Virtue Diagnostics closes $100 million Series B Funding
PR93962
SHANGHAI, Jan. 6, 2022 /PRNewswire=KYODO JBN/ --
Virtue Diagnostics, an innovative IVD company, has just announced closing
US$100 million in Series B funding. Virtue Diagnostics, founded in 2019, is
focused on clinical tests for China and emerging markets. Sequoia China and
Morningside Ventures jointly led the investment round with ORIZA Holdings.
Existing investors Lilly Asia Ventures and PerkinElmer Ventures participated
while HAOYUE Capital was the exclusive financial advisor.
Virtue Diagnostics is a global, platform-based IVD (In Vitro Diagnostic)
company focusing on providing affordable clinical solutions at all disease
stages including very early screening, initial diagnosis, treatment monitoring
and minimal residual disease management.
Virtue Diagnostics Corporate and R&D headquarters are in Singapore,
manufacturing is in Suzhou, China and CRO/Clinical Lab is in Beijing.
China's future IVD market is driven by local innovation. "Virtue Diagnostics
strategy is to introduce new technology platforms by cooperating with global
technology companies, developing products and solutions specifically geared for
the Chinese market and accelerating the time to market through our highly
experienced team of R&D, registration and commercial professionals," said
Johnson Zhang, CEO of Virtue Diagnostics.
Virtue Diagnostics exclusively partnered with PerkinElmer for clinical mass
spectrometry in China. The triple quadrupole mass spectrometer, produced by
Virtue Diagnostics, launched in Q3-2021 after receiving NMPA approval. Panovue,
acquired in 2021, leads in multiplex pathology, providing a full range of
solutions for its landscape analysis platform.
While local innovation drives the Chinese IVD market, the IVD industry in many
emerging countries is still in its infancy, relying on imported products.
Covid-19 pushed governments to strengthen local IVD capabilities with
incentives. Virtue Diagnostics is expanding to bring high quality affordable
IVD products to selected emerging markets.
Johnson added: " Virtue Diagnostics will introduce innovative diagnostic
technologies in China and concurrently in emerging markets through mergers and
acquisitions, joint ventures and local entities. With our rich industry
experience, innovation capability and international background we will succeed.
Yunxia Yang, from Sequoia China, said, " Virtue Diagnostics is building
competitive diagnostic technology platforms. The team is highly recognized for
their global experience, strong technical know-how and execution. We believe
Virtue has high potential to be a global leader. Sequoia China is helping
innovative medical device and diagnostic companies grow rapidly, to bring
better products to patients faster."
Lu Huang, from Morningside Ventures said "After 20 years' development, China's
IVD industry has completed import substitution. Incremental domestic market
growth will be brought by technology. Virtue is unique having successful
entrepreneurial experience in China and international exposure. The company has
grown rapidly making great process. Morningside will utilize its international
background, global capital and technology resources to help Virtue become a
forerunner in China's IVD industry."
About Virtue Diagnostics
Virtue Diagnostics is an innovative IVD company focused on infectious disease,
cancer, and chronic diseases.Our goal is to utilize our diverse technology
platforms to provide clinical solutions for patients at all disease stages
including early screening, initial diagnosis, treatment monitoring and minimal
residual disease management.
www.Virtuedx.com
SOURCE Virtue Diagnostics
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