China's New Horizon Health raises $66m Series C
China-based New Horizon Health, which produces home cancer test kits, has raised $66 million in a Series C round of funding led by VMS Group, a Hong Kong-based investment firm.
The company's existing investors Legend Capital and Softbank China also re-upped. New Horizon raised its angel round of RMB5 million ($725,400) from Linhui Fund and Haibang Capital in 2013, while three years after, Legend and SoftBank, together with Haibang, invested $20 million in the company's Series A. In 2017, these three firms re-upped in a $20 million Series B, with Qiming Venture Partners joining as a new investor.
New Horizon develops cancer detection and screening technology products primarily for early-stage gastrointestinal and colorectal cancer, while leveraging big data and artificial intelligence to development cancer screening technologies. The company has four test kits that allow users to use stool or phlegm samples to detect early signs of cancer. New Horizon manages a nationwide network of sample collection and analysis centers that can provide users with results within 40 days.
Colorectal cancer is the third most prevalent cancer in China, with 130,000-160,000 people developing the disease every year, according to government statistics. Other start-ups that have received private funding in this space include Creative Biosciences and Burning Rock, with the two raising RMB300 million and RMB850 million in their latest rounds this year, respectively.
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