Gaorong leads Series A for Chinese gene sequencing player
Qitan Technology, a Chinese gene sequencing company, has raised RMB100 million ($14 million) in Series A funding led by Gaorong Capital. Other backers include Yinxinggu Capital and Yahui Preision Medical Fund.
Founded in 2016, Qitan specializes in nanopore genome sequencing devices. Nanopore sequencing enables direct analysis of DNA and RNA fragments by monitoring changes in electrical current as nucleic acids pass through a protein nanopore. Unlike traditional DNA sequencing, data is streamed in real-time, rather than in bulk at the end of a sequencing run.
Qitan's devices - which can be used to detect many types of diseases, from cancers to pathogens - are said to be small, portable and affordable. The company's ambition is to market sequencers to normal Chinese households. Proceeds of the Series A will go towards improving product accuracy and stability and accelerating commercialization. Qitan’s sequencers are in the last stage of prototyping after many iterations. It expects to deliver the first batch to customers this year.
Even though the latest round was defined as Series A, Qitan has raised three rounds of funding according to AVCJ Research. The company received RMB40 million last year from Zhongguancun Co-Innovative Fund, Yahui Precision Medical Fund and Baidu Capital. This followed a RMB20 million investment from Tsinghua Holdings Capital, Qianming Angen Investment and Baidu Capital in 2018 and a RMB3 million angel round from Tsinghua, Qianming, and Empower Investment in 2017.
Recent activity in China’s gene testing space includes AmCare Genomics Lab raising RMB110 million in Series B funding. The company is working with MGI Tech, a subsidiary of BGI Group, the world’s largest genetics research center, on an end-to-end genetic testing system for single-gene genetic diseases. MGI Tech, a manufacturer of equipment used in gene sequencing, has also received VC backing.
BGI is a dominant player in China for the most common genetic tests. Numerous start-ups have emerged in more specialized areas or in mass-market testing for consumers.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.