[Exclusive] Qitan Technology Completed $5.7 Million Dollars In The Newest Round Of Financing

According to VCBeat, nanopore single-molecule gene sequencing technology company Qitan Technology has just completed around 5.7 million dollars in the newest round of financing. This round of financing was led by Synergetic Innovation Fund and Yahui Medical Fund. The funds will be used to develop the new generation of nanopore gene sequencer, recruit more people and purchase more equipment.

Qitan Technology was founded in 2016, it uses nanopore gene sequencing technology was used to develop fast, low-cost, small fourth-generation gene sequencers and reagents. Since its inception in scientific research CRO services in 2006, gene sequencing has quickly entered the clinical field, providing rich biological information data while helping medical inspections to achieve rapid progress. In 2019, the global market for the gene sequencing industry reached $14.5 billion, and the domestic market is expected to reach $3 billion.

Qitan Technology uses strand sequencing because it has a wider range of applications, both for DNA sequencing and RNA and protein sequencing, and can identify various modifications of nucleic acids other than ATCG. Qitan Technology's plan is to develop a minimum of 384 channels of parallel sequencing (currently 64 channels) by 2020, and to stabilize the accuracy at more than 90%. By then, the product will be used in medical research and scientific institutions. It is expected that by December 2020, 1024 channels of parallel sequencing will be achieved with 95% accuracy.

The technology of nanopore sequencing is still in the development stage, and the market has yet to be developed, which will be a long process. Qitan Technology's strategy is to collaborate with research institutions and accumulate data. Once opportunities arise, the company will use its advantage to immediately seize a big size of the market.

Synergetic Fund Management is an Investment firm that provides professional services for the whole value chain from strategic planning to investment analysis financing structure design for capital market operation.

Yahui Medical Fund is a Chinese investment firm that mainly invests in the field of healthcare.