Pushikang Biotech Completes Tens of Millions RMB Series B Financing Led by Origin Ventures, Files for IPO

VCBeat (WeChat ID: vcbeat) has learned that Zhejiang Puskang Biotechnology Co., Ltd. (hereinafter referred to as “Puskang”), a leading domestic microfluidic coagulation company, recently announced the completion of its tens-of-millions-yuan Series B financing round, led byYuanBio Venture CapitalLead Investor,Sinopharm CapitalCo-investment,Fangyuan Capital丨Optimas CapitalServed as the exclusive financial advisor. According to reports, the funds from this round of financing will be used for the development of new microfluidic coagulation products, capacity expansion, and market promotion. Previously, Pushikang had secured early-stage investments from well-known industry funds, including Yonghua Capital and Leiyu Capital.

Puskang, established in 2014, specializes in the research and development of microfluidic point-of-care testing (POCT) products. Leveraging internationally leading centrifugal microfluidic disc-on-a-chip platform technology combined with its proprietary微量 whole blood separation function, the company achieves a unified solution featuring full automation, multi-sample and multi-analyte detection, high accuracy, and low cost for POCT products. Committed to meeting the rapid diagnostic needs of healthcare institutions at all levels in China, Puskang develops coagulation, immunoassay, and biochemical reagent kits, along with novel supporting detection systems tailored to local conditions. These comprehensive diagnostic solutions are applicable across emergency departments in large hospitals, small and medium-sized hospitals, community-level primary care facilities, clinical departments, and mobile medical settings, thereby serving the rapidly growing Chinese healthcare market.

Currently, Puskang’s independently developed fully automated coagulation analyzer, the MC500, has obtained regulatory approval. Five additional products (spanning coagulation, chemiluminescence immunoassay, and clinical chemistry series) are currently undergoing regulatory review and are expected to secure approval this year. The company’s founder, Dr. Yu Bo, is a nationally recognized leading talent. The company was selected for Shaoxing City’s “330 Overseas Talents Program” in 2014 and was ranked among the top ten nationwide in the biomedical sector finals of the 7th China Innovation and Entrepreneurship Competition in 2018.

Since its founding in 2014, Puskang has navigated a journey marked by early-stage trial and error, followed by mid-term transformation, strategic refocusing, and breakthroughs. Despite the challenges, Puskang has steadily carved out a differentiated path, establishing distinct product advantages.

Currently, Pushkang operates a centrifugal microfluidic platform, targeting two major markets: primary healthcare and clinical departments. The company has strategically established three core product lines in coagulation, immunoassay, and clinical chemistry, developing a diverse portfolio that includes the MC500 Fully Automated Microfluidic Coagulation Analyzer, the MC100 Portable Coagulation Analyzer, the MC1600 Microfluidic Chemiluminescence Immunoassay Analyzer, and the MS100 Portable Clinical Chemistry Analyzer. By integrating its centrifugal microfluidic disc-based chip technology with proprietary whole-blood separation techniques into its coagulation, chemiluminescence, and clinical chemistry products, Pushkang delivers IVD solutions capable of direct whole-blood loading with enhanced precision and sensitivity.

Among its three major product lines, Pushikang is currently focusing its efforts on the coagulation market. Explaining the decision to apply its microfluidics platform to the development of coagulation products, Dr. Yu Bo, founder of Pushikang, stated, “We are optimistic about the potential of the point-of-care testing (POCT) coagulation market. Although coagulation testing in China started relatively late, it is growing rapidly and represents one of the segments with significant incremental growth within the in vitro diagnostics (IVD) industry. Meanwhile, we have identified substantial unmet needs in POCT coagulation testing, making it a blue-ocean market.”

Coagulation and Hemostasis (commonly known as coagulation) testing is widely used in clinical practice, providing screening and diagnosis for hemorrhagic and thrombotic disorders, as well as monitoring for thrombolytic and anticoagulant therapies. Timely monitoring of coagulation function is particularly critical in critically ill patients; for instance, the treatment guidelines for novel coronavirus infection explicitly mandate continuous monitoring of coagulation parameters (including the four basic coagulation tests, D-dimer, and other indicators) throughout the course of diagnosis and treatment. In 2019, the market size for coagulation testing in China was approximately RMB 5 billion, with an annual growth rate exceeding 20%. Currently, the domestic coagulation testing market is predominantly dominated by foreign companies, with Japan’s Sysmex, France’s STAGO, and the US-based Werfen Group collectively accounting for approximately 80% of the total market share.

Coagulation companies in China and abroad are primarily focused on the development of medium- to large-sized fully automated coagulation analyzers. Currently, there is limited involvement by these companies in developing miniaturized point-of-care testing (POCT) coagulation analyzers tailored for emergency testing, intraoperative monitoring, intensive care units (ICUs), and small hospitals and clinics, making the POCT coagulation segment a relatively untapped blue ocean market. From the perspectives of both the existing installed base and incremental demand, the coagulation market still holds substantial potential for growth and replacement. Consequently, numerous domestic listed in vitro diagnostics (IVD) companies, including Basden Biotechnology, Joyee, and Dirui, are actively expanding their presence in the coagulation field.

In the field of coagulation products, Pushikang has developed two coagulation analyzers based on disc-based microfluidic chips, which feature multi-sample, multi-parameter testing capabilities and are suitable for whole blood separation. These instruments are the MC500, a compact fully automated coagulation analyzer, and the MC100, a portable microfluidic coagulation analyzer.

Puskang’s first compact, fully automated coagulation analyzer, the MC500, is based on centrifugal microfluidic disc-chip technology. It enables simultaneous testing of six samples for a five-parameter coagulation panel within 18 minutes. In contrast to other microfluidic products that primarily support single-sample testing, Puskang’s system allows multi-sample, multi-analyte detection, offering significant cost advantages. Compared with many large-scale instruments that predominantly require plasma samples, the MC500 accepts whole-blood loading, making the testing process simpler and more convenient.

Dr. Yu stated, “After the completion of the MC500, we set our sights on the field of portable coagulation testing. Market research revealed significant potential in this product category. Beyond emergency departments and ICUs, the characteristics of POCT devices enable portable coagulation analyzers to be deployed across various consumer healthcare scenarios. Taking dental clinics as an example, coagulation testing is essentially standard practice before procedures such as dental cleaning and tooth extraction. Thus, portable coagulation testing can expand application scenarios from in-hospital operating rooms, emergency departments, and ICUs to out-of-hospital settings such as dental outpatient clinics and medical aesthetics clinics, significantly broadening the use cases for coagulation analyzers.”

In the POCT coagulation market, several domestic and international companies have already embarked on R&D initiatives. Foreign handheld coagulation devices employ electrochemical methods, exemplified by the Roche CoaguChek® XS system, which measures a single parameter (PT/INR) for monitoring oral anticoagulant therapy. In China, manufacturers have expanded their offerings to include four- or five-parameter coagulation panels; however, the low yield rate of coagulation test chips poses a significant challenge to ensuring accuracy.

In light of the current landscape, the Pushkang team decided to adopt optical coagulation technology while integrating immunoturbidimetry and chromogenic substrate methods, transforming a compact fully automated system into a portable device. This led to the launch of the MC100 Portable Microfluidic Coagulation Analyzer. The MC100 supports whole-blood sampling and enables simultaneous testing of the four/five standard coagulation parameters as well as several specialized coagulation markers.The MC100 has already obtained CE certification, and product registration in China is actively underway.

After more than five years of development, Pushikang has established a well-rounded and experienced R&D and industrialization team, while its sales team is also steadily expanding. In light of market competition and other factors, Pushikang will fully leverage its leading technological advantages in disc-based microfluidic chips to deepen its presence in the coagulation testing field. The company plans to gradually launch products such as microfluidic thromboelastography and microfluidic platelet function assays, thereby strengthening its position in the coagulation market with a diversified product portfolio.

Leveraging the scalability of centrifugal microfluidic platforms, PushKang has also developed the MI600 Microfluidic Chemiluminescence Analyzer and the MS100 Portable Biochemistry System. The microfluidic chemiluminescence products, utilizing disc-based microfluidic immunoassay chips, enable whole blood separation and precise manipulation of magnetic microparticles, achieving rapid, high-sensitivity detection at low cost. The biochemistry testing solutions meet the urgent needs of primary healthcare institutions for compact biochemical diagnostic devices and supporting reagents that offer intelligent, accurate, rapid, convenient, and multi-parameter testing capabilities.

Since the outbreak of novel coronavirus pneumonia, Pushikang has actively engaged in testing and prevention efforts against the epidemic. The MC500 automated microfluidic coagulation analyzer and its accompanying five-parameter coagulation reagents produced by Pushikang demonstrate effective detection capabilities for critical conditions associated with severe COVID-19 infection, including dyspnea, acute respiratory distress syndrome (ARDS), coagulation disorders, elevated D-dimer levels, and septic shock.

Compared with traditional coagulation testing equipment, Pushikang’s fully automated microfluidic coagulation analyzer features whole-blood separation, which reduces operational steps, alleviates the workload of healthcare professionals, and shortens testing time, earning recognition from hospital ICUs and clinical laboratory departments.

The product was also included in the List of Urgently Needed Medical Equipment for COVID-19 Prevention and Control (Batch II), organized by the China Association of Medical Equipment. The company actively donated its testing devices, supporting reagents, and other medical supplies to healthcare institutions in Shandong, Hebei, Anhui, Ningxia, Sichuan, and other regions. These initiatives provided strong support to local healthcare institutions in the detection and treatment of cases during epidemic prevention and control efforts.

Dr. Yu Bo stated, “In the long run, this sudden outbreak has profoundly exposed the weaknesses in China’s healthcare system. Empowering primary healthcare through medical services, pharmaceuticals, and diagnostics is essential, with diagnostic capability being indispensable. PushCare aims to provide cost-effective and user-friendly POCT (Point-of-Care Testing) devices to primary care settings, thereby strengthening the diagnostic capabilities of grassroots medical institutions.”

Dr. Lin Yi, Managing Partner at YuanBio Venture Capital, stated that YuanBio has consistently monitored the market opportunities for POCT product upgrades driven by China’s tiered diagnosis and treatment policy. After nearly a decade of rapid growth, the domestic POCT market has seen increasingly refined application scenarios, with methodologies evolving from traditional colloidal gold to fluorescence immunoassay and chemiluminescence. However, the industry has long struggled to balance the “iron triangle” of product performance, operational convenience, and cost. The application of microfluidic technology is continuously breaking through this bottleneck from a materials science perspective, achieving a harmonious integration of fully enclosed, fully automated, multi-sample, multi-channel detection, and relatively low costs, while offering significant scalability for the technical platform.The Puskang team boasts strong technical expertise and continuous learning capabilities. Through ingenious design of centrifugal microfluidics, they have realized the aforementioned functions. The company initially entered the coagulation testing sector—where imports account for over 80% of the market, demand is rigid, and performance requirements are extremely stringent—demonstrating its confidence in its technological prowess. Meanwhile, the company is actively expanding its series of applications in clinical biochemistry and luminescent immunoassays. With considerable versatility, the company’s medium-throughput and portable product designs cover emergency needs ranging from outpatient and emergency departments in tertiary hospitals to numerous primary and secondary healthcare institutions. We are delighted to see that, after six years of product refinement and market insight, Puskang has established strong product recognition and market acceptance. We believe the company will continue to exert effort, converting its product advantages into market advantages, firmly seizing the tremendous opportunities arising from the downward shift of laboratory testing due to tiered diagnosis and treatment, as well as the accelerating trend of domestic substitution in large tertiary hospitals, thereby becoming a widely recognized, technology-driven leading enterprise in the industry.

Chen Qiang, Vice President of Investment at Sinopharm Capital, stated: “We continue to closely monitor investment opportunities in the hemostasis and coagulation sector. Pursysun represents Sinopharm Capital’s second strategic entry into this field, following our earlier investment in Beijing Meichuang Xinyue. This move is driven by three key factors fueling the rapid growth of the coagulation market: first, the clinical value of coagulation testing is becoming increasingly prominent, with an expanding test menu; point-of-care testing (POCT) scenarios are becoming more refined; and there is robust demand for decentralized diagnostics at the primary care level under the tiered diagnosis and treatment system. Second, Pursysun leverages its unique centrifugal microfluidic platform integrating ‘instruments, reagents, and discs’ to focus on POCT diagnostics in hemostasis and thrombosis. The company has established three product lines—coagulation POCT, chemiluminescence POCT, and clinical chemistry POCT—enabling whole-blood analysis, automated sample loading, multi-sample multi-channel testing, and flexible combinations of liquid and lyophilized reagents. These features offer advantages including relatively high throughput, controllable costs, and strong scalability. Third, through long-term communication with the management team, we have been deeply impressed by Pursysun’s solid R&D capabilities and are optimistic about the team’s continuous evolution and execution.”

YuanBio Venture Capital is an investment firm focused on the healthcare sector at early and growth stages, headquartered in Suzhou BioBAY with a global reach. Currently managing approximately RMB 5 billion in assets, YuanBio has completed investments in over 60 high-quality projects, primarily spanning new drug development, medical devices, in vitro diagnostics (IVD), and healthcare services. The firm has achieved substantial investment returns and has been repeatedly recognized as one of the Top 10 Venture Capital Funds in China’s healthcare sector and as one of the most active healthcare investment institutions in China.YuanBio brings together a team of seasoned professional investors and world-class scientific advisors, possessing extensive experience in entrepreneurship, venture capital, and corporate operations within the biopharmaceutical industry and related fields. Leveraging its specialized focus and rich industry resources, YuanBio is committed to becoming one of the most successful healthcare venture capital funds in China. Notable portfolio companies include YHLO, Conlin Medical, Kintor Pharmaceutical, BrightGene Biomedical Technology, and PegBio.

Sinopharm Capital Management Co., Ltd. was established in 2012 as a professional equity investment institution focused on the pharmaceutical and healthcare sectors, initiated by China National Pharmaceutical Group (Sinopharm). Its management team comprises internal and external investment professionals from Sinopharm, operating under market-oriented mechanisms. With profound insights into industry development, operational management, and capital operations within the pharmaceutical and healthcare sectors, the firm effectively integrates industrial resources and capital strengths both within and outside Sinopharm. Currently, it manages RMB and USD funds with a combined scale of nearly RMB 6 billion, having completed investments in over 65 high-quality projects. Notable investment cases include Abbisko Therapeutics, InnoCare Pharma, Aier Eye Hospital Group, YHLO Biotech, and ClearMed.

Established in 2016, the Sinopharm Medical Device Equity Investment Fund participating in this investment is a specialized medical device fund jointly initiated by China National Scientific Instrument & Equipment Corporation and Sinopharm Capital. It focuses on investments in the medical device and in vitro diagnostics (IVD) sectors, with strategic layouts in innovative dental medical services, ophthalmic consumables, minimally invasive orthopedic treatments, molecular diagnostics, microfluidic testing, and cardiovascular interventional therapies.

Yonghua Investment is a fund management company under the Yongjin Group, specializing in private equity investment. With years of deep industry engagement, Yonghua Investment has made investments and strategic layouts across various sectors, including high-end equipment and advanced manufacturing, new energy and new materials, IT and communications technology, pharmaceuticals and healthcare, energy conservation and environmental protection, education, culture and sports, and mass consumption. Notable investment cases include Runda Medical, Aupu Biotech, Kaili Tai, and Oriental Gene.

Fangyuan Capital | Optimas Capital — Entrepreneurs for Entrepreneurs. Specializing in financial advisory services within the healthcare sector, we are dedicated to identifying and supporting outstanding entrepreneurs in growth-stage companies, serving as a trusted long-term partner. Our service focus lies in specialized segments such as high-value medical consumables, in vitro diagnostics (IVD), healthcare services, and innovative pharmaceuticals. The team has facilitated financing for companies including Wuse Technology, Boying Medical, Ruishen’an, Pushikang, Zhongjing Pukang, Huopu Medical, Qian Daifu, and Zhicheng Youyuan.