New Horizon Health Completes USD 66 Million Series C Funding
New Horizon Health completed its Series C round of financing valued USD 66 million on May 24, led by VMS Group and followed by Legend Capital and Softbank China.
New Horizon Health (诺辉健康) completed its Series C round of financing valued USD 66 million on May 24, led by VMS Group and followed by Legend Capital and Softbank China. The company has raised USD 101 million by three rounds of financing.
Founded in 2013, New Horizon Health focuses on detect cancer in early stage by biotechnology. The company has made breakthrough in diagnosis products for intestinal cancer and lung cancer.
Changweiqing is an intestinal cancer diagnosis product launched by New Horizon Health in 2015. This product can detect tumors larger than 1 cm in diameter through excrement, and find the gene mutation at early stage, which indicates the risk for intestinal cancer. Besides, Changweiqing is convenient to be used at home.
Pupuguan is a fecal occult blood detector, developed by New Horizon Health and Zhejiang University Oncology Research Institute in 2016. This innovation product has been widely adopted in the National Cancer Institute, medical institutions and pharmacies.
In addition, New Horizon Health develops a new biotechnology called Feizhengqing, which can detect lung cancer through sputum molecule. This technology obtained certification from China Food and Drug Administration (CFDA) in 2017, which is legalized in the category of in-vitro diagnostics reagent. Feizhengqing has become the first lung cancer assisted diagnosis technology by sputum detection, which has been approved to commercialize.
There are two mainstream technologies to detect intestinal cancer. One is a DNA detection technology to discover gene mutation through feces, which was developed by American scientists. Another one is to detect cancer risks by blood, which was born in German laboratory.
New Horizon Health chooses the former one - DNA detection technology. With this technology, people can take the cancer detection at home, rather than going to hospital.
The company signed cooperation agreement with AKCOME, which is one of the leading private medical examination institutions in China. AKCOME has more than 100 offline medical examination institutions in China, and these institutions are important sales channels of New Horizon Health’s products.
Another major sales channel is insurance companies. To control risks, insurance companies spend a lot to keep close connections with their customers, who purchase the healthcare insurance products. By using such cancer detection products, insurance companies are available to know the cancer risks of every customers, so as to adjust the prices of their products according to individual’s situation. Also, insurance companies can save a lot of costs for risks control.
New Horizon Health revealed that it possesses the biggest DNA sample database in China, with a total of around 100 thousand samples. This number is expected to be over one million by the end of 2019.
The three founders of this company are all biochemistry scientists, who all obtained bachelor from the School of Life Science, Peking University. They dream to reduce the number of new cancer patients by early cancer detection technology, which is a great contribution for the human indeed.