On February 9, Genecast successfully raised ￥210 million during Series C financing. This round of financing was led by Matrix Partners China and Loyal Valley Capital, together with Yahui Precision Medical Fund and COWINVC, lead investors in the Series A financing round and follow-up co-investors. The funds will be used primarily in product development, business development and marketing.
Forging a unique integration of diagnosis and treatment
Genecast’s R&D team, led by experienced clinical researchers, specializes in developing products that are applicable to multiple cancers. It delivers first-hand, reliable test results for doctors and patients. To date, Genecast has accumulated data for 50,000 genetic samples, which can assist doctors in their clinical decisions and improve the “economic ratio of diagnosis and treatment” of patients.
Genecast reports that several existing products allowed it to rapidly develop over the last three years. Following on from this, the plan now is to upgrade existing products and expand the product line so as to also include precision immunotherapy.
On top of this, Genecast has established an oncology treatment clinic in Wuxi, and, in the future, the company will move toward the integration of diagnosis and treatment.
Investors & Genecast
Loyal Valley Capital, one of the lead investors in the Series C financing round, stated: “Genecast has established a strong and professional team with balanced strengths across all aspects. It continues to attract talent and, in the current industry, Genecast is among the best companies. Its enormous accumulation of cases and data, along with the clinical transformation of its technology, have combined to create Genecast’s unique competitiveness.
“Although there is still somewhat of a gap between China and developed countries in terms of basic science, regulatory standards, and drug development, we believe that, with the growth of high-tech companies like Genecast, it will quickly catch up in the next few years. Loyal Valley Capital wants to support excellent entrepreneurs in creating outstanding value.”
Co-founder of Yahui Precision Medical Fund Ming Ouyang, the Series A round lead investor and Genecast’s follow-up investor, stated: “The precision medicine industry benefits from the dramatic drop in sequencing costs and the explosion of clinical application scenarios. It is also our most favored medical segmentation area. The noninvasive tumor liquid biopsy has become the most promising tumor detection method. This is also our favorite subdivision in the field of genetic detection, because it can be used in tumor detection at any stage of the process, from early screening or auxiliary diagnosis, through to medication guidance and subsequent recurrence monitoring.”
“Genecast’s greatest advantage is its outstanding and comprehensive core management team, which includes elites from the fields of research, medicine, marketing, and sales. This exceptional team delivers a raft of competitive advantages, including more sensitive and precise detection, more practical product design, a wealth of clinical resources and sales channels, a series of new technologies and new products, and more, all of which allow the company to shine amid the fierce competition. Genecast is the current domestic leader in tumor liquid biopsies, and we believe that under the leadership of such an excellent management team, Genecast will grow into a truly leading enterprise in the industry.”