Wellgrow Technology Closes ￥100M Series B Financing

(VCBeat) July. 17, 2021 -- In June 2021, Wellgrow Technology completed a Series B financing of 100 million yuan, led by the China innovation fund under the management of one of the world's top 500 global life science enterprises, with participation from Cowin Capital, YuanBio Venture Capital, Beijing Life Science Park Venture Capital, and the existing investor Vinno Capital.

Founded in August 2016, Wellgrow Techonogy focuses on the R&D of in-vitro diagnostic reagents and medical devices. The company is committed to the development of fluorescence detection technology. Its product includes cell analysis and detection equipment, such as flow cytometers, which can be used in life science research, clinical diagnosis and food safety testing, etc.

Wellgrow Technology is the only one of the few holding independent intellectual property rights of fluorescent magnetic coding microsphere technology and fluorescent detection platform, which have obtained the registration certificate of the national agency. Those technologies not only greatly reduce the cost for testing, but also exponentially increase the detection efficiency and accelerate the development of immune detection heading along the direction of automated multi-joint testing.

Since its establishment, Wellgrow Technology has invested tens of millions in the research and development of flow cytometry-based detection platforms and reagents for multi-index joint detection. The company has successfully developed many flow cytometers, sample pretreatment instruments, and automatic flow cytometry analyzer (with the integration of sample pretreatment and detection), as well as multiple cytokines, multiple cancer targets, autoimmune antibody spectrum, allergens and other supporting reagents for joint testing.

Cowin Capital Group was established in 2000  and has invested more than 300 companies, of which 60 more became public companies, and 150 more successfully exit. It focuses on investing in pioneering enterprises with steady development on a long-term basis.

Founded at BioBay of Suzhou Industrial Park and portfolio spreading China and globally, YuanBio Venture Capital focuses on early and growth-stage life science and healthcare investment. Its total AUM is close to 5 billion RMB. The portfolio includes over 70 companies across BioPharma, MedTech, IVD and Health Services sectors. YuanBio Venture Capital aims to be one of the most successful healthcare venture capital firms in China.