Virtue Diagnostics closes $100 million Series B Funding
SHANGHAI, Jan. 6, 2022 /PRNewswire/ — Virtue Diagnostics, an innovative IVD company, has just announced closing US$100 million in Series B funding. Virtue Diagnostics, founded in 2019, is focused on clinical tests for China and emerging markets. Sequoia China and Morningside Ventures jointly led the investment round with ORIZA Holdings. Existing investors Lilly Asia Ventures and PerkinElmer Ventures participated while HAOYUE Capital was the exclusive financial advisor.
Virtue Diagnostics is a global, platform-based IVD (In Vitro Diagnostic) company focusing on providing affordable clinical solutions at all disease stages including very early screening, initial diagnosis, treatment monitoring and minimal residual disease management.
Virtue Diagnostics Corporate and R&D headquarters are in Singapore, manufacturing is in Suzhou, China and CRO/Clinical Lab is in Beijing.
China’s future IVD market is driven by local innovation. “Virtue Diagnostics strategy is to introduce new technology platforms by cooperating with global technology companies, developing products and solutions specifically geared for the Chinese market and accelerating the time to market through our highly experienced team of R&D, registration and commercial professionals,” said Johnson Zhang, CEO of Virtue Diagnostics.
Virtue Diagnostics exclusively partnered with PerkinElmer for clinical mass spectrometry in China. The triple quadrupole mass spectrometer, produced by Virtue Diagnostics, launched in Q3-2021 after receiving NMPA approval. Panovue, acquired in 2021, leads in multiplex pathology, providing a full range of solutions for its landscape analysis platform.
While local innovation drives the Chinese IVD market, the IVD industry in many emerging countries is still in its infancy, relying on imported products. Covid-19 pushed governments to strengthen local IVD capabilities with incentives. Virtue Diagnostics is expanding to bring high quality affordable IVD products to selected emerging markets.
Johnson added: ” Virtue Diagnostics will introduce innovative diagnostic technologies in China and concurrently in emerging markets through mergers and acquisitions, joint ventures and local entities. With our rich industry experience, innovation capability and international background we will succeed.
Yunxia Yang, from Sequoia China, said, ” Virtue Diagnostics is building competitive diagnostic technology platforms. The team is highly recognized for their global experience, strong technical know-how and execution. We believe Virtue has high potential to be a global leader. Sequoia China is helping innovative medical device and diagnostic companies grow rapidly, to bring better products to patients faster.”
Lu Huang, from Morningside Ventures said “After 20 years’ development, China’s IVD industry has completed import substitution. Incremental domestic market growth will be brought by technology. Virtue is unique having successful entrepreneurial experience in China and international exposure. The company has grown rapidly making great process. Morningside will utilize its international background, global capital and technology resources to help Virtue become a forerunner in China’s IVD industry.”
About Virtue Diagnostics
Virtue Diagnostics is an innovative IVD company focused on infectious disease, cancer, and chronic diseases.Our goal is to utilize our diverse technology platforms to provide clinical solutions for patients at all disease stages including early screening, initial diagnosis, treatment monitoring and minimal residual disease management.