Singapore's Virtue Diagnostics closes $100m Series B
Singapore-based Virtue Diagnostics, a clinical testing equipment supplier for China and developing markets, has raised a USD 100m Series B round led by Sequoia Capital China and Morningside Ventures.
Oriza Holdings, Lilly Asia Ventures (LAV), and the VC unit of PerkinElmer, a US-based diagnostics and life sciences technology provider. PerkinElmer has been active in Singapore since 1997 and opened a detection and analytical instruments factory and laboratory in the country in 2019.
Virtue’s corporate and R&D headquarters are in Singapore, while manufacturing and clinical lab work is done in China. It has partnered exclusively with PerkinElmer for clinical mass spectrometry in China. Local regulatory approval in this field was granted last year.
Mass spectrometry is still a largely research-based technology in the clinical diagnostics space with low penetration in developing economies. However, it is increasingly seen as an indispensable technique for early detection of cancer, diabetic kidney disease, and neurological diseases such as Alzheimer’s.
The company observes that COVID-19 has pushed governments to strengthen their local in-vitro diagnostics (IVD) capabilities, but many developing countries are unable to innovate at home and must rely on imported products.
The plan is to introduce innovative diagnostic technologies in China and concurrently in other developing markets through M&A, joint ventures and local entities. Virtue is considered unique in that it has entrepreneurial experience in this space within China as well as an international footprint.
“The best IVD companies in China in the future must be global companies. The domestic IVD industry will enter a stage of innovation-driven development, while the unmet needs of overseas emerging markets will bring about more strategic opportunities,” Oriza said in a statement.
LAV reportedly led a USD 30m Series A in late 2020. “LAV highly agrees with Virtue Diagnostics’ vision to provide the world with diversified, affordable, multi-disease, and full-stage IVD solutions-and its ‘bring in, launch out’ business model,” Jieyu Zou, a managing director at the VC firm added.
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