(VCBeat) Jan 8, 2021 -- Targeting One, a top player in the digital PCR market, recently announced it has closed ¥150 million in Series B funding. The investment was led by Lilly Asia Ventures, with participation from China Growth Capital, GL Ventures, and existing investors Qingdao Yufeng and Zhongyuan Huichen.
The investment will enable Targeting One to further develop its digital PCR platform, accelerate the development and clinical trials of several reagents for molecular diagnostics, promote the and application of digital PCR tools in the life science and clinical fields.
With the increasing demand for liquid biopsies and early screening of tumors, early diagnosis of infectious diseases, rapid diagnosis of severe infections and non-invasive screening of birth defects, digital PCR, as a breakthrough "third-generation PCR technology", has a huge market size. It has the advantages of single-molecule sensitivity, strong anti-interference ability, simple operation and easy standardization, and can provide precise absolute quantitative analysis. Digital PCR is one of the most competitive next-generation technology of molecular diagnostics, and large international companies have developed related business in this sector one after another.
Targeting One has an excellent R&D team, a complete intellectual property system, a highly competitive digital PCR platform and excellent commercialization capability. The company has rapidly built up a product line covering tumor fluid biopsy, early screening of tumors, early diagnosis of infectious diseases, rapid diagnosis of severe infections and birth defects, and other major diseases.
About China Growth Capital (CGC)
CGC is a China-focused seed and early venture investor since 2006. The firm funds seed to Series B in enterprise software and services, frontier technologies, marketplace, and consumer sectors. The typical investment size ranges from $1M to 5M with a hard cap ceiling at $15M per company. CGC manages 8 Billion RMB (approximately $1.2 billion) across its different RMB and USD funds.
About GL Ventures
GL Ventures was set up by private equity heavyweight Hillhouse Capital to invest in emerging startups in February 2020. GL Ventures focuses on four areas: biomedicine and medical devices, software services and initiatives in tech innovations, consumer internet and technology, and emerging consumer brands and services.