China VC Weekly: Biotech and Art

Cancer screening company New Horizon Health bags $30 million in Series E financing

China’s colorectal cancer screening leader, New Horizon Health announced the closing of a $30 million Series E financing round. The investment was led by Rock Springs Capital, and followed by OrbiMed, Lilly Asia Ventures (LAV), Cormorant Asset Management, CR-CP Life Science Fund Management Octagon Capital and Qiming Venture Partners.

The proceeds of the round will be primarily used to commercialize the company’s product portfolio, to accelerate its pipeline development, and to solidify its leadership position in the cancer screening market.

“We are excited to make this investment in New Horizon, and we look forward to partnering with them as they bring important new diagnostics to market. We are pleased to invest in such an innovative company that is endeavoring to bring real clinical benefits to millions of people who are at elevated risk of developing colorectal cancer,” said Mr. Mark Bussard, general member of Rock Springs Capital.

About New Horizon Health

New Horizon Health has been focused on colorectal cancer screening since its inception 7 years ago. The company is committed to developing best-in-class cancer screening tests while making such tests accessible to hundreds of millions of consumers.

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Bio-tech company Harbour BioMed raises $102.8 million in Series C round

Shanghai-based biotechnology company focusing on cancer screening Harbour BioMed, today announced the completion of its $102.8 Million series C round of financing that will be used to accelerate the development of its growing portfolio of next generation products targeting cancer, immunologic diseases, and COVID-19.

The round was led by Hudson Bay Capital; followed by OrbiMed, Country Garden VC, GTJA Investment Group, Octagon Capital, and Sage Partners, with additional investment from existing investor Greater Bay Area Investment Fund. The round follows a $75 million Series B+ financing the company completed in March 2020.

“Harbour BioMed has built an impressive clinical pipeline and at the same time created a solid foundation for next generation therapeutics through its transgenic mouse platforms. These preclinical programs along with the company’s clinical assets create new opportunities targeting major indications with substantial global medical needs,” said Iris Wang, managing director of OrbiMed Asia, commented,

About Harbour BioMed

With a patient-centric approach to address unmet medical needs across the world, Harbour BioMed currently has five cancer screening products in clinical development.

Tencent leads $40 million investment in Chinese painting learning platform Meishubao

Chinese online painting learning platform Meishubao recently completed a $40 million C+ round of financing led by Tencent Holdings. Shunwei Capital, BlueRun Ventures, BHG Long Hills Capital, Chuangzhi Capital, Bojia Capital also participated in the round.

“The educational product system of Meishubao has covered the complete ecological chain of the aesthetic education industry targeting children aged 3 to 18,” said Gan Ling, founder and CEO of Meishubao. “Proceeds of the round will be mainly used for product upgrades, curriculum development and internal team building.”

About Meishubao

Launched in 2014, Meishubao specializes in art and online art education. It is committed to using science and technology to promote the progress of art, integrating digital technology into teaching, and building a new environment for aesthetic education.