China-based cancer diagnostics technology provider New Horizon Health closed a $20m series D round on Tuesday featuring SBCVC, an investment vehicle for telecommunications firm SoftBank.
Private equity firm Omniscient led the round, which included family office Exome Asset Management, venture capital firm Qiming Venture Partners and Duke University’s investment management arm, Duke Management Company, according to a WeChat post by New Horizon.
Founded in 2013, New Horizon produces cancer screening technology and has developed home testing systems for cervical, gastric and lung cancer, its latest product focusing on bowel cancer.
The company operates two medical laboratories in addition to a head office and plans to use the funding to further develop the market for its products.
New Horizon said the round took its overall funding to more than $130m. It came in the wake of a $66m series C round in May 2019 that was led by VMS Investment Group and backed by SBCVC and Legend Capital, the venture capital formed by conglomerate Legend Holdings.
Qiming Venture Partners had led New Horizon’s $20m series B round two years earlier, investing alongside SBCVC and Legend Capital.
The latter two had both contributed to a series A round for the company in 2016 reportedly sized at $10m. Its other investors include Haibang Venture and The Linhui Fund.
