China cancer treatment developer receives $101m

Established in 2010, 3D Medicines aims to use an individual's genetic information to prevent, diagnose and treat cancer. It has developed three databases – including next-generation sequencing data, a liver cancer primary cell library, and an oncology data service platform – that can offer guidance to clinicians on choosing the right treatment for patients.

With 370 employees, the company recently opened a drug R&D center and clinical diagnostic laboratories in Shanghai and Shenyang. It has worked with 200 Chinese hospitals to provide cancer prevention and diagnostics services.

According to AVCJ Research, 3D Medicines raised a RMB10 million round from Shenzhen Sangel Venture Capital in 2012, and an additional round in 2014 from several domestic investors including Cowin Venture Capital. In 2015, the company received RMB146 million from Tasly Pharmaceutical Group, Fang Fund Partners, Qianhai Keystone and a subsidiary of CMIG Capital.

Unlike other China-based drug developers, 3D Medicines' business model is based on establishing a wide distribution network and building up clinical data sets prior to launching new treatments, Feng Zhou, executive chairman at China Venture Capital Fund, told local media.

China Venture Capital Fund was formed last year with a target size of RMB200 billion ($30 billion). The vehicle, which aims to invest in innovative Chinese tech companies, received initial commitments from China Reform Holdings, China Postal Savings Bank, China Construction Bank, and Shenzhen Investment Holdings.

Earlier this month, the fund led a $460 million Series C round for facial recognition software developer Megvii Technology.

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