Salus Biomed Completes the Pre-A Round Financing Exceeding CNY 100 Mn

Salus Biomed (Chinese: 赛陆医疗) closed a pre-Series A financing round worth more than CNY 100 million (USD 13.90 million) on October 18. QL Capital (Chinese:锲镂投资) exclusively invested in the pre-A1 round and jointly led the pre-A2 funding round with Great Wall Fund (Chinese:前海长城基金), and Longping Biotech (Chinese:隆平生物) followed suit.

This financing round is reported to be mainly used for the R&D of gene sequencing platforms and super-resolution spatial omics products. The exploration of other innovative products will also be included.

The gene sequencing industry chain includes upstream suppliers of sequencers, consumables and reagents, midstream service providers, and downstream sequencing applications. Due to the highest barrier to entry in the upstream sector and the early start-up of foreign companies, international giants such as Illumina and Fisher dominated the sequencing instruments market.

Founded in 2020, Salus Biomed has broken through the bottlenecks of previous sequencing products in terms of throughput, cost, resolution and automation and has realized the localization of the sequencing platform, which can provide comprehensive solutions for middle and downstream enterprises.

According to Wind, the market size of China’s gene sequencers and consumables reached CNY 4.2 billion in 2019 and is expected to reach CNY 30.39 billion by 2030, with a compound annual growth rate (CAGR) of 19.7%.

MGI (Chinese:华大智造), a Chinese supplier of high-throughput gene sequencers, is in a leading position worldwide. Other relevant upstream companies also include GeneMind Biosciences (Chinese:真迈生物) and Fapon Biotech (Chinese:菲鹏生物).