(Yicai Global) May 4 -- ChosenMed Technology Beijing Co., a startup specializing in tumor detection equipment, has secured CNY100 million (USD16 million) in its A-round funding as it looks to develop its core sector.
Mefund Capital, Highlight Capital and Delta Capital all took part in the fundraising, Chinese medical news site Vcbeat reported. The funds will be used on product research, to develop an experimental platform and to build a production base and top medical research center, including a high-throughput sequencer and other advanced equipment.
The five-year cancer survival rate in China is 31 percent, less than half of that in the United States, and delayed tumor detection and treatments are a part of the problem, according to Zhang Xiangsong, director of nuclear medicine at the First Affiliated Hospital at Sun Yat-sen University. The sector is likely to see a significant boost in the near future, as ChosenMed’s funding coincides with a team from Huazhong University of Science and Technology putting the world’s first full digital PET/CT machine into the final phase of clinical trials.
PET/CT is a new type of medical imaging device that combines positron emission tomography with computed tomography, two diagnostic and treatment technologies.
ChosenMed will likely stand out in the tumor detection sector thanks to its mature technologies, excellent team and unique products, said Liang Zhanchao, a partner at Shanghai-based medical investor Mefund Capital.
The firm was founded in the Beijing Economic-Technological Development Area last year. Its President Dr. Zhou Qiming graduated from the Chinese Academy of Sciences’ Institute of Microbiology and he has a host of experience in researching genomics and other fields. The company’s products cover screening, prevention, diagnosis, monitoring and analysis of tumors.
Editor: James Boynton