "iron triangle" of product performance, operational convenience, and cost. Homogeneous chemiluminescence technology, as a highly sensitive detection method, leverages its homogeneous and wash-free advantages to ensure precise results. Furthermore, by eliminating the need for washing solutions, excitation reagents, and substrate solutions, it significantly reduces consumable costs. When integrated into POCT devices, this technology effectively balances the three key demands of POCT. As the world’s first homogeneous chemiluminescence POCT product, the Homogeneous Chemiluminescence Immunoassay System from Chengdu IXING Biotechnology Co., Ltd. not only retains the "compact and rapid" characteristics of traditional POCT but also achieves the "high precision and accuracy" typical of large-scale chemiluminescence analyzers, maintaining a coefficient of variation (CV) of approximately 5%. This innovation holds broad market prospects.

Bao Dequan, General Manager of Chengdu IXING Biotechnology Co., Ltd., who has been engaged in the research and development of chemiluminescence technology for over 20 years, vividly stated: “Heterogeneous chemiluminescence technology is akin to cooking rice using traditional methods, which involves steps such as parboiling, draining, and steaming. It demands exceptionally high technical expertise. Therefore, chemiluminescence technology is regarded as the ‘crown jewel’ of in vitro diagnostic (IVD) testing technologies, with highly complex processes spanning instrument reaction, washing, and detection. Homogeneous chemiluminescence technology was developed precisely to address these challenges. It is comparable to a simple electric rice cooker, characterized primarily by its ease of use and excellent reproducibility, thereby imposing minimal technical requirements on laboratory physicians and clinicians.”

Homogeneous chemiluminescence, with its advantages of being wash-free, rapid, highly sensitive, and capable of high-throughput detection, is used in fields such as basic medical research, DNA molecular detection, food safety, and new drug development. However, it is not easy to apply this technology to small POCT devices.

“During R&D, IXING Biotechnology adopted the design philosophy of a revolver-style product, enabling its use in harsh environments such as deserts and puddles. The high flexibility of a revolver stems from its simple mechanical principle, comprising only three modules. Similarly, our product consists of just three core modules: the sample loading module, the reaction disk, and the optical detection module. Through this streamlined modular design, we achieve quantitative, high-throughput testing for 50 samples per hour. Our product requires virtually zero maintenance during subsequent applications. In 2018, our product was recognized as an Innovative Medical Device of Sichuan Province.”

Previously, the industry held that the POCT sector had a low ceiling and limited growth potential. However, the development trajectory of POCT in China has demonstrated that, as an emerging industry, it is experiencing rapid growth. According to the "Annual Report on China's In Vitro Diagnostics Industry (2018)," the market size of China's in vitro diagnostics (IVD) industry exceeded RMB 70 billion (equivalent to over USD 10 billion) in 2017, representing a year-on-year increase of approximately 15%. Currently, the overall market size of domestic POCT accounts for more than 10% of the total IVD market, with a growth rate exceeding 25%.

Bao Dequan believes that POCT (point-of-care testing) is a multidisciplinary field characterized by vigorous technological innovation and significant growth potential. In recent years, many outstanding enterprises have emerged in this sector, with several becoming publicly listed companies, thereby attracting considerable investor interest. However, the proliferation of diverse technological platforms and the variety of technical approaches in POCT often leave investors feeling overwhelmed, as if “dazzled by a profusion of blossoms.” A high-quality technology must first be “proven reliable,” which, in plain language, means it must demonstrate excellent reproducibility.

Regarding this round of financing, Mr. Bao Dequan stated: “The perfect integration of innovative technology and capital is akin to the two microspheres in homogeneous chemiluminescence technology (see figure above). Capital serves as the oxygen-supplying microsphere, while the company acts as the oxygen-receiving microsphere; only when these two spheres are brought sufficiently close together can they emit light. In my view, the primary forces drawing these two spheres together are, on one hand, a shared recognition of advanced technology, and on the other, aligned values between capital and the company. Lingxian Health is a highly professional investment institution. Mr. Wu Jialu has numerous classic investment cases in the POCT field, and his understanding of POCT is even more profound than that of many industry practitioners. The participation of Lingxian Health will significantly help Chengdu IXING Biotechnology Co., Ltd. rapidly expand and strengthen its position in the POCT sector, thereby contributing to China’s IVD industry.”

Mr. Wu Jialu, Founder of Lingxian Health Fund, stated: “China’s experience in combating the epidemic during the Gengzi Year has strengthened our confidence in primary healthcare and the long-term development of POCT. In the POCT field, it is an inevitable trend for chemiluminescence to replace fluorescence immunoassay. IXING Biotechnology’s globally pioneering homogeneous chemiluminescence technology not only endows its products with superior detection performance but also significantly simplifies equipment and enhances stability, demonstrating substantial cost advantages. Lingxian Health is delighted to partner with IXING Biotechnology by injecting capital and industrial resources to co-create the future, and we look forward to IXING Biotechnology becoming a leader under this major trend.”

Leading Medical Industry Fund is a specialized healthcare investment fund that primarily invests in early- to mid-stage medical technology startups, with a focus on in vitro diagnostics (IVD) and medical devices. The fund is jointly established by seasoned healthcare investors and publicly listed companies within the industry, integrating deep industry insights with professional investment expertise to identify, uncover, and incubate investment opportunities in the healthcare sector.