Qiming leads $20m round for China cancer specialist
Qiming Venture Partners has led a $20 million round for New Horizon Health, a Chinese start-up that develops cancer screening technology, with participation from existing investors Legend Capital and SBCVC.
Founded in 2005, New Horizon has created a tool for screening stool samples and identifying changes in cell DNA that might be early signs of colon cancer. The company claims this is a more efficient detection method than liquid biopsy tests and regular blood tests. It has also launched a product for detecting gastric cancer based on a similar technology.
New Horizon has R&D centers in Hangzhou and Beijing that work with more than eight provincial hospitals on clinical trials. In addition, it promotes its products through partnerships with Chinese insurance companies and online healthcare platforms.
Nisa Leung, a managing partner at Qiming, said New Horizon has developed a cost-effective detection technology that helps identify cancers early on. The GP is confident that the company will grow into a market leader in the cancer screening and testing segment.
New Horizon previously completed a Series A round from Legend and SBCVC last year. Following the new funding round, the company will further develop its screening products with a focus on gastric cancer detection, as well as build big data and artificial intelligence capabilities for precision testing.
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