China cancer screening specialist raises $99m

The round – described as the first tranche of a Series B – saw Zhongjin Qichen Industry Equity Investment Fund, E Fund Management, Fujian Venture Investment Management, and Xiamen C&D Emerging Industry Equity Investment come in as new investors. Qiming Venture Partners and Legend Capital re-upped.

Berry Oncology has now raised about $309 million since its inception in 2017. Qiming and Legend were among the participants in a $123.6 million round in 2017 to support early cancer diagnosis R&D and other operational activities. Another investment of $108 million closed four years later.

The company claims to be the best-funded start-up in China’s early cancer screening space. The proceeds of the latest round will help it meet growing demand for screening and diagnosis.

Berry Oncology emerged as the oncology division of Berry Genomics, a dominant force in the mainstream genetic testing market, which typically involves testing fetuses for diseases. Berry Genomics listed in Shenzhen via a reverse merger in 2016. Before that, it received several rounds of funding from Qiming and Legend.

Leveraging its parent’s resources and capabilities, Berry Oncology has established a complete genetic testing system for high-risk populations. It works with more than 700 hospitals across China and has provided cancer tests for hundreds of thousands of patients.

"As an early investor in Berry Oncology and continued support through Series A, A-plus, and B rounds, we believe in the potential of early cancer screening and the firm’s management team. In the past four years, the company continues to achieve significant milestones and we look forward to working with Berry Oncology as it delivers breakthrough early detection for cancer patients both in China and globally," said Nisa Leung, a managing partner at Qiming.

The VC firm added in a statement that 16 cancer screening companies closed 17 funding rounds worth $972.6 million in 2020. It cited a projection from Guoyuan Securities that China’s early liver cancer screening market will be worth $1.64 billion by 2030, while early colorectal cancer screening could reach $1.48 billion.

There has also been one IPO in the early cancer screening space this year, with New Horizon Health raising HK$2 billion ($258 million) in Hong Kong. The company, which counts Legend, Qiming, VMS Holdings, and SBCVC as early investors, is trading at a 137% premium to its IPO price.

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• Topics
• Greater China
• Early-stage
• Healthcare
• China
• Qiming Venture Partners
• Legend Capital
• China Merchants Capital