The company intends to utilise the proceeds to speed up market penetration in the global diagnostics sector
China-based WuXi Diagnostics has secured $150m in series B funding round for its integrated diagnostic enabling platform.
Thermo Fisher Scientific, Shiyu Capital, ABC International, Sunland Capital and CCBI Tech Venture are the new investors who have participated in the funding round. YF Capital, an existing investor in WuXi Diagnostics, has also participated in the round.
The diagnostic firm intends to use the funding to strengthen its open-access innovation enabling platform.
In addition, the company will use the funds to advance its integrated diagnostics research and development (R&D) pipeline, and market penetration in the global diagnostics sector.
WuXi Diagnostics chief executive officer Jason Liu said: “We are very grateful to all investors for their continuous recognition and support. Our network of strong shareholder and capital support lays a solid foundation for WuXi Diagnostics’ rapid future development.
“We will continue collaborating with global partners to accelerate product innovation and market penetration, so more and more people around the world can benefit from integrated diagnostics.”
WuXi Diagnostics is an integrated diagnostics company established in 2018.
The firm develops open-access innovation enabling platform based on multi-omics clinical data from multidisciplinary technologies.
The company has collaborated with Thermo Fisher and Mayo Clinic in May 2020, to develop a total antibody Covid-19 test.
The collaboration has also developed a set of advanced diagnosis based on an integrated algorithm model, which helped China Biliary Atresia Diagnosis and Treatment Collaborative Network in realising non-invasive pre-operation auxiliary diagnosis.
WuXi Diagnostics also supported Beijing Anding Hospital of Capital Medical University through a set of individualised precise medication solutions for local patients.
Furthermore, the company said that it is working with pharmaceutical companies, health insurance groups and other healthcare industry partners to build a precision medicine innovation ecosystem.
Thermo Fisher Scientific senior vice president and specialty diagnostics president Gianluca Pettiti said: “Thermo Fisher shares WuXi Diagnostics’ commitment to accelerate the adoption of an integrated diagnostics approach.
“Our support of their effort underscores the importance of broadening the use of multi-omics data to support precision medicine and our commitment to support the expansion of high-quality care in China.”