Qiming’s US healthcare fund backs Harvard spin-out
Qiming US Healthcare Fund, a sector specialist vehicle launched by China’s Qiming Venture Partners, has led a $10 million Series A round for Platelet BioGenesis, a Harvard University spin-out that builds human platelets from stem cells.
Other investors include US-China healthcare specialist Vivo Capital, Adena Partners, and eCoast Angels.
Platelets, which help the body form clots to stop bleeding, are routinely used to treat patients who have cancer or are undergoing surgery. The global market is said to be worth $20 billion, but supply is limited due to a lack of donors, a shelf-life of just a few days, and potential bacterial contamination during the transfusions.
Spun out of the academic labs at Brigham & Women’s Hospital and Harvard in 2004, Platelet BioGenesis focuses on producing commercial scale donor-dependent human platelets from pluripotent stem cells – which can potentially produce any cell or tissue the body needs to repair itself – for clinical application.
The new financing will support the company’s pre-clinical research and help it establish a scalable industrial process to manufacture clinical-grade platelets.
“We are excited to partner with Platelet BioGenesis to realize a shared vision of a platelet supply independent from human donors. The word disruptive is thrown around too often these days, but this technology truly has the potential to reshape the blood industry and positively impact millions of patients,” Mark McDade, a US-based managing partner at Qiming, said in a statement.
The China-focused VC firm – which has offices in Shanghai, Beijing, Suzhou and Hong Kong – announced plans to raise a healthcare-dedicated fund in the US last year. It will help China- and US-based start-ups expand in both markets.
A filing in January indicated Qiming was raising $125 million for the fund. Three investments have been completed to date, with the GP typically committing $5-12 million per transaction. Areas of focus include bio-therapeutics, medical technology, and digital health technologies.
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