Biomed Union (formerly known as Shanghai Biomed-union Biotechnology Co., Ltd), a tumor molecular diagnostic technology and cellular technology specialist based in Zhejiang, has reportedly raised close to RMB 200 million (USD 27.5 million) in a Series B financing round. The round was led by Kequan Fund in the Anji County Economic Development Zone. The proceeds will be used to ramp up research and development (R&D), manufacturing, and market development of in vitro diagnostic (IVD) products, as well as the layout of its national technology service regional market.
Company Profile and Future Plans
Founded in 2010, Biomed Union boasts four testing laboratories and one cell technology unit, with its R&D center located in Shanghai. The company, in collaboration with multiple Class 3A hospitals in China, expects to generate RMB 400-500 million (USD 55-69 million) in sales within the next three years. During this period, Biomed Union plans to pursue an initial public offering (IPO) to further expand its market presence and enhance its capabilities in molecular diagnostics and cellular technologies.-Fineline Info & Tech
