China cancer diagnostics firm Burning Rock raises $23m
Burning Rock Biotech, a Chinese cancer diagnostic start-up, has raised RMB150 million ($23 million) in an extended Series A round of funding from Ji Feng Capital, Sequoia Capital and Legend Star.
The start-up raised RMB62 million in a Series A round from Northern Light Venture Capital and Legend Star last year.
Founded in March last year, Guangzhou-based Burning Rock provides DNA testing service and cancer treatment suggestions for different patients based on clinical and genomic data. It claims to be the first biotech company to introduce next-generation sequencing (NGS) for cancer diagnostics. Burning Rock at present has cooperated with more than 30 Chinese top hospitals.
The new fund will be used for R&D and business expansion, the company said in a statement.
Ji Feng Capital was founded by James Zhao, formerly managing partner at Vivo Capital, and Zhengkun Yu, who was a partner at IDG Capital Partners. The healthcare-focused fund focuses on investing in growth stage start-ups in the areas of drug development, biotechnology, medical devices and healthcare services.
Legend Star is a Chinese incubator program set up by Legend Holdings and the Chinese Academies of Sciences. It launched its angel investment fund in 2008 with a corpus of RMB400 million ($64 million) to back technology start-ups with funding and training.
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