Jiangfeng Bio Secures Series B Funding Led by Intel Capital to Advance AI-Powered Digital Pathology Solutions

On April 2, 2020, VCBeat learned that Ningbo Konfoong Bioinformation Tech Co., Ltd. (hereinafter referred to as “Konfoong Bio”), an innovator in pathology artificial intelligence and digital pathology, announced the completion of its Series B financing round, with total funding exceeding RMB 100 million.This round of financing was led by Intel Capital, with participation from New Expressway Investment and Ginkgo Valley Capital.. The financing proceeds will be used for the R&D and commercialization of Jiangfeng Bio's AI pathology products, expansion into overseas markets, and upgrading of its cloud pathology platform.

Jiangfeng Bio was established in 2011, focusing on the application of artificial intelligence and deep learning technologies in the field of pathology. Its technical products cover pre-pathology processing equipment, digital pathology information systems, digital pathology data centers, and pathological AI. With more than 200 patents, Jiangfeng Bio has the capability to provide a complete smart pathology full-chain solution. The company serves thousands of medical institutions as clients and partners, including top domestic hospitals such as Peking Union Medical College Hospital, Shanghai Cancer Center, and Ruijin Hospital in Shanghai. Its business has expanded to dozens of countries, including the United States, Poland, Turkey, India, and Singapore.

In 2018, Intel and NINGBO KONFOONG BIOINFORMATION TECH CO.,LTD. jointly established the Joint Laboratory for Pathology Artificial Intelligence, focusing on the research and development of innovative AI applications in the field of pathology. By 2019, the laboratory had achieved significant results with the creation of a high-throughput fully automated cervical cancer cell screening system, which improves efficiency by more than 50 times compared to existing systems. The laboratory also developed an auxiliary screening system for Mycobacterium tuberculosis, forming a product series capable of processing 5, 120, and 400 slides, thereby reducing manpower requirements by up to 80%. Both systems have obtained market approval. Notably, the AI-assisted cervical cancer screening system has completed hundreds of thousands of screenings in hospitals, pioneering the commercial implementation of AI in the field of pathology.

Mr. Liu Bingxian, Chairman and General Manager of Konfoong Bioinformation Tech, stated, “After nine years of rapid development, Konfoong Bioinformation has established a comprehensive end-to-end solution for smart pathology. With the support of Intel Capital, we aim to accelerate the R&D and deployment of AI-powered digital pathology devices. In the future, we will provide efficient and precise services to pathologists in China and worldwide, facilitate the decentralization of high-quality medical resources to primary care hospitals, and bring benefits to tens of millions of people.”

With the advancement of precision medicine, the status of pathology as the gold standard for medical diagnosis will become even more prominent in future development. However, China faces a severe shortage of medical resources, with fewer than 20,000 registered pathologists and a deficit of up to 90,000. AI-enabled digital pathology can significantly address the scarcity and uneven distribution of medical resources, and even holds the promise of reshaping pathological diagnosis and treatment.

Wang Tianlin, Managing Director of Intel Capital and General Manager for China, stated, “Innovative AI applications across industries remain a key focus of our investment strategy. The practical application of AI in healthcare, particularly in the field of pathology, holds significant growth potential both in China and globally. We are impressed by NINGBO KONFOONG BIOINFORMATION TECH CO.,LTD.’s achievements in implementing digital pathology AI solutions, and we aim to leverage Intel Capital’s strategic resources to help such startups achieve greater success.”

Intel Capital is the venture capital arm of Intel Corporation, investing hundreds of millions of dollars annually in innovative companies across areas such as artificial intelligence, autonomous technologies, data center and cloud, 5G, and future computing to support and cultivate transformative and disruptive technologies. As of early 2019, its investments in artificial intelligence had exceeded $1 billion. Since commencing investments in China in 1998, Intel Capital has invested over $2.13 billion in more than 140 companies to date.

Intel Capital makes equity investments in innovative startups worldwide. Its investment portfolio spans a broad range of sectors, including artificial intelligence, autonomous driving, workload accelerators, 5G, virtual reality, and other disruptive technologies. Since 1991, Intel Capital has invested in 1,560 companies globally, with total investments exceeding $12.6 billion. During this period, more than 677 of its portfolio companies have gone public or been acquired by other firms.

Jiangfeng Bio was founded in 2011. The company’s core business focuses on digital pathology, pathological big data, and artificial intelligence (AI) in pathology. It has launched more than 20 related software and hardware products, garnering significant industry attention and a strong reputation since its inception. As a technology-driven enterprise, Jiangfeng Bio has recruited dozens of medical and engineering experts, with R&D personnel accounting for over 50% of its workforce. The company collaborates with dozens of renowned hospitals both domestically and internationally on various research projects, while its annual R&D expenditure exceeds 30% of its revenue. Since its establishment, Jiangfeng Bio has been granted more than 200 patents. In 2019, the company achieved nearly RMB 100 million in revenue and began the commercial deployment of AI solutions in the field of pathology.