IVD Company Health Genetech Bags Hundreds of Mns of CNY in Series C Round

Healthcare Author: Mengyuan Jin Aug 08, 2022 03:47 PM (GMT+8)

Founded in 2011, Health Genetech, a medical test solution provider, focuses on clinical diagnosis and forensic science. It provides comprehensive medical test solutions covering molecular diagnosis, immuno-diagnosis and biochemical diagnosis for medical institutions and local disease control authorities as well as DNA-based human identification and kinship identification for public security and judicial institutions.

test kit

Health Genetech(Chinese:海尔施基因) announced its completion of the Series C financing round worth hundreds of millions of CNY on August 8th. This round is led by Shenzhen Capital Group(Chinese:深创投) with participation from BioTrack Capital(Chinese:博远资本), Hefeng Venture Capital(Chinese:和丰创投), Yingong Venture Capital(Chinese:鄞工创投) and Ningbo Binjiang Xincheng Development Investment(Chinese: 滨江开投). The proceeds will be used for new technology exploration and product development.

Since its inception, Health Genetech has started developing and applying multiplex nucleic acid testing since its inception. In respiratory pathogen detection and HPV detection, the company has launched innovative products like 13 Respiratory Pathogen Multiplex Detection Kit(ResP) and HPV genotyping test kits targeting E6/E7 oncogenes.

Due to the global pandemic, the global demand for all kinds of in vitro diagnostic test has been spiraling since 2020. Data from EvaluateMedTech shows that the global in vitro diagnosis(IVD for short) market size reaches USD 72.78 billion. Meanwhile, China's IVD market was valued at CNY 89 billion in 2020, as shown by the Bluebook of Medical Device Industry in China(2021). A report from Qianzhan Industrial Research Institute(Chinese: 前瞻产业研究院) said, among all kinds of in vitro diagnostic products, immune diagnostic products take the lion's share, followed by molecular diagnostic products. It is expected that in the next 5-10 years, China's domestic IVD products will gradually substitute imported ones, and the Chinese IVD market will move towards the state of perfect competition among domestic brands.

Health Genetech's competitors include Daan Gene(Chinese: 达安基因), KHB(Chinese: 科华生物), Forevergen(Chinese:永诺生物), Sansure Biotech(Chinese: 圣湘生物).