Vision Medicals Secures ￥200M in Series C Financing, Led by Tencent

(VCBeat) Feb. 4, 2021 -- As an industry leader in precision medicine for infection, Vision Medicals recently announced the closing of a Series C round of 200 million yuan, led by Tencent, with participation from existing investors including CICC Capital, CDH Investments and CASH Capital. This is a new round of financing within half a year after Vision Medicals raised200 million yuan in its Series B funding round in August 2020.

The funding will be used for product development and upgrading, medical device registration, brand marketing, clinical services development and others. CEC Capital continued to act as the exclusive financial adviser to Vision Medicals in this transaction.

Vision Medicals focuses on gene technology innovation and precision medicine of infection, with two core technology platforms of metagenomic NGS (mNGS) and rapid diagnostic tests (RDTs) based on gene editing tools (CRISPR-Cas12/13). The company has built more than 5,000 square meters of medical laboratory, research and development center, in vitro diagnostic equipment and reagent GMP production base in Beijing, Nanjing, Shanghai, Guangzhou and other places. 

At the end of 2019, with its innovative mNGS technology, Vision Medicals participated in the first discovery of coVID-19 in China, which promoted the clinical transformation and application of mNGS. IDseqTM, Vision Medicals' metagenomic detection product of pathogens, can detect more than 18,000 pathogens and enables further multidimensional analysis of drug resistance genes, virulence factors, and host immune responses.

The pipeline of Vision Medicals is extending from pathogen detection to capture and molecular POCT, to accurately capture by different types and deeply trace the source of a variety of pathogens, so as to realize wider coverage of screening and higher sensitivity of detection.

Founded in Shenzhen, China, in 1998, Tencent is an internet service portal offering value-added internet, mobile, telecom, and online advertising services. The company is well-known for its communications and social platforms Weixin and QQ.

CICC Capital is a wholly-owned subsidiary of CICC for private investment management. As the only private equity fund of CICC, CICC Capital manages the private equity fund business of CICC at home and abroad, including setting private equity business development strategy, resource allocation, risk control, etc. By the end of 2019, CICC Capital's total assets under management exceeded 330 billion yuan. It has a professional management team of about 300 people.