Genoway Biotech Completes Nearly RMB 100 Million Pre-A Financing to Revolutionize Pathogen Detection with NGS and CRISPR Technologies

VCBeat has learned that Hangzhou Matridx Biotechnology Co., Ltd. recently announced the completion of its Pre-A financing round, raising nearly RMB 100 million. This round was jointly invested by Bessemer Venture Partners (China), Puhua Capital, and senior industry experts in the in vitro diagnostics sector. The funds raised will be used for the registration and certification of equipment and kits related to pathogen metagenomic next-generation sequencing (mNGS), as well as the construction of a testing service network. This marks Matridx Biotechnology’s first financing round since its establishment.

Matridx Biotechnology was co-founded by Dr. Wang Jun, a founding team member of Berry Genomics (SZ:000710), and Mr. Zhong Jie, former partner of the Zhejiang Big Health Industry Fund. As an emerging technology company dedicated to revolutionizing the future of infectious disease diagnostics, Matridx leverages next-generation sequencing (NGS) and gene editing (CRISPR/Cas) as its technological platforms, combining product innovation with data-driven strategies. It is a strategic partner of Alibaba Cloud in AI applications for infectious diseases and the only company in China providing fully automated solutions for pathogen metagenomic next-generation sequencing (mNGS). The company was recognized as one of the “Top 5 Metagenomics Companies” on the “2019 Future Healthcare 100 · China List.”

In 2019, six of the "Top Ten Global Health Threats" released by the World Health Organization (WHO) were closely related to infections, making the diagnosis, treatment, and prevention and control of infectious diseases a focal point of global health. Due to the current lack of rapid, accurate, and comprehensive diagnostic technologies for pathogenic microorganisms, physicians are often forced to rely on empirical antibiotic therapy, contributing to the global problem of antibiotic misuse. Furthermore, clinical practice faces significant challenges in identifying causative pathogens in conditions such as pneumonia, sepsis, central nervous system infections, and fever of unknown origin, where existing detection methods often fail to provide definitive results. This diagnostic uncertainty imposes substantial medical, economic, and social burdens.

Currently, the novel coronavirus (COVID-19) is ravaging the globe. Rapid and accurate detection of COVID-19, along with precise diagnosis and treatment for patients, has become a focal point in epidemic prevention and control. Matridx Biotechnology has successfully developed NGSmaster, an innovative, fully automated library preparation system for pathogen metagenomics independently developed in China. The company has also launched an mNGS product solution that boasts the fastest testing speed (8 hours faster than similar products), the highest operational safety (compatible with biosafety cabinets and featuring one-touch operation), and highly accurate results (covering more than 16,800 types of pathogenic microorganisms). This solution not only enables accurate detection of COVID-19 and monitoring of its variants but also provides precise diagnosis for co-infections in patients. Currently, this product is being deployed for joint prevention and control efforts by centers for disease control and prevention and major medical institutions in Hubei, Zhejiang, Jiangsu, and other regions, and will be further promoted to epidemic-affected areas worldwide.

Dr. Wang Jun, CEO of Matridx Biotechnology, stated, “We sincerely appreciate the recognition and trust from investors in this funding round. Guided by our R&D philosophy of continuously improving the timeliness of pathogen molecular diagnostics and enhancing the automation of testing equipment, we are driving the advent of an era of precision diagnosis and treatment for pathogenic microorganisms. Currently, our metagenomic next-generation sequencing (mNGS) product solutions have been locally deployed at Wuhan Jinyintan Hospital, the main battlefield against the epidemic in China, where we stand shoulder to shoulder with frontline healthcare workers to save the lives of more critically ill patients. We will also open collaborations with qualified Independent Clinical Laboratories (ICLs) to jointly promote the clinical application of mNGS testing.”

Mr. Li Zhe, Partner at Proxima Ventures, stated: “Pathogen detection for infectious diseases represents the largest market segment within the in vitro diagnostics (IVD) field, holding immense potential. However, traditional detection technologies are outdated, and we have long anticipated technological innovation. Pathogen metagenomic testing based on high-throughput sequencing can effectively address the urgent need for precise diagnosis among the tens of millions of patients in China with complex, difficult-to-diagnose, or unknown infections. In the pathogen detection sector, Matridx Biotechnology offers a highly innovative one-stop solution and is currently the only company that has productized and automated this testing service to better improve turnaround time. We are highly optimistic about Matridx’s R&D innovation and execution capabilities across its multidisciplinary team, and we are committed to supporting its rapid development in technology commercialization and international business expansion.”

Mr. Zhou Mi, Managing Partner at Puhua Capital, stated, “The founding team of Matridx Biotechnology represents an excellent combination of scientific expertise and industrial experience. They possess profound industry insights and a broad strategic vision. The field of precision diagnostics for pathogenic microorganisms is both highly specialized and sufficiently expansive in market scope. As an innovative medical device company in this sector, Matridx Biotechnology’s products and technologies have achieved a leading position both domestically and internationally. We are delighted to collaborate with the Matridx team, providing support in capital, industrial resources, and other areas to accelerate the commercialization of multiple products and build a new platform for precision diagnosis and treatment of pathogenic microorganisms driven by big data.”

Proxima Ventures is an investment fund focused on the healthcare industry, currently managing both RMB and USD funds, with a primary focus on early-stage and growth-stage projects. The fund has long been committed to addressing significant unmet medical and healthcare needs, dedicated to discovering globally leading, commercially viable major innovations. Its main investment areas include disruptive biotechnologies, revolutionary therapeutic approaches, innovative medical devices, breakthrough diagnostic technologies, and innovative business models under China’s market-oriented healthcare reforms.

The investment team possesses diversified and international expertise, professional backgrounds, and resource networks in the biopharmaceutical sector. It boasts extensive clinical resources and industrialization experience, and has established clinical translation bases across China.

Puhua Capital is headquartered in Hangzhou, with offices in Beijing, Shenzhen, and London. The fund adopts a dual-drive investment strategy of “Capital + Industry,” deeply rooted in industrial sectors. With “Health + Happiness” as its primary investment focus, it consistently concentrates on four major areas: big health, internet, pan-culture, and new technologies. Committed to empowering portfolio companies, Puhua Capital facilitates their growth through comprehensive value-added services. By the end of 2019, the firm had invested in over 400 companies.

PuHua Capital has repeatedly been ranked among the Top 20 Investment Institutions in China’s Healthcare Sector by Zero2IPO, and among the Top 10 Best Investment Institutions in the Medical Device Sector of China’s Healthcare and Health Services Industry by CVSource.