China GPs back US health-tech player in $22m Asia push
China’s 6 Dimensions Capital and Yonghua Capital have joined a $22 million Series C round for US-based Ultivue that will help the medical technology developer expand into Asia.
Northpond Ventures, Arch Venture Partners, and Applied Ventures also participated. It follows a $20 million Series B last year from 6 Dimensions, Yonghua, Arch, and Applied, as well as Chinese investors WuXi Healthcare Ventures, Frontline BioVentures, and Sangel Capital.
Asian expansions during 2019 will include and emphasis on China, Japan, and South Korea, according to Mergermarket, AVCJ’s sister publication. Ultivue said this effort would entail increased investments in sales, field application scientists, and marketing.
Ultivue offers a range of sub-cellular imaging equipment used in the detection and analysis of various disease-related chemicals. The company’s technology is said to allow for the extraction of more molecular information from tissue samples, while also streamlining laboratory workflows.
“The fast market adoption of Ultivue’s reagents and services is making an impact in the field of immuno-oncology research and we are excited to work together with the current investors to drive forward the mission of tissue-based spatial phenotyping,” said Sharon Kedar, a co-founder and partner at Northpond, said in a statement.
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