Chinese healthtech platform Liangyihui and precision medicine firm Chigene have raised over 100 million yuan ($15.5 million) each to fund product research and development.
Qiming leads $15.5m Series C round in healthtech startup Liangyihui
Liangyihui, a Chinese digital medical platform that specialises in oncology treatment, announced on Tuesday that it has raised over 100 million yuan in a Series C round of financing led by venture capital (VC) firm Qiming Venture Partners.
China-based private equity (PE) firm DT Capital Partners, Wang Jiaquan’s family office, and Yuanju Capital Management participated in the new round. Existing shareholders including healthcare-focused VC Redhill Capital and Juhe Capital re-upped in the transaction.
Shanghai-based Liangyihui, fully known as Suzhou Liangyihui Network Technology, mainly provides innovative digital solutions to doctors, patients, oncology hospitals, and pharmaceutical companies in the oncology field.
Founded in 2015, the startup works with oncology-focused hospitals to help educate and manage patients. Its digital medical platform currently serves nearly 200,000 oncologists and about 300,000 cancer patients.
“The oncology area has always been a hot spot for medical innovation, as well as one of our investment focuses,” said William Hu, a Qiming’s managing partner who co-leads the firm’s investment efforts in the healthcare sector. “Meanwhile, there is a secular trend for the adoption of more digital and online services for patients and medical professionals.”
After the new financing, Liangyihui plans to enhance its capabilities as a “technology and data-driven” medical platform and Internet hospital to meet the needs of different stakeholders in the oncology field.
Before the Series C round, the startup had closed “tens of millions of yuan” from Redhill Capital in a Series B round in December 2018. Legend Capital, an independent investment unit of Chinese conglomerate Legend Holdings, had backed its Series A round in October 2015.
Precision medicine firm Chigene closes $15.5m Series B round
Chinese precision medicine firm Chigene has secured over 100 million yuan in a Series B round of financing led by healthcare-dedicated fund 3E Bioventures.
Shanghai-headquartered equity investment firm Yijing Capital, early-stage TMT VC firm Flyfot Ventures, and other investors joined in the new round.
Established in 2009, Chigene is a precision medicine company that applies customisable next-generation sequencing (NGS) technology on human genome. It focuses research and products on tumour mutation profiling and neoantigen applications to provide personalised immuno-therapies for cancer patients.
The Beijing-based startup claims to have built the world’s largest database of genotype-phenotype associated genetic diseases for the Chinese population, and developed the world’s first genetic diagnostic platform based on the big data analysis of human genome.
It has a product line to offer a one-stop solution for precision medicine, covering highly integrated sequencing solution for diagnosis, prevention, and management of Mendelian inheritance disease, birth-defects, tumours, chronic diseases, pharmacogenomics, and other health care practices.
The new financing will help Chigene cement its market position in leveraging data-driven precision medicine solutions for the treatment of genetic diseases, according to a statement.
In late 2016, the startup had raised approximately 100 million yuan in a Series A+ round from investors including Shenzhen-based VC firm Fortune Capital, conglomerate Fosun International, and China-based early-stage life science investment company Alwin Capital.