Qitan Technology Secures Nearly RMB 1 Billion in Series C+ Financing to Advance Nanopore Sequencing Platform

VCBeat has learned that QitanTech recently completed a C+ financing round of nearly RMB 100 million, with investment from ORINNO CAPITAL and the Chengdu Biocity Fund (Guosheng Capital). This round of financing will provide strong support for the company in product technology research and development, production capacity expansion, and market development.

Hu Geng, Co-founder & Chairman of QitanTechstated that in 2023, QitanTech remained dedicated to the R&D, product portfolio expansion, and commercialization of nanopore gene sequencing technology, achieving significant improvements in sequencing accuracy, throughput, and cost.Developed an end-to-end nanopore sequencing solution, serving over 200 institutional clientsFollowing the completion of this funding round, QitanTech will continue to intensify its commercialization efforts, refine its product portfolio, enhance delivery capabilities, and further explore application scenarios. The company is committed to providing users with a more effective and user-friendly domestically produced nanopore sequencing platform, maximizing the potential of its technology to achieve universally accessible gene sequencing and benefit public health.

ORINNO CAPITALstated that QitanTech has overcome the "chokehold" technological challenges in gene sequencing, taking the lead in launching nanopore sequencers and end-to-end product solutions in China, with broad market prospects.It holds promise to fundamentally change the current situation in which China's new-generation gene sequencing equipment is heavily reliant on imports.In the future, ORINNO CAPITAL will continue to focus on the gene sequencing industry, facilitating strong alliances between upstream “root technology” R&D enterprises and mid-to-downstream application and service providers, accelerating the construction of an industrial ecosystem, and promoting the high-quality development of Chengdu’s biopharmaceutical industry.

Chengdu Biocity Fund (Guosheng Capital)stated that QitanTech is the first company in China to commercialize nanopore gene sequencers. With an excellent R&D team specializing in biochemistry and chip technology, and leveraging its self-developed nanopore sequencing platform with core proprietary technologies, the company has steadily translated and iterated its R&D achievements, successively overcoming a series of critical “chokehold” challenges in the upstream sector of gene sequencing.Not only has it achieved world-leading status for domestically produced fourth-generation gene sequencers, but it has also driven the exploration and expansion of the entire life sciences field.We are confident in the future development of QitanTech and fully support the R&D and production of its products, continuously empowering outstanding enterprises within the Chengdu Tianfu International Bio-town.

Mr. Ding Yameng, Founding Managing Partner and Chief Operating Officer of Haoyue Capitalstated that Haoyue Capital was honored to serve as the exclusive financial advisor for QitanTech’s Series C+ financing round, once again assisting the company in successfully completing the fundraising. QitanTech is a global leader in nanopore sequencing and life sciences platform technologies.As the world's second and China's first manufacturer of nanopore sequencers, in 2023, the company launched new products again, introducing the medium-throughput sequencing platform QPursue-6K/hex, further enhancing its nanopore sequencing product portfolio. We remain firmly optimistic about the rapid development of nanopore sequencing technology and the acceleration of domestic substitution in China. We believe that QitanTech will continue to lead the future global development of nanopore sequencing, deepen its core technologies in this field, and achieve continuous breakthroughs in downstream applications and innovative collaborations.