Legendic Secures ￥35M in Series Pre-A Funding Round

(VCBeat) Feb. 1, 2021 -- Le Zhun Zhi Xin ("Legendic"), a developer of biological chips and testing platform, announced the closing of a Pre-A round of financing worth 35 million yuan, led by Sinocare, with participation from Lucky Source Funds. North Beta Capital acted as the financial adviser for this transaction. The funds raised will be used to build a manufacturing facility and develop new products, as well as promote the marketing of the company's biochips, instruments and procalcitonin detection kits using chemiluminescence.

Legendic is an in vitro diagnostic company focusing on the development and industrialization of microfluidics-based biochips. The biochip developed by the company concentrates the whole process of testing into a small piece of chip to realize whole blood testing. The detection accuracy is comparable to Roche's and other imported products, with high speed and simplicity of testing.

The team of Legendic has made breakthroughs in a number of key technologies and realized low cost and mass production of biochips. The products developed by Legendic for whole blood testing eliminate the need for specimen pre-processing and optimize the testing process. With a fully sealed design, they can be operated in an open laboratory. What is particularly noteworthy is that the company's biochip does not change the reagent reaction process, which is one of the few biochips in the world that has achieved the whole process detection of the gold standard. The detection results are accurate, and the requirements of reagent development are reduced at the same time, which is simple, fast and economical.

At present, Legendic's whole blood instruments, the 8000 and 1000 chemiluminescence immunoassay analyzers have been approved. Meanwhile, six kits, for detection including procalcitonin, human chronic gonadotropin and cardiac troponin, have obtained registration certificates, and the products have been used in a number of first-class hospitals at grade 3 across China. In the future, the company will continue to develop the products based on biochips, and launch the myocardial marker kit, infection test kit, PCR biochip and others.

Sinocare was founded in 2002 focusing on promoting affordable diabetes products and accelerating the development of the diabetes devices market in China. They are fully dedicated to the innovation of biosensor technology, developing, manufacturing and marketing rapid diagnosis testing products for people with chronic diseases and healthcare professionals.

Lucky Source Funds is a professional equity investment firm focusing on biological medical and healthcare. Its investment covers all stages of the angel round, VC, PE and industrial merger & acquisition. The company has raised and managed 15 medical and healthcare funds, with a total amount of more than 1.5 billion yuan.