Singapore medical tech player Ark raises $40m Series A
Ark, a new Singapore-based cancer detection technology company, has received a $40 million Series A round backed by Gaorong Capital and shareholders of medical-focused investor Venturecraft.
The investment coincides with the creation of Ark through the merger of Venturecraft and its portfolio company Mirxes, a diagnostic test device creator spun out from government research agency A*Star in 2014. The fresh capital will accelerate an overseas expansion plan including China.
Ark aims to offer end-to-end services for early cancer detection by combing the R&D, manufacturing, and commercialization capabilities of Mirxes with the clinical assets and venture financing resources of Venturecraft. Immediate plans include the launch of a blood test for early detection of stomach cancer.
The product, developed in collaboration with the Singapore Gastric Cancer Consortium and two local hospitals, recently completed a three-year, multi-center clinical study. There is currently no reliable blood test for the diagnosis of stomach cancer, and the new test is said to be the first of its kind.
“We are constantly searching for the next gamechanger to positively impact healthcare and create shareholder value,” Zhang Zhen, a founding partner of Gaorong, said in a statement. “There is a significant unmet need and market opportunity for early cancer detection, and we are delighted to support Ark on this meaningful journey.”
Gaorong, which was founded in 2014 as Banyan Capital and rebranded earlier this year, manages four US dollar-denominated funds and four renminbi funds, with total commitments of at least $1.7 billion. The firm closed its third flagship US dollar and renminbi funds last year at $400 million and RMB2.5 billion ($391 million), respectively.
Venturecraft was set up in 2015 with a S$5 million fund, and launched a second vehicle of S$50 million the following year with support from Spring Seeds Capital, a government-connected entity in Singapore. It has a presence in China and Taiwan and operates two incubators as well as an R&D facility known as the Hangzhou Economic & Technical Development Area.
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