Genecast, a China-based cancer diagnostics and therapy developer, has raised $18m in a series B round led by THG Ventures, a VC unit of Tsinghua Holdings, itself a subsidiary of Tsinghua University, China Money Network reported today.
Cowin Venture, BW Ventures, Loyal Valley Innovation Capital, and Yahui Precise Medical Care Fund also supplied cash.
Incorporated in 2014, Genecast offers tumour DNA testing, gene-based medicine guidance to target lung, colon, liver and breast cancers.
The technology is used at more than 200 hospitals across China and overseas, where Genecast’s partnerships include Pennsylvania University’s medical school.
The money will go towards R&D and will also support clinical trials. Genecast also hopes to boost its distribution network.
Cowin Venture previously provided an undisclosed amount in angel funding, followed by a $3m series A round injected by private equity firm Yifuze Equity Investment Fund.
