On October 26, Genecast Biotechnology Co., Ltd in Wuxi, which is a cutting-edge tumor precision therapy service company, announced the completion of strategic financing of over 1 billion Yuan. This round of funding was led by the China Structural Reform Fund Corporation Limited (CCT Fund), followed by Taikang Asset Management, CCB Equity, Hillhouse Capital Group, China Renaissance, etc., and invested continually by CICC Capital Subsidiary funds, Matrix Partners China, and other institutions which are the old shareholders. China Renaissance acted as the exclusive financial consultant for this round of financing.
This round of financing will be used to further strengthen the R&D and innovation of Genecast tumor precision therapy’s products while accelerating the registration and application of its IVD products and promote the expansion of Genecast’s market. Moreover, the company will promote more abundant products to clinical application as soon as possible to benefit the majority of patients.
After six years of intensive growth, Genecast has formed a two-wheel-drive product strategy model of “Strong Self-R&D and Global Introduction” based on “Meeting Different Clinical Needs” which can form the differentiation and leadership as well as occupy the unique market position by creating an abundant product management line.
Currently, Genecast has not only established a comprehensive and multi-dimensional auxiliary diagnosis system to extend the product layout but also built joint laboratories with several hospitals to achieve the deep integration between discipline talent advantages and industrial advantages. At the same time, Genecast has collaborated with dozens of pharmaceutical companies both domestically and globally to build and refine an ecosystem that combines diagnosis and treatment in the tumor field.
The voice from investors on the New Round Financing of Genecast
Ran Wei, the manager of the CCT Fund and the general manager of Chengtong Fund, said, “The precision tumor diagnosis field is the branch with huge market prospects and potential that we have been long focused on. Genecast has emerged significantly as one of the leading companies relies on insights into clinical demand and the strength of R&D technology. I believe Genecast will bring benefits to more cancer patients in China with the support of more capital and industry resources which can push it to strive for further improvement to be a pioneering company.”
Hao Ren, managing director of Taikang Asset Management, claimed, “Taikang Insurance has been committed to building a large health ecosystem in this era of longevity as a long-term and stable value investor. In this era of precision medicine, we recognize the significant effect of precision diagnosis and believe in its long-term development potential. Genecast has gathered a comprehensive and excellent team that can provide diversified and truly valuable diagnostic services for tumor patients based on the multi-omics technology platform around clinical needs. I hope this round of financing could support Genecast to continues its R&D, expands more precise diagnosis scenarios, and benefits more patients.
Zhongchao Xu, managing director of CICC Capital and principal of CICC Ying Run Fund, said, “Currently, the tumor precision diagnosis field must rethink and refine the industrial chain around the leading companies like Genecast. As the leading investment institution of Genecast’s last round of financing, we are so happy to see that Genecast can be recognized by other famous institutions. We will continue to believe in the promising future and look forward to collaborating with Genecast to reach a higher level and create more significant long-term value.
Zhiyun Yu, managing director of Matrix Partners China, said, “Genecast has quickly become the top of precision tumor diagnosis and treatment with the advantages of technology, channels, and team. The company’s product layout is becoming deeper and wider concerning tumor-targeted therapy. Matrix Partners has consecutively invested for two rounds after the Series C Funding. I hope that Genecast can achieve the goal and benefit more patients.”
Yijing Xie, managing director, and head of the Medical and Life Technology Group of China Renaissance Capital said, “It’s our pleasure to assist Genecast to complete this landmark private-equity funding. Since it has the top management team and R&D system, we believe this round of funding will help the company make further progress and benefit the Chinese patients.”
Bo Du, the founder and CEO of Genecast, said, “China’s precision tumor diagnosis industry is at the critical stage of rapid development. The fast-growing of the industry and technology indicates the increasing of technical barriers, channel barriers as well as capital barriers. We are so glad to secure the support by many professional investment institutions represented by China Structural Reform Fund Corporation Limited, insurance fund institutions, and medical treatment institutions. We also deeply believe that Genecast will further strengthen its core power and continuously improve its industry layout, while closely focus on the clinical needs of patients with the trust and support of new and existing shareholders. Moreover, the company will give full play to the self-innovation to expand overseas cooperation as well as continue to develop and introduce clinical diagnostic products with excellent value to better serve the Chinese market and patients.”