Genetron Health, a China-based cancer genomics company backed by biotechnology developer Vcanbio Cell & Gene Engineering, has raised RMB400m ($61.6m) in series C funding, China Money Network reported on Friday.
The transaction was led by the Zhongjin Kangrui Medical Industrial Fund and included investment fund V Star Capital and Shenshang Xingye Fund, a vehicle backed by the municipal government of Shenzhen.
Founded in 2013, Genetron Health is working on precision medicine for cancer patients, relying on genetic testing to offer a range of products from risk assessment and early screening to drug recommendations and prognosis monitoring.
In addition to running research and development centres and clinical medical testing centres in China, the company also operates a research and development facility in the US state of North Carolina.
Genetron raised an undisclosed a nine-figure renminbi amount in a series B round led by Vcandio in 2016, with contributions from New Horizon Capital, Shenzhen Share Capital Partners, Yueyin Ventures and unnamed additional investors.
The company has not revealed details about its series A funding, though China Money Network identified Shenzhen Share Capital Partners and Yuryin Ventures as existing backers in the series B round.
Wan Fan, general manager of Zhongjin Kangrui Medical Industrial Fund, said: “In the genetics industry, the trend of decreasing costs of genome sequencing and increasing application in cancer genetic tests is a clear trend.
“In China, the number of cancer patients is massive and the growth rate is rapid. Compared to the international market, there are great market potentials in China in this area.”