WuXi Diagnostics Announces Completion of $150 Million Series B Funding Round

(VCBeat) Feb. 24, 2021 -- WuXi Diagnostic Investment (Cayman) Limited ("WuXi Diagnostics") today announced the completion of a $150 million Series B funding round, with participation from new investors including Thermo Fisher Scientific Inc. ("Thermo Fisher"), Shiyu Capital, ABC International Holdings, Sunland Capital and CCBI Tech Venture, alongside existing shareholder YF Capital, with CEC Capital serving as the exclusive financial adviser. The funds are earmarked for WuXi Diagnostics' open-access innovation enabling platform, advancing the R&D of the integrated diagnostic products, and accelerating market penetration in the global diagnostics sector.

WuXi Diagnostics is the first enabling platform company engaged in integrated diagnostics in China. Since its inception in 2018, the company has been advancing the clinical application of integrated diagnostics with an open-access platform, centered on multi-omics clinical data from multidisciplinary technologies.

WuXi Diagnostics is headquartered in Shanghai. The company has a CAP-accredited Independent Clinical Laboratory in Shanghai, an ISO13485-certified production facility in Suzhou, and an R&D center at Mayo Clinic headquarters in Rochester, US.

WuXi Diagnostics had much good news in 2020. It launched a new global strategic cooperation with Thermo Fisher and Mayo Clinic, entered the overseas market through license-out mode, and actively promoted the global anti-epidemic work. The company also developed innovative diagnostic solutions based on the integrated algorithm model to help the Chinese Biliary Aresia Collaboration Network to realize non-invasive pre-operation auxiliary diagnosis in the first place. WuXi Diagnostics also supported Beijing Anding Hospital of Capital Medical University through a set of individualized precise medication solutions for local patients. In addition, WuMing is working with innovative pharmaceutical companies, health insurance groups and other health industry partners to build a precision medicine innovation ecosystem.

Thermo Fisher is the world leader in serving science, with annual revenue exceeding $30 billion. Its global team of more than 80,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon.

Shenzhen-based Shiyu Capital is a professional equity investment and asset management institution, focusing on equity investment in the pharmaceutical and healthcare industry, asset allocation, and wealth management. Founded in September 2014, the company's total AUM is now over RMB 5 billion. The flagship fund "Danqing innovative pharma industry fund" (Danqing Fund) focuses on areas including drug, biotech, healthcare, IVD, and medical services.