Chosen Medicine Secures Hundreds of Millions in Series B Funding to Advance Precision Oncology

VCBeat (WeChat ID: vcbeat) has learned that Qiuzhen Medical Technology (Beijing) Co., Ltd. (hereinafter referred to as “Qiuzhen Medical”) recently announced the completion of its Series B financing, raising hundreds of millions of RMB. The round was led by Shanghai United Investment, with Heya Huayi as a co-investor. Existing investors from the previous round, including Honghui Capital, Mifang Capital, and Data Capital, also participated in this follow-on investment. The proceeds will be primarily used for the registration of multi-gene tumor testing products and the industrialization of in vitro diagnostics (IVD), to further advance intelligent tumor companion diagnostic testing and data analysis, and to continue building a closed-loop system for precision oncology care.

It is reported that Qiuzhen Medical previously completed nearly RMB 100 million in angel and Series A financing rounds in 2018.

Qiuzhen Medical, grounded in bioinformatics and high-throughput sequencing technologies, has established a comprehensive presence in the field of tumor liquid biopsy. The company offers a portfolio of original tumor detection products across multiple niche markets, designed to meet clinical needs. These products cover areas including early cancer screening, companion diagnostics for targeted therapies, immunotherapy testing, dynamic monitoring, prognostic assessment, and big data analytics via its tumor bioinformatics platform.

Since its establishment, Qiuzhen Medical has rapidly expanded across the upstream and downstream segments of the industry chain, actively introduced top-tier scientific teams from both domestic and international markets, and continuously increased its investment in research and development. After three years of rapid growth, Qiuzhen Medical has established multiple business lines, including third-party medical laboratory services, in vitro diagnostic (IVD) product manufacturing, and a big data platform for oncology healthcare. The company has also formed strategic partnerships with leading industry players such as Illumina, Agena, Qiagen, and IDT.

Currently, Qiuzhen Medical has independently developed more than 20 oncology testing products covering nine major systemic tumors, including pan-cancer and lung cancer. Among these, products such as ChosenOne 599® and ChosenLung™ have been awarded the title of “New Technology, New Product (Service)” by Beijing Municipality. Leveraging these products, Qiuzhen Medical has successively provided precise tumor genetic testing services to cancer patients in hundreds of specialized oncology hospitals and general hospitals across China, earning consistent recognition and acclaim from physicians and patients alike.

It is reported that Qiuzhen Medical currently holds 34 patents and 54 software copyrights for bioinformatics based on large panels, among other technological achievements. The company has successively received numerous honors and qualifications, including “Top 50 Most Investable Companies in China,” “Top 100 Innovative and Growing Enterprises in China,” “Deloitte-Yizhuang Rising Star,” “Top 100 Future Healthcare Companies,” and “Postdoctoral Research Station.”

It is worth noting that Qiuzhen Medical is the sole corporate entity collaborating on the China Cancer Genome Atlas Consortium (CGAC) project. In partnership with more than 70 top-tier (Grade III Class A) hospitals across China, it will collect and analyze tumor samples from over 10,000 patients to jointly design and establish Chinese cancer genomic and clinical databases. The company is actively promoting expert consensus on large-panel multi-gene testing for tumors and plans to build a tumor biobank based on the Chinese population, thereby providing sample and data support for the research and development of oncology drugs and companion diagnostic kits, as well as for clinical studies.

To continuously advance the storage and testing of tumor biological samples, as well as the construction of clinical data repositories encompassing patient demographics and clinical treatment regimens, Qiuzhen Medical leveraged its proprietary research products and internationally leading bioinformatics analysis platforms and algorithms. In October 2019, it launched and began operations of a medical information platform with independent intellectual property rights. Through this platform, Qiuzhen Medical has provided data storage, data query, and bioinformatics analysis services to more than 40 enterprises. Additionally, it has assisted multiple companies in completing bioinformatic statistical analysis for tumor genetic testing, sample testing services, and the development of novel analytical algorithms.

In the future, Qiuzhen Medical will continue to enhance its big data platform for precision oncology. In collaboration with more than 70 top-tier (Grade A tertiary) hospitals across China, it will jointly design and establish a Chinese tumor gene database and clinical database. By partnering with leading experts from institutions such as the China National Center for Human Genetic Resources, Qiuzhen Medical will form an expert committee to address common technical challenges in building the precision oncology big data platform, particularly by proposing solutions for standardizing testing processes and developing bioinformatics algorithms.

Mr. Sun Dawei, Chairman of Qiuzhen Medicalstated: “We are deeply honored to have earned the trust and support of renowned investment institutions and all existing shareholders. As a high-tech company dedicated to the field of precision oncology, Qiuzhen Medical remains committed to translating advanced scientific and technological achievements into practice, providing clinicians and patients with the highest-quality products and services. Moving forward, we will steadfastly leverage our strengths, intensify independent research and development, continuously launch competitive innovative products, and propel China’s precision oncology industry to new heights!”

The Lead Investor in This RoundMr. Liu Yujia of Shanghai Unitedstated: “Qiuzhen Medical boasts an internationally top-tier technical team, giving it a distinct advantage in the field of bioinformatics analysis. Moreover, its comprehensive capabilities in R&D, market expansion, and clinical registration are becoming increasingly prominent. Lianhe Investment holds Qiuzhen’s team in high regard; investing in Qiuzhen reflects our strong confidence in its future. We are firmly committed to partnering with Qiuzhen to pursue shared development.”

Ms. Jiang Yanye, Spokesperson for Honghui Capital“Honghui Capital, as an existing shareholder, has made additional investments. This move reflects not only its confidence in Qiuzhen Medical’s outstanding achievements across various domains but also its high regard for the company’s open, inclusive culture and broad strategic vision. Whether through its participation in the national research initiative, the ‘China Cancer Genome Atlas Project,’ which aims to fill gaps in China’s cancer genomic mapping, or its rapid market expansion, we believe that Qiuzhen Medical will continue to make significant strides in the field of precision oncology.”

and Mr. Zhu Jia of Yahua Medical“The statement read: ‘As a professional healthcare investment fund, Heya Capital is highly optimistic about the track of precision oncology, particularly regarding high-tech companies like Qiuzhen Medical that have already achieved remarkable success in this field. We hope that Qiuzhen Medical will continue to make steady progress and achieve new breakthroughs by leveraging its team’s international vision and strong execution capabilities.’”

Shanghai United Investment Co., Ltd. was established in 1994 as a wholly state-owned company approved by the Shanghai Municipal People’s Government. Serving national strategies and promoting scientific and technological innovation, the company adheres to its core strategy of integrating science and technology with economic development. With equity investment as its core business, it focuses on key technologies and critical bottlenecks, optimizing the flow of state-owned capital. Its primary focus areas include information technology, life and health, energy and intelligent manufacturing, and modern services, with total outward investment exceeding RMB 10 billion. Portfolio companies include Huahong Grace, Hehui Optoelectronics, Shanghai Zhaoxin Semiconductor, Bank of Shanghai, Liantai MetLife, China Eastern Airlines, Li Shiji, BesTV, Shanghai Hanxun Communication Technology, Hualing Medicine, United Imaging Healthcare, and TransThera Sciences.

Honghui Capital is an investment firm focused on the “Healthy Living” sector, dedicated to serving leading enterprises that provide technologically advanced products and differentiated services for human diagnosis, treatment, and healthy living. The firm has extensive expertise and practical experience in bioengineering, medical devices, and diagnostic equipment. It 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, Pharmaron, WuXi AppTec, Yuwell Medical, Borui Medicine, Kintor Pharmaceutical, Sansure Biotech, United Imaging Healthcare, ZENTALIS, and BONTI.

Hehua Medical is a state-participated mixed-ownership platform established as a joint venture between Heda Capital and Chongqing Pharmaceutical, managing venture capital funds capitalized by the Ministry of Finance of China and the Chongqing Municipal Government Guidance Fund. Heda Capital was among the first batch of fund managers contracted by government fund-of-funds, including the National Emerging Industry Venture Capital Plan, the Chongqing Industrial Guidance Fund, and the Shenzhen Angel Fund. Focusing on investments in biopharmaceuticals and new energy, Heda Capital has managed cumulative fund assets exceeding RMB 5 billion.

Med-Fine Capital focuses on investments in the pharmaceutical, healthcare, and life sciences sectors. The fund’s management team possesses deep industry expertise in pharmaceuticals and healthcare, along with extensive venture capital experience. Guided by the mission to “leverage the power of capital to reward trust and drive social progress,” Med-Fine Capital has invested in nearly forty emerging companies in the biopharmaceutical industry. These portfolio companies include Tianguangshi (antibody drugs), Jingzhun Medical (molecular diagnostics), Bohuiruijin (biomaterials), Sainowei (surgical instruments), Hanyu Medical (cardiac interventional devices), Ansong Technology (orthopedic devices), Jiajian Medicine (gene sequencing), Qiuzhen Medical (genetic testing), Lingke Pharmaceutical (new drug R&D), Zanrong Pharma (new drug R&D), Chengyi Biologics (new drug R&D), Taili Biologics (new drug R&D), Weimi Biology (POCT), and Saifu Pharma (CRO).