Gaorong Capital recently has led a RMB100 million (US$14.1 million) series A round in Qitan Technology, a Chinese gene sequencing technology firm.
Yingxinggu Capital and existing investor Yahui Precision Medicine Fund also participated in the round.
Proceeds of the new round will mainly be used to increase investment in technology development, improve the accuracy and stability of core products, and accelerate the construction and commercial development of production lines, promote development and application of nanopore gene sequencing technology.
Qitan Technology was co-founded by a number of prestigious interdisciplinary doctors in September 2016, focusing on the development of nanopore gene sequencers. Based on the fourth-generation gene sequencing technology, their product has the advantages of fast sequencing speed, low cost, compact and portable design. After several iterations, their nanopore gene sequencer has entered the sprint stage of product prototype, and is comprehensively improving various performances such as throughput, accuracy and stability.
Qitan Technology has fully mastered the nanopore single molecule sequencing technology, with comprehensive patent and technology layout covering biochips, protein engineering, electronic circuits, artificial intelligence, etc.
It’s worth mentioning that nanopore gene sequencer has broad application prospects, including immunotyping, real-time detection of pathogens, and intestinal flora detection, which can realize rapid detection of tumor genomes based on structural mutations, early screening of cancers based on DNA methylation detection, etc.
Prior to this round, Qitan Technology completed three rounds of financing, with a total financing amount of over RMB63 million.
“The research and development of nanopore gene sequencing equipment carried out by Qitan Technology is an interdisciplinary technical breakthrough, and has made remarkable progress in protein engineering, fluid chips, electronic instruments, base recognition algorithm and other links, which proves the research strength of Qitan Technology”, said a spokesman at Gaorong Capital. “In the future, we are fully optimistic about single-molecule sequencing technology to play its unique advantages in microbiome, infectious diseases, and clinical diseases with complex structural variations, expanding our understanding of diseases. We also look forward to the scalability of nanopore as a platform technology, extending from the genetic level to the possibility of transcriptome and even proteome, helping to perceive life more comprehensively.”