Early stage molecular diagnostics company NuProbe has announced the closing of a $11 million Series A round of funding led by Sequoia Capital China and Serica Partners to continue its development of ultra-sensitive, non-invasive blood test for the early detection of cancer and infectious diseases.
Other investors in the round, as per an official release, include WuXi AppTec Corporate Ventures, a fund specializing in growth capital for life sciences companies.
With a toehold probe-based technology developed at and licensed by Harvard University’s Wyss Institute and Rice University, NuProbe aims to pioneer technological innovation to advance human health.
It develops multiple platforms to apply these breakthrough technology capability in precision medicine to cancer diagnostics, NIPT, and infectious disease screening. The company’s technology is highly sensitive at identifying many variants in the early stages, which can improve detection and help guide treatment decisions that may increase survival for patients.
The Boston-based company said that the funds raised will be used to grow staff in its Cambridge, Mass. and China offices, and to continue its technological development, clinical trials and commercialization.
“NuProbe’s technology has been validated for highly sensitive and comprehensive capturing of disease signatures with simple and clinically compatible workflow,” said NuProbe co-founder and CEO Victor Shi, who is also the Managing Partner of Serica Partners. “With the endorsement and strong support from investors, we are on track to commercialize the technology, allowing more patient access to these powerful tests.”
For Sequoia, the deal comes just days after it announced that it had led a $48-million Series C funding round in PatPat, a Chinese maternal and infant products e-commerce platform.
Its investment in NuProbe follows a growing trend of Chinese investors pumping money into US medical technology companies. According to data provider PitchBook, Venture-capital funds based in China poured $1.4 billion into private U.S. biotechnology firms in the three months ending March 31, accounting for about 40 percent of the $3.7 billion that the companies raised in the period overall.
One of the latest to jump into the bandwagon was Qiming Venture Partners which in April co-led a $12-million Series A funding round in Dublin and New York-based medical health-testing platform LetsGetChecked.