AcornMed Closes on ￥100M Series A Round of Financing

According to 36Kr.com, AcornMed has announced the completion of its Series A financing of more than 100 million yuan, led by Sino-Ocean Capital, with participation from Indaco Capital, Shouye Junli Capital and others. Proceeds of this round will be used for the research and development, marketing and registration of genetic testing products for cancers, and to build a whole-chain medical service system of "tumor marker tests, diagnosis and treatment" based on big genetic data.

Founded in 2018, based on the self-developed big data analysis platform, AcornMed uses next-generation sequencing (NGS) technology to provide precision medical solutions for cancers with genomics as the core. The company has provided clinical testing services to 20,000 patients with cooperation with more than 300 hospitals.

Cao Shanbo, the co-founder and chairman of AcornMed, said that AcornMed's sales in this years is expected to double from 2019. Meanwhile, AcornMed will focus on the development of in vitro diagnostic (IVD) products, and strive to become the first companies of large next-generation sequencing gene panels approved in China. In addition, the company will continue to expand strategic cooperation with pharmaceutical companies for research and development in cancer screening.

At present, AcornMed is seeking for cooperation and is planning to begin the Series B financing.

Sino-Ocean Capital is an integral part of Sino-Ocean's multiple businesses. Through the "Fund raising, Portfolio investment, Post-investment management, Withdrawing"—full-cycle investment management and industry synergy model, Sino-Ocean Capital helps its partners enhance business value and creates a win-win situation based on efficient management of entrusted capital.

Founded in 2015 and headquartered in Beijing, Indaco Capital focuses on investment in the healthcare sector. The company's vision is to provide an ideal development platform for the talents, to create satisfactory returns of investment for the contributors and to promote development of the healthcare industry, bringing benefit to mankind.