China-based healthcare diagnostics company Wuhan Kindstar Diagnostics has secured $11m in series B funding, with backing from the corporate venturing unit of US-based healthcare company the Mayo Clinic as part of a partnership.
Family offiice Morningside Ventures, China-based venture capital (VC) firm the WI Harper Group, and Baird Capital Partners Asia, the Asian division of the US-based private equity group also joined the round.Wuhan had previously raised an undisclosed amount of series A funding, exclusively from Morningside Ventures, in 2008.
Mayo will provide training and other technical services to help Wuhan Kindstar expand its laboratory testing and diagnostic services within China and Mayo will receive an undisclosed amount of equity as part of the agreement.
Shiang Huang, founder and chief executive officer of Kindstar, said: "The strategic collaboration agreement with Mayo Clinic and the additional capital will allow Kindstar to expand the current testing services we offer Chinese physicians and position our business as the leading diagnostic company in the fastest growing market in the world."
Formed in 2003, Wuhan Kindstar currently provides laboratory testing to more than 2,000 hospitals across China. Their diagnostic testing covers such specialist areas as oncology, hematology, infectious diseases and medical genetics.