Qitan Technology Snares ￥100M in Series A Round

According to VCBeat, Qitan Technology, a start-up focusing on single-molecule nanopore DNA sequencing technology, has recently completed the Series A financing of more than 100 million yuan, with participation from Gaorong Capital, Yinxinggu Capital, and Alwin Capital. Proceeds from the latest round will be used for the research and development, production expansion, and marketing of products.

So far, Qitan Technology, founded in 2016, has completed four rounds of financing with a total of nearly 200 million yuan before the short-run trial production of products.

As the structure of the original nanopore-based sequencer has been confirmed, with protein and chips formed, the accuracy of one single sequencing up to 85% and the flux reaching 1G, Qitan Technology plans to launch the minimum viable product in 2020. Part of the proceeds will be used for the improvement of the product. The single-molecule sequencer, related reagents and consumables are expected to enter small-scale production in 2020, and gradually to market the final generation.

The project director of Gaorong Capital said the nanopore DNA sequencer Qitan Technology develops, is an interdisciplinary technical challenge, and it has made remarkable progress in protein engineering, fluid chips, electronic instrument, base recognition algorithm and so on, proved that the company has good strength in research and development. Gaorong Capital also looks forward to the application of nanopore extended in the genetic level to the transcriptome or even the proteome, to help the overall understanding of life.

Gaorong Capital is devoted to creating a better life through innovation. It is dedicated to identifying the leading founders and collaborating with them to achieve long-term value. Gaorong Capital focuses on the investment of innovations in technology and business models along with industrial integration.

Founded in 1997, Yinxinggu Capital is an investment platform that focuses on early investment opportunities in emerging industries, such as in retail and manufacturing, promoting the digital upgrade of the industry. The firm was jointly initiated by Slan Holdings, Huali Group, Huari Industrial, Jinggong Group, and Wanfeng Auto.