Diagnostics Firm GensKey Raises ￥50M in Series B+ Round of Financing

According to PEdaily.cn, China's genetic testing and medical diagnostic service provider GensKey has secured 50 million yuan in a Series B round of financing, led by an affiliate of Shenzhen-based venture capital firm Fortune Capital, with participation from Legend Capital. Proceeds of this financing will mainly be used to develop a new generation of pathogen diagnosis products and finance clinical trials. GensKey has just completed ￥100 million Series B round at the end of 2019.

Beijing-based GensKey specializes in the development of infectious disease diagnosis products and medical testing services. At present, the company has launched the high-throughput gene testing product for pathogens - GenseqPM, which uses the metagenomic next-generation sequencing to provide the gene testing service for doctors. 

Since its establishment, GensKey has grown rapidly, serving more than one hundred hospitals, with over one thousand doctors and ten thousand patients. It cooperates with more than a dozen central hospitals to build high-throughput pathogen detection platforms.

Genskey raised the Series B+ round shortly after launching a new testing kit on January 20 for the detection of infectious diseases, including the latest strain of the coronavirus. The company claims that the kit enables the time required in the nested polymerase chain reaction (PCR) – a sensitive and specific method used in epidemiological surveys – to be less than one hour.

Founded in April 2000, Fortune Capital is one of the earliest market-oriented venture capital firms in China. For the past 14 years, Fortune Capital focuses its investments on leading companies in four key sectors: TMT (Media oriented), Consumer Goods/Services, Modern Agriculture and Clean Tech.

Fortune Capital is ranked among the highest performing VC/PE firms in China. In addition to providing capital, Fortune Capital provides its investee companies with personalized value-added services.

Established in April 2001, Legend Capital is an independent professional Venture Capital firm under Legend Holdings. Legend Capital focuses on early-stage venture capital and expansion-stage growth capital investment. The company is now managing several USD funds and RMB funds with a total AUM of 45 billion yuan.

By 2017, Legend Capital has invested in about 450 companies, nearly 70 among which are successfully listed on the domestic or overseas stock markets, besides.