Tencent Gives Boost To Gene Technology Startup Vision Medicals With New Funding Round

Chinese precision medicine startup Vision Medicals has raised 200 million yuan ($31 million) in its series C funding round led by Tencent, its second funding round in seven months.

 Proceeds from the round, which was also joined by existing investors such as CICC Capital and CDH Investments, will be used for product development, medical equipment registration, clinical services support and marketing activities, Vision Medicals said on Thursday.

 Founded in 2018, Guangzhou-based Vision Medicals, which has labs in the Chinese cities of Beijing, Shanghai, Nanjing and Zhengzhou, focuses on developing genetic diagnostic technologies and precision medicines for infectious diseases. The firm has built ties with more than 800 hospitals and research institutes across China such as Peking Union Medical College Hospital and the Chinese Academy of Medical Sciences.

 In December 2019, Vision Medicals joined a taskforce for early detection and genome analysis of the novel coronavirus. Three months later, the firm developed a nucleic acid detection kit for the virus, according to the company’s website.

 Tencent is a key financial backer of several medical startups including Miaoshou Doctor, an online platform that offers individual health consultations via video and phone.

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