Singapore-based oncology diagnostics technology developer Lucence has completed a $20m series A round led by private healthcare services group IHH Healthcare.
Singaporean state-owned vehicles Temasek and SGInnovate, both took part in the round, as did Temasek subsidiary Heliconia Capital Management, private investors Lim Kaling and Boon Hwee, and undisclosed additional backers.
Spun out of Singapore’s Agency for Science, Technology and Research in 2016, Lucence has launched a genetic sequencing-driven blood test that screens patients for gene mutations indicative of 14 types of cancer and cancer-causing viruses.
Samples gained from Lucence’s LiquidHallmark test are examined at the company’s central laboratory in Singapore, which has regulatory approval to screen patients in the US in future.
The capital will support clinical tests validating LiquidHallmark as an early-stage diagnostics tool for multiple types of cancer, as well as plans to launch the product in Asian and North American markets.
IHH Healthcare expects to offer LiquidHallmark to its patients following the deal, which comes after a $9.2m seed round in 2017 that, according to the South China Morning Post, likely included Heliconia Capital Management.
Kelvin Loh, chief executive of IHH Healthcare, said: “Liquid biopsy is a game-changer in our endeavour to provide cancer patients with better, value-driven outcomes through precise treatment selections and more affordable care.”