Creative Biosciences, a China-based cancer screening system developer backed by medical testing services provider Kingmed Diagnostics, yesterday raised $88m in a series C round, according to DealStreetAsia.
Tsing Song Capital led the round, which also included GDD Industry Fund Investment Group, Oceanpine Capital, Judu Investment, Linden Asset, Sharewin Capital, Guangzhou Jinkong Fund, Think Real, IDG Capital and CDH Investments.
Founded in 2015, Creative Biosciences markets early-stage cancer screening and point-of-care diagnostic kits for conditions including colorectal, lung and liver cancer. It was founded by Hongzhi Zhou, a professor at Sun Yat-Sen University.
The cash injection will go towards product development, sales and marketing activities, and recruitment.
SinoPharm Capital, the investment arm of pharmaceutical firm China National Pharmaceutical Group, supplied an undisclosed amount in August 2019, according to DealStreetAsia.
Two unnamed funds affiliated with Kingmed Diagnostics participated in a $44.7m series B round for Creative Biosciences in April 2019. The round was co-led by IDG Capital and CDH Investments, while CD Capital also invested.
Kingmed had already taken part in a $9m series A round in 2017, when CD Capital also invested.
Tasly Capital, the corporate venturing arm of pharmaceutical firm Tasly, backed a $2.2m series pre-series A round in 2016 that added to $3m in angel funding raised from Sungent BioVenture in 2015.
The original version of this article appeared on our sister site, Global University Venturing.
