Basecare Closes ￥150M Series C Funding Round

According to VCBeat, Suzhou Beikang Medical Device Co., Ltd. ("Basecare"), a leading company providing next-generation sequencing-based (NGS-based) solutions in reproductive medicine, has raised 150 million yuan in its Series C round, led by Broad Vision Funds, with participation from Juming Venture Capital and Yingtan Jinhu.

Basecare is focused on the field of assisted reproductive technologies. As a leader in the reproductive health market, the company operates four independent medical laboratories across China, with 31 laboratories jointly set up with large medical institutions in a number of provinces and cities. Basecare has also cooperated with more than 200 domestic medical institutions for its business, and other overseas institutions in Italy, Canada and Southeast Asia for its global business.

In May 2016, the self-developed PGS kit of Basecare was publicized by the CFDA technical review center for medical devices, making it the first third-generation testing product for test-tube babies in China to obtain "special approval for innovative medical devices". The kit also received the industry's first medical device registration certificate this year. 

The approval of this PGS kit filled the technical gap in the clinical application of third-generation of test-tube baby products in China, marking the entry of the PGS testing products for the third-generation of test-tube baby into the era of certification. It also established the monopoly position of Basecare in this field.

The company has published its clinical trial data, showing that the PGS product is able to increase the average pregnancy rate in IVF to 72 per cent and reduce the average miscarriage rate to 6.9 per cent. At present, nearly 80 among the more than 500 medical institutions in China that have been approved to utilize assisted reproductive technology are qualified to provide the third-generation of test-tube baby services.

Broad Vision Funds, founded in 2017 and headquartered in Beijing, is a private equity firm with market-oriented operation. The company focuses on the investment of high-quality companies in growth stage in China, with 2 billion yuan under management.