Other investors including Suzhou-based Cowin Venture, BW Ventures, Loyal Valley Innovation Capital, and Yahui Precise Medical also participated in the round.
Founded in November 2014, Genecast provides tumour DNA testing and gene-based medicine guidance, targeting lung cancer, colon cancer, liver cancer, and breast cancer. At present, the sample volume that the startup processes has exceeded 10,000 pieces.
Its medical services are used in more than 200 hospitals in China, and the company has also forged partnerships with various hospitals and universities including the University of Pennsylvania Medical School, Peking Union Medical College Hospital, and Beijing Cancer Hospital.
This financing round follows an undisclosed angel round from Cowin Venture, and a series A round worth RMB20 million (about US$3 million) from PE firm Yifuze Equity Investment Fund.
With the latest capital, Genecast plans to focus on research and clinical trials, as well as expanding distribution channels.
By Vivian Foo, Unicorn Media