New Horizon Health, an early-stage cancer screening developer, has closed its $30-million Series E round of funding led by US-based Rock Springs Capital.
With this, the total capital raised by New Horizon is over $160 million, the biotech firm announced in a statement on Friday.
New investors who participated in the fresh round include OrbiMed, Lilly Asia Ventures, Cormorant Asset Management, CR-CP Life Science Fund, and Octagon Capital while existing backer Qiming Venture Partners also joined the financing.
The latest round will be used for business development, new product R&D, clinical research and commercialisation.
New Horizon, which was co-founded by former GE Capital executive Zhu Yeqing in 2013, is engaged in developing test kits and solutions for early-stage cancers of the colon and stomach. The firm claims to have served over three million clients.
Bloomberg reported earlier in May that New Horizon has picked Goldman Sachs Group and UBS Group AG to arrange an initial public offering in Hong Kong with a target to raise $300 million.
It has also been backed by marquee investors comprising SoftBank China Capital (SBCVC), Exome Asset Management, Duke University’s Endowment Fund, Legend Capital, among others.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from July 9-10, 2020.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|Newlink Group||Beijing||129 million||D||CICC Capital||Xiaomi Corporation, Korea Investment Partners (China), NIO Capital, Yuyue Capital||Infrastructure|
|Harbour BioMed||Shanghai||102.7 million||C||Hudson Bay Capital||OrbiMed, Octagon, Sage Partners, Country Garden Venture Capital (CGVC), GTJA, Greater Bay Area Investment Fund||HealthTech|
|Meishubao||Beijing||40 million||C+||Tencent||Bojia Capital, Shunwei Capital, Bluerun Ventures, BHG Long Hills Capital Management||EdTech|
|New Horizon Health||Hangzhou||30 million||E||Rock Springs Capital||OrbiMed, Lilly Asia Ventures, Cormorant Asset Management, CR-CP Life Science Fund, Octagon Capital, Qiming Venture Partners||HealthTech|
|ebrace||Guangzhou||* 1.4 million||B+||Korea Investment Partners (KIP)||-||HealthTech|
|Well-healthcare Technology||Hangzhou||* 1.4 million||A||Sinowisdom||Thunderstorm Venture Capital, SDIC Venure Capital||HealthTech|
|Yeestor||Shenzhen||-||B1||Yuexiu Financial Holdings, ICY Capital||-||N/A|
∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “10 million yuan ($1.4 million)” in the given example.