Hochuen Medical Raises Tens of Millions RMB in Series A Financing

Hochuen Medical Technology Co., Ltd. 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 for more 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 Care Test (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-precision injection molding, high-precision die cutting and lamination, laser cutting, laser welding, ultrasonic bonding, in-house mold machining, LSR, wet reagent storage 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 realize these applications," said Dr. Robin Liu, President of Hochuen Medical. "In the next few years, the In Vitro Diagnostics (IVD) industry will usher in an enormous 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."

About Hochuen Medical

Hochuen Medical was founded in 2015 by Dr. Robin Liu, an entrepreneur in IVD medical and microfluidics fields, and Eric Zeng, an expert in the electronics OEM industry. The founding management team has an average of more than 20 years of management experience in manufacturing of microfluidic devices, medical disposables, and consumer electronic products. Dr. Robin Liu, co-founder and president of Hochuen Medical, has more than 20 years of experience in the IVD and microfluidic industry, with experience at Motorola, CombiMatrix, GenMark, Beckman Coulter/Danaher, etc. Dr. Liu brings both experience in R&D and production management in the fields of molecular diagnosis, immunoassays, hematology, urinalysis, etc. His research results have been published in top peer-reviewed journals, including "Nature" and "PNAS".  Eric Zeng, co-founder, chairman and CEO of Hochuen Medical, has nearly two decades experience in OEM manufacturing of consumer electronic products for Apple, Google, Samsung, etc. The company has a scientific advisory panel of top international experts in the microfluidic field, including Professor David Beebe from University of Wisconsin at Madison and Professor Abe Lee from University of California at Irvine.

The company has four manufacturing sites in China and Malaysia, with tens of thousands of square meters of manufacturing facilities (including clean rooms and GMP rooms), and sales offices in the United States and Singapore.

About Qiming Venture Partners

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, S.A.R., China, Seattle, Boston and the San Francisco Bay Area.  Currently, Qiming Venture Partners manages nine US Dollar funds and six RMB funds with $5.9 billion in assets under management. Qiming Venture Partners primarily invests in companies in the TMT and Healthcare industries at the early and growth stages. Since its debut, Qiming Venture Partners has backed companies listed on the NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchanges. Over 40 of Qiming Venture Partners' portfolio companies have already achieved the unicorn status of over $1 Billion valuation.