China’s Berry Oncology Secures $99.15 Million in Series B1, Sets Industry Record for Highest Overall Capital Raised

[Photo Credit: berryoncology.com]

The global precision oncology market, which is populated with established leaders like Illumina, Roche, Qiagen, and Thermo Fisher Scientific, is forecast to reach US$ 99.72 billion by 2027. Yet, several smaller companies are continuing to flourish with solid funding for their unique and innovative technologies.

Following that trend, a Chinese startup has now secured new funds, setting a record for raising the highest capital in China’s early cancer screening industry. On August 5th, Berry Oncology Corporation, a subsidiary of China’s genetic testing firm Berry Genomics, announced raising $99.15 million in Series B1 financing. The news was revealed on the eve of its fourth anniversary.

The funding round was led by China Merchants Capital Management Co., Ltd. Existing investors Qiming Venture Partners and Legend Capital, along with new investors including Zhongjin Qichen Industry Equity Investment Fund, E Fund, Fujian Venture Investment Management Co., Ltd., Xiamen C&D Emerging Industry Equity Investment Co., Ltd. and other prominent investors also participated in the funding round.

A Market Record for Highest Capital Raised in China

Berry Oncology is a startup that develops medical technology intending to improve cancer prevention and tumor diagnosis. It currently focuses on three types of cancers; liver cancer, lung cancer, and gynecologic cancer.

Launched in 2017, Berry Oncology has raised a total capital of $338.4 million in over four funding rounds, thereby attaining the highest level in China’s early cancer screening industry. The company intends to utilize its newly acquired funds for expansion and meet the growing demand for early cancer screening and diagnosis.

“I want to thank shareholders for their trust and support for the firm. Adhering to its mission of ‘Diagnose all cancers early, treat all patients precisely,’ the company will create more valuable genetic testing services for immunotherapy, personal health management, and precision treatment of cancers. Berry Oncology will work with our business partners to develop China’s early screening solutions and become a bellwether in the sector in China and globally,” said Zhou Jun, CEO of Berry Oncology.

Recent Deals

In June 2021, Berry Oncology partnered with Alibaba Health to build an ecosystem to facilitate early cancer diagnosis. As per the deal, Alibaba Health will help deliver its NGS-based liver cancer test, Lai Si Ning, to people in high-risk areas and also provide access to it through its e-commerce platform.

Earlier in February, Berry Oncology partnered with South San Francisco-based Twist Bioscience to develop new research and in vitro diagnostic NGS panels for inherited diseases. In addition, the deal encompassed providing researchers with Twist’s NGS panels for cancer diagnosis.

“Berry Oncology’s product ‘Lai Si Ning’ has achieved the world’s first breakthrough in early liver cancer screening. The company’s management has a forward-looking strategic vision and upholds rigorous scientific professionalism and social responsibility. We hope that Berry Oncology can promote the vigorous development of China’s early cancer screening industry and help realize the dreams of a healthy China,” said Zhu Zhengwei, Senior Managing Director of China Merchants Capital Management Co., Ltd.

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Author

Rajaneesh K. Gopinath