Chinese early-stage cancer screening solutions developer Creative Biosciences (Guangzhou) Co., Ltd, on Sunday announced that it has pocketed 600 million yuan ($88 million) in a Series C round led by healthcare-focused private equity firm Tsing Song Capital.

The fresh fundraising round was joined by a clutch of new investors including state-backed GDD Industry Fund Investment Group, Oceanpine Capital, Judu Investment, Linden Asset, Sharewin Capital, Guangzhou Jinkong Fund, and Think Real.

Returning backers IDG Capital and Chinese alternative asset firm CDH Investments also participated in the round, Creative Bioscience said on WeChat. IDG together with CDH, CDBI Partners, Jinhe Fund, and Jinheng Fund had seeded 300 million yuan ($44 million) in Creative Biosciences in April, 2019.

Chinese new-economy based China Renaissance facilitated the latest transaction.

With the proceeds, Creative Biosciences will aim to consolidate product innovation, expand its sales and marketing channel, and invest in talent enhancement.

The company, which was founded by Hongzhi Zhou, a professor at Sun Yat-Sen University in Guangzhou, delivers early-stage cancer screenings and other diagnostic kits that primarily cater to colorectal cancer. In addition, the five-year-old company has developed point-of-care testing (POCT) products for lung tumors, and liver cancer, among other diseases.

According to a press release in March this year, Creative Biosciences had acquired Helixgen (Guangzhou), a precision medicine player, which specialises in molecular diagnostics and POCT testing platforms, to advance the product lines and competitive capacities.

“Given the healthcare system reformation initiated by the Chinese government, we believe in the future of the niche and nascent cancer test segment,” said Dr. Song Zhang, managing partner, Tsing Song Capital.

Zhou is the largest shareholder in Creative Biosciences holding a 41.95 per cent stake, while YuanBio Venture Capital is the second-largest shareholder with a 15.72 per cent equity interest. The majority shareholders include CDH (9.17%), IDG (6.76%), and Sinopharm Capital (2.98%).

YuanBio Venture Capital had exclusively poured an undisclosed capital for Creative Biosciences’ Pre-A round of funding back in 2016. Subsequently, Sinopharm Capital had made a strategic investment in Creative Biosciences in August 2019.

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