Ustar Raises ￥100M in A New Funding Round

(VCBeat) Feb. 19, 2021 -- Recently, Ustar Biotechnologies (Hangzhou) Ltd. ("Ustar"), a leading company in the POC molecular diagnostics market, announced that it has raised hundreds of millions of yuan in a new round of financing led by Oriental Fortune Capital, with participation from CD Capital, Jiangu Capital and Juxie Capital. Proceeds from the transaction will be used for the R&D, registration of new products and the expansion of the existing production line. Bairong Capital serves as the exclusive financial adviser for the latest round.

Founded in 2005, Ustar is a leading provider of instant molecular diagnostic overall solutions and has been focused on rapid nucleic acid diagnostic technology research and application innovation for more than 15 years.

Relying on the unique cross-priming amplification (CPA) technology and vitrification technology, Ustar has developed automatic nucleic acid extraction and amplification all-in-one analyzer and all kinds of supporting reagents. Its platform is one of the few products in China that can truly realize "sample in, result out", with the integration of the whole process of extraction and amplification and total automation. It is convenient and pollution-free to use, and the detection sensitivity reaches the top level in China. At the same time, the products can be stored and transported at normal temperature, greatly reducing transportation costs, especially in line with the actual needs of developing countries such as Africa and South America.

Ustar is the first POCT molecular diagnostics enterprise with dual certificates of equipment and reagent of Covid-19 in China. In 2020, more than 2000 sets of equipment of Ustar will be brought into more than 2/3 of the Top 100 hospitals in China and exported to more than 40 countries around the world. At the same time, Ustar's growing EasyNAT^® test menu spans multiple clinical applications including Respiratory, Animal/Plant/Food safety, Nosocomial infection, Reproductive Health etc.

Founded in 2006, OFC manages 42 funds with AUM of more than 20 billion yuan. OFC invests in small and medium-sized growth-oriented companies. Its funds cover five industries: Telecommunication, Media & Technology (TMT), Green Technology, New Material & Advanced Manufacturing Technology, Healthcare, and Entertainment & Consumption. The company invests in various business development stages through the angel, venture capital, and private equity investment vehicles. 

CD Capital is a venture capital firm specialized in life sciences and medical technology. They are currently managing both RMB and USD funds with a total size of $600M. The company has made over 50 investments with high growth potential and earned a reputation as a premier venture capital firm with a main focus on China healthcare industry.