China-focused venture capital firm Qiming Venture Partners has led a RMB175 million (US$25 million) series A round in QIAGEN (Suzhou) Translational Medicine Co., a Chinese precision medicine solutions provider.
New Horizon Capital, Quanchuang Capital and Shanghai Anjie Medical Equipment Company also participated in the round, according to a company announcement.
“QIAGEN Suzhou is an innovative start-up providing precision medicine solutions. The company’s president, Dr. Nick Zhang and the team are dedicated to push the clinical development of new medicines based on their knowledge and experience in the industry,” said Nisa Leung, managing partner of Qiming. “We are glad to participate in the company’s growth, and we hope that we can help its development with our investments.”
Founded in 2013 by NASDAQ-listed molecular diagnostics firm QIAGEN and Suzhou-based BioBay, a Suzhou-based innovative science and technology park, QIAGEN Suzhou specializes in the fields of medicine laboratory testing and molecular diagnostics.
It provide solutions containing biomarker validation and diagnosis product development, integrating the translational medicine and molecular diagnostics platform, including DNA sequencing technology, enzyme-linked immunosorbent assay and electro-chemiluminescence immunoassay.
The firm plans to use the latest proceeds to establish a factory, and enhance its research and development team. It plans to transition from a research-focused institution to a fully commercialized firm, providing molecular diagnostics solutions based on artificial intelligence for cancer targeted therapy and immunotherapy.