Sequoia China and Morningside Ventures jointly led the investment round with ORIZA Holdings
Virtue Diagnostics, an innovative IVD company, has closed $100 million in Series B funding. Virtue Diagnostics, founded in 2019, is focused on clinical tests for China and emerging markets. Sequoia China and Morningside Ventures jointly led the investment round with ORIZA Holdings. Existing investors Lilly Asia Ventures and PerkinElmer Ventures participated while HAOYUE Capital was the exclusive financial advisor.
Virtue Diagnostics is a global, platform-based IVD (In Vitro Diagnostic) company focusing on providing affordable clinical solutions at all disease stages including very early screening, initial diagnosis, treatment monitoring and minimal residual disease management.
Virtue Diagnostics Corporate and R&D headquarters are in Singapore, manufacturing is in Suzhou, China and CRO/Clinical Lab is in Beijing. China’s future IVD market is driven by local innovation.
Virtue Diagnostics exclusively partnered with PerkinElmer for clinical mass spectrometry in China. The triple quadrupole mass spectrometer, produced by Virtue Diagnostics, launched in Q3-2021 after receiving NMPA approval. Panovue, acquired in 2021, leads in multiplex pathology, providing a full range of solutions for its landscape analysis platform.
While local innovation drives the Chinese IVD market, the IVD industry in many emerging countries is still in its infancy, relying on imported products. COVID-19 pushed governments to strengthen local IVD capabilities with incentives. Virtue Diagnostics is expanding to bring high quality affordable IVD products to selected emerging markets.
