On May 12th, Beijing Polyseq Biotechnology Co., Ltd. ("Polyseq Biotechnology") officially announced the completion of nearly 100 million yuan in Series A financing, led by Wanfu Biotechnology, with investment from Sanmei Investment and Shangshi Capital, and continued support from old shareholders IDG Capital and Shuimu Venture Capital. The funds raised in this round of financing will mainly be used for the continuous optimization of Polyseq Biotechnology's proprietary nanopore proteins and supporting sequencing reagents, accelerating the mass production and commercial application of the series of mid to high-throughput nanopore gene sequencers based on silicon-based semiconductor sequencing chips.
Polyseq Biotechnology was founded in 2021, focusing on the development of next-generation nucleic acid and other biopolymer sequencers and reagent consumables based on biological nanopores. The Chairman of the company, Researcher Huang Yihua, and the Chief Scientist, Researcher Lou Jizhong, have led the Ministry of Science and Technology's national key research and development program in the field of nanopore sequencing. Polyseq Biotechnology has mastered multiple nanopore proteins with commercial potential, laying the foundation for the development of China's proprietary nanopore gene sequencing system.
Currently, Polyseq Biotechnology is accelerating the mass production and implementation of nanopore sequencers based on silicon-based semiconductor sequencing chips. Silicon based semiconductor sequencing chips have the characteristics of low noise, high density, high integration, and mature industrial chain. Only based on silicon-based chips can nanopore sequencing machines truly leverage the principle advantages of high precision, high throughput, portability, and low cost of nanopore sequencing technology. The picture shows the first generation silicon-based semiconductor sequencing chip wafer (8 inches) of Polyseq Biotechnology.
Image: The first generation silicon-based semiconductor sequencing chip wafer (8 inches) of Polyseq Biotechnology
Wanfu Biotechnology, the leading investor in this round of financing, stated that nanopore sequencing technology, also known as the fourth generation sequencing technology, has the potential to become one of the mainstream sequencing technologies. With the continuous upgrading of sequencing technology, the accuracy of sequencing results continues to improve. Combining its natural advantages of high throughput, long fragments, low investment, and fast speed, it has great potential to bring new breakthroughs in clinical application scenarios such as tumor diagnosis and early screening, genetic disease and rare disease diagnosis, and cell and gene therapy in terms of reading length, speed, and epigenetics. At present, the core patents for nanopore sequencing worldwide are mainly held in the United States, the United Kingdom, and China, and the commercialization process of nanopore sequencers in China is catching up. In the face of the risk of foreign "bottlenecks" in nanopore sequencing equipment, supporting chips, and reagents, Polyseq Biotechnology shoulders the mission of independently and controllably localizing the fourth generation sequencing instrument. It has developed a nanopore gene sequencer and supporting sequencing chips and kits for internal testing, completed the software and hardware platform construction of the nanopore sequencer, and realized the complete sequencing process from sequencing library construction, machine sequencing to signal decoding. In this investment in Polyseq Biotechnology, Wanfu conducted blind testing on self built test samples, fully verifying indicators such as speed, flux, and accuracy, affirming the performance of the product and the strength of the team. In the future, both parties will work together, relying on their respective resource advantages, to fully leverage synergies in intellectual property, talent teams, technology platforms, and other aspects, accelerate the commercialization and independent controllability of domestic nanopore sequencer products, provide a powerful sequencing platform for scientific research, and offer fast, deep, and highly accessible diagnostic solutions for clinical use.
Sanmei Investment stated that after decades of development and technological iteration, domestic manufacturers in the gene sequencing industry have continuously broken through patent and technology blockades, and have emerged in the new technology system. Sanmei Investment is optimistic about the outstanding advantages of the fourth generation biological nanopore sequencing technology platform in terms of long length, direct sequencing, real-time acquisition of sequence information, and low equipment cost. We believe that the fourth generation biological sequencing technology can bring more imaginative and broad prospects to the industry. At the same time, we highly recognize the technical reserves and continuous iteration capabilities of the Polyseq Biotechnology team in the biological nanopore sequencing system, and look forward to the widespread application of Polyseq Biotechnology's commercial products in clinical, scientific research, and industrial scenarios. Sanmei Investment is honored to join hands with Polyseq Biotechnology to jointly promote the application and development of high-end precision instruments in the biomedical industry.
IDG Capital stated that the current global gene sequencing market size is close to 20 billion US dollars, and the Chinese gene sequencing market has also exceeded 20 billion yuan, and the industry is still in a high-speed development process, with huge market potential in the future. Nanopore gene sequencing is the fourth generation sequencing technology, and with the continuous improvement of technological maturity, its market share is also increasing. However, there is still a risk of the related gene sequencing equipment, supporting chips, and reagents being "choked" at present. The reason why IDG Capital is optimistic about Polyseq Biotechnology is that the company is based on the cutting-edge research achievements of the founder team for more than ten years, and has reached the international leading level in multiple aspects of nanopore sequencing technology, which can break through foreign patent barriers. IDG Capital continues to support Polyseq Biotechnology and is willing to work together to rapidly promote the finalization and commercial application of its nanopore sequencer products.
Shuimu Venture Capital stated that as a bioinformatics interpretation tool in the wave of biotechnology revolution, gene sequencing technology has long been developing in the directions of high precision, low cost, high efficiency, and portability. Nanopore sequencing technology, as a new generation of DNA/RNA/protein direct reading solution, is expected to solve the problems of epigenetic modification, DNA repeat sequence interpretation, and quantitative detection in NGS sequencing, and become an important supplementary tool for NGS sequencing. Within a year and a half of its establishment, Polyseq Biotechnology's blind sequencing accuracy has reached the leading level in China, and the sequencing results have been recognized by multiple industry institutions, demonstrating the team's deep technical reserves and efficient execution. As an angel round investor in Polyseq Biotechnology, we are optimistic that Polyseq Biotechnology can break through foreign patent blockades and develop a domestically produced fourth generation sequencer with independent intellectual property rights that can rival top foreign instruments in terms of performance.
Shangshi Capital stated that in January of this year, the journal Nature Methods awarded the 2022 method to long read sequencing technology. Nanopore sequencing technology, as a mature representative of long read sequencing, is the most commercially promising gene sequencing technology. The translation team has many years of experience in the development of nanopores and precision instruments, with core independent intellectual property rights and rapid industrialization progress. This investment in Polyseq Biotechnology aims to leverage its abundant industrial resources to assist the company in developing faster and better, opening up new directions in the field of biological research, promoting the faster market launch of nanopore sequencing technology, and benefiting human health.
>>>>About Wanfu Biotechnology
Guangzhou Wanfu Biotechnology Co., Ltd. (stock code: 300482) was established in 1992. It is a national high-tech enterprise with government funding background, dedicated to the integration of research and development, production, and sales of in vitro diagnostic rapid testing products. It is also one of the leading enterprises in POCT in China. After years of development, Wanfu Biotechnology has built immune colloidal gold technology platform, immunofluorescence technology platform, electrochemical technology platform, dry biochemistry technology platform, chemiluminescence technology platform, molecular diagnosis technology platform, pathological diagnosis technology platform, as well as instrument technology platform and biological raw material platform. Based on the above nine technology platforms, Wanfu Biotechnology has formed a rich product line in the fields of cardiovascular and cerebrovascular diseases, inflammation, tumors, infectious diseases, drug abuse testing, eugenics and child rearing, which is widely used in clinical testing, critical illness, chronic disease management, primary healthcare, epidemic monitoring, disaster rescue, on-site law enforcement, and family personal health management. Wanfu Biotechnology has established research and development centers in Guangzhou, Shenzhen, the United States, and Japan, with leading R&D investment and team strength in the industry. It is one of the first in vitro diagnostic reagent companies in China to pass the on-site audit of the US FDA, and its products are exported to more than 140 countries and regions around the world.
>>>>About Sanmei Investment
Sanmei Investment is a specialized boutique investment institution focused on the medical and health field. The fund management team mainly comes from top domestic investment banks, investment institutions, and medical listed companies, with long-term and in-depth cultivation in the field of medical and health care, and multiple successful investment cases. The investment team has the ability to invest and operate throughout the entire industry chain, and is committed to becoming an excellent investment institution with deep empowerment capabilities through specialized and concentrated operations.
>>>>About IDG Capital
IDG Capital is a leading global private equity investment firm. After nearly 30 years of development, the company has accumulated assets under management exceeding RMB 150 billion. For many years, IDG Capital has been highly concerned about the development of the healthcare industry. In less than 5 years, IDG Capital has invested in about 70 projects in the medical field, focusing on sub sectors such as biomedicine, device diagnostics, and artificial intelligence, and paying attention to opportunities brought by innovative medical models driven by policies. In the field of biopharmaceuticals, IDG Capital not only focuses on new drug research and development enterprises such as Kolombotai, Boyajiin, and Shengsi Biotechnology, but also pays attention to upstream and downstream enterprises in the industry chain, such as Baiaozhihui, Zhenge Biotechnology, Nanfang Model Biotechnology, Northrop Biotech, etc; In terms of device diagnosis, IDG Capital has invested in projects such as Yuanxin Technology, Huihe Medical, and Kangliming; In the field of artificial intelligence, IDG Capital has placed bets on projects such as Changmu Valley and Bingzhou Stone; Due to closely monitoring the opportunities that may arise from the adjustment of national medical insurance policies and healthcare service reforms, IDG Capital has discovered star projects such as Weimai Medical and Sipai Health Technology.
>>>>About Shuimu Venture Capital
Shuimu Venture Capital is a professional investment institution for the industrialization of scientific and technological achievements under the Beijing Tsinghua Industrial Development and Research Institute (referred to as "Tsinghua Industrial Technology Research Institute"). Based on the nearly 20 years of accumulation of Tsinghua Industrial Technology Research Institute in the field of scientific and technological achievement transformation and industrialization, it promotes the landing and transformation of major scientific and technological achievements in universities and research institutes through market-oriented means and professional management. Shuimu Venture Capital has invested in over 80 projects, including hydrogen industry leader Yihuatong (688339), the first medical robot stock Tianzhihang (688277), integrated circuit equipment leaders Huahaiqingke (688120) and Huazhuojingke (A20224), and Chinese unicorn company Pinchi Medical in the field of neural regulation.
>>>>About Shangshi Capital
Shangshi Capital was established in 2014, headquartered in Beijing, with offices in Shenzhen and Tianjin. Shangshi Capital currently manages four RMB funds with asset management scale equivalent to over RMB 1.5 billion. Shangshi Capital's current investment stage covers seed to B-round, with a focus on digital healthcare and health, consumer upgrading, IoT, and enterprise services. Shangshi Capital continues to pay attention to new industrial opportunities. Its funds have invested in more than 60 projects, including QUS Technology (8H), Controlling diabetes, Kuaishul Needle Free Syringe, Doctor's Club, Light Medicine, Charging Network, Ruiwei, Teddy Xiong Mobile, Huijie, Populus Euphratica Network, Chunmi Technology, Thunderstone Technology, Hard Group Fitness, Zhongqing Technology, Yinman Technology, and completed the investment of many domestic projects. We are willing to think, explore, and grow together with entrepreneurs, and look forward to providing assistance for exciting careers.
