Weimi Bio-Tech Completes Series A Funding Round Led by Jinhe Capital and Mifang Capital to Accelerate 'Weimi Creation'

On November 27, 2018, VCBeat learned that Guangzhou Weimi Biotechnology Co., Ltd. (hereinafter referred to as “Weimi Biotech”) announced the completion of its Series A financing. It is understood that this round of financing was jointly participated by Jinhe Capital (a fund affiliated with KingMed Diagnostics) and Mifang Capital.

Weimi Bio-Tech, established in 2013 and located in the South China New Materials Innovation Park within Guangzhou Science City, is a high-tech biomedical enterprise integrating research and development, production, and sales. The company is dedicated to fostering the integrated development of novel in vitro diagnostic technologies and the POCT industry. It has mastered core technologies in time-resolved immunofluorescence chromatography, holds more than 10 core patents, and has undertaken multiple scientific and technological projects, including the Municipal SME Technology Innovation Fund and the Major Special Project for Municipal Industry-University-Research Collaborative Innovation.

“A journey of a meter begins with the micron.” Weimi Biology focuses on the field of rapid diagnostic testing. After five years of accumulation, the company has established five mature platforms: dry chemistry, colloidal gold, fluorescence quantitative, biochemistry, and enzyme immunoassay, while actively investing in and laying out microfluidics and chemiluminescence platforms. The company’s products are primarily concentrated in the areas of pathogenic microorganism detection, inflammation detection, prenatal screening, cardiovascular and cerebrovascular disease detection, and tumor detection.

The company’s current annual production capacity meets the demand for 20 million test kits, with more than 20 products already approved and marketed; over 40 key products are currently under research and development or registration. In the future, the company will offer a more diverse product portfolio, cover a broader range of testing areas, and achieve a more rational market layout.

Wang Tao, Founder and General Manager of Weimi Biology, began his career as a physician and brings over two decades of industry experience in clinical practice, operations, marketing, and management, with particular expertise in strategic planning and resource integration. Under his leadership, the company has gradually built a cohesive professional marketing team with extensive coverage across South China, Central China, Southwest China, Northeast China, East China, North China, and Northwest China, providing comprehensive academic and technical services to distributors and relevant hospital departments.

Within one year of its market launch, the product rapidly established collaborations with over 1,000 hospitals across China. Its quality has garnered strong market recognition, and its level of industrialization and clinical application ranks among the leading positions in China.

Wang Tao, founder and general manager of Micron Biotech, stated, “We extend our gratitude to Jinhe Capital and Mifang Capital for their support of Micron Biotech. They are highly professional investment institutions in the healthcare sector. With their capital backing, we are confident that the company will achieve even more rapid growth in the near future.” He emphasized that the IVD industry is closely linked to human health, and it is essential to consistently uphold the belief of “serving the people and the public.”

“We hope to contribute our modest share to the localization of the IVD industry,” he added.

Wang Zhifei, Investment Director at Jinhe Capital, stated, “We are optimistic about Micron Biotech’s potential in the POCT sector. The company meets the diverse needs of various hospital departments through its diversified and innovative technologies, and will continue to strengthen its presence across multiple application scenarios in the future.” By partnering with Mifang Capital to invest in the Micron team, Jinhe Capital is betting on the enterprise’s exceptional team cohesion and its culture of “serving the people with sincerity and dedication.”

Li Shanbing, Partner at Mifang Capital, believes that China’s in vitro diagnostics (IVD) market offers substantial growth potential, with point-of-care testing (POCT) being one of the most promising segments within the industry due to its increasingly broad applications. He expressed strong confidence in the joint investment with Jinhe Capital in Weimian Biology, highlighting the team’s comprehensive capabilities in both independent core technology R&D and business operations.

“The company’s characteristics are highly distinct, with the ability to seize opportunities in a fiercely competitive environment,” he added.

Upon the completion of this round of financing, Weimi Biology will establish a higher-quality and more efficient ecosystem across product portfolio, manufacturing platforms, product registration, market channels, talent teams, and brand building. While consolidating its existing business, the company will continuously develop new products and platforms. Leveraging industrial resources and capital support, Weimi Biology will steadily and efficiently advance the penetration of “Weimi Innovations” into medical institutions at all levels and the third-party testing industry, thereby enhancing brand awareness and influence.

About Weimian Biology

Weimi Bio is a high-tech biomedical enterprise integrating R&D, production, and sales, dedicated to the integrated development of novel in vitro diagnostic technologies and the POCT industry. The company has established comprehensive R&D and marketing teams and built a mature platform for the development of in vitro diagnostic reagents. Its product portfolio primarily focuses on pathogenic microorganism detection, inflammation testing, prenatal screening, cardiovascular and cerebrovascular disease detection, and tumor marker testing.

About Jinhe Capital

Jinhe Capital is an investment firm focused on the healthcare sector. Its fund manager brings over 20 years of experience in the medical industry and has successfully established China’s largest third-party clinical laboratory. The investment team possesses extensive expertise in healthcare investments, and its inaugural fund has secured backing from a renowned domestic fund-of-funds. Jinhe Capital will strategically deepen its presence in in vitro diagnostics (IVD), build an industrial ecosystem, and strive to cultivate internationally competitive enterprises by leveraging the synergy between industry and capital.

About Mifang Capital

Mifang Capital focuses on investments in the pharmaceutical, healthcare, and life sciences sectors. Headquartered in Shanghai, it is a founding member of the Biopharmaceutical Professional Committee of the Beijing Venture Capital Alliance and the Shanghai Life Health Industry Investment Alliance.

Mifang Capital has completed investments in more than twenty emerging companies in the biopharmaceutical industry, including TianGuangShi (antibody drugs), Jingzhun Medical (molecular diagnostics), Bohui Ruijin (biomaterials), Sainowei (surgical instruments), Hanyu Medical (cardiac interventional devices), Ansong Technology (orthopedic devices), Jiajian Medicine (gene sequencing), Weituo Biology (assisted reproduction), Qiuzhen Medicine (genetic testing), Lingke Pharmaceutical (new drug R&D), Zanrong Pharma (new drug R&D), and Chengyi Biopharma (new drug R&D).