Hochuen Medical Technology Co., Ltd. (hereinafter referred to as "Hochuen Medical") has raised a 40 million Yuan (RMB) Series A round of financing led by Qiming Venture Partners as the sole investor. The new proceeds will be used to (1)accelerate the company's CDMO (contract development and manufacturing organization) expansion in both international and domestic markets; (2) develop new manufacturing processes and technologies; and (3) further expand production capacity.
The COVID-19 Pandemic has caused demands for microfluidic technology to grow exponentially, particularly in the rapid POCT molecular diagnostics spaces. At present, Hochuen Medical is developing and producing microfluidic and IVD devices formore than 200 companies, including the world's largest IVD companies, and DNA microarrays and gene sequencing companies.
Hochuen Medical provides "one-stop" services for IVD customers. The company can support customers from the R&D phase to low and high volume CDMO manufacturing services on microfluidic chips and biomedical consumables. The products include microfluidic cartridges, in vitro diagnostic (IVD) disposables, Point of CareTest (POCT) devices, life science research disposables, gene sequencing chips, animal and plant disease testing cartridges, food safety screening devices,etc.
The company has many capabilities including: microfluidic device fabrication, high-precisioninjection molding, high-precision die cutting and lamination, laser cutting, laser welding, ultrasonic bonding, in-house mold machining, LSR, wet reagentstorage in blister packs, dry reagent handling, as well as device assembly and packaging, making the industrialization of microfluidic technology possible.
"We are very grateful to Qiming Venture Partners for its support. The COVID - 19 pandemic has boosted the development of POCT molecular diagnosis and needs for at-home disease test devices, and microfluidic is an essential technology to realizethese applications,” said Dr. Robin Liu, President of Hochuen Medical. “In the next few years, the In Vitro Diagnostics (IVD) industry will usher in anenormous change. Many diseases detection will be conducted in a home environment instead of laboratories. This change will be similar to the move of blood glucose detection from laboratories to homes in 1970s. The Series A proceeds will be used to expand our capacity to meet global market demand and industry shifts."
"Qiming Venture Partners’ support will allow Hochuen Medical to expand in a timely fashion to meet the surging demands of our clients globally, " said Eric Zeng, Chairman and CEO of Hochuen Medical.
"We have known the founding team for many years and have been waiting for the right time to work with them. The world needs better diagnostic technologies and products. Hochuen Medical focuses on the development and application of microfluidic chip technology,” said William Hu, Managing Partner of Qiming Venture Partners. “We are pleased to support Hochuen Medical to develop and produce more accurate and effective clinical diagnostic products for the world."