China’s Qitan Technology Raises Over RMB400 Million in Series B Funding to Develop Nanopore Gene Sequencing
Tan Hsieh, Co-founder of Qitan Technology (Image Source: QitanTech)
On June 8th, Qitan Technology, a China-based gene sequencing company, announced the completion of a Series B round funding for more than RMB400 million, co-led by GL Ventures and CDH Investments. Other participating investors include BioTrack Capital, Huagai Capital, and Sunshine Insurance Group’s Riverhead Capital.
Prior to this round, Qitan Technology had completed a series A funding round in May 2020, with a total financing amount of over RMB100 million. Four months later, Qitan successfully launched its fourth-generation gene sequencer, QNome-9604.
China’s Upstream Company in Nanopore Gene Sequencing
Since its inception in 2016, Qitan Technology has focused on developing gene sequencing techniques. In September 2020, it launched QNome-9604, which is China’s first self-developed fourth-generation nanopore single-molecule gene sequencer.
Unlike traditional DNA sequencers, QNome-9604 operates without a PCR process, and the technical improvement makes it low-cost yet remains high performance. Application areas of this portable sequencer include clinical research, public health detection, and judicial identification.
Use of the Funding
After completing this round of financing, Qitan Technology plans to develop its fourth-generation gene sequencing offerings and expand its R&D technology. The new product is expected to go to market this year.
The huge amount of funding will also be used to scale up the team and improve the products for larger gene sequencing markets. According to statistics, the Chinese market for DNA sequencing will grow to $2.9 billion by 2022, and Qitan Technology has seized the opportunity.
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