China-based cancer screening product developer New Horizon Health has received $66m in a series C round that included SoftBank China Venture Capital (SBCVC), a subsidiary of telecommunications and internet group SoftBank, ChuangJianHui has reported.
Legend Capital, the venture capital firm established by conglomerate Legend Holdings, also participated in the round, which was led by private equity firm VMS Investment Group.
Founded in 2013, New Horizon Health supplies products that enable customers to test for early signs of rectal and lung cancer from their own homes using faecal gene analysis technology known as FIT-DNA.
The company said its products find signs of colon cancer and a type of tumour known as adenomas, as well as precancerous lesions, at an earlier stage than regular blood tests.
The capital will fund the research and development of new products, as well as accelerating clinical trials and commercialisation of New Horizon’s products.
Venture capital firm Qiming Venture Partners led the company’s $20m series B round in 2017, investing alongside catering robot maker PruduTech, according to China Money Network.
PruduTech had previously taken part in New Horizon’s $15m series A round in 2016 together with SBCVC and Legend Capital.