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Virtue Diagnostics Raises $100M in Series B Financing

NEW YORK ─ Singapore-based Virtue Diagnostics on Thursday announced it has raised $100 million in a Series B financing round.

Sequoia China, Morningside Ventures, and Oriza Holdings led the investment round. Current investors Lilly Asia Ventures and PerkinElmer Ventures participated in the financing, and Haoyue Capital was the exclusive financial adviser.

Virtue said it is focused on providing clinical diagnostic products for numerous disease stages including early screening, initial diagnosis, treatment monitoring, and minimal residual disease management, and it is targeting infectious diseases, cancers, and chronic disease applications.

Its technology platforms are coupled with automated workstations for chemiluminescence, clinical mass spectrometry, multi-label pathology, single-cell technology, and other molecular biology technologies, the firm said on its website.

"Virtue Diagnostics' strategy is to introduce new technology platforms by cooperating with global technology companies, developing products and solutions specifically geared for the Chinese market, and accelerating the time to market," Johnson Zhang, the firm's CEO, said in a statement.

It intends to introduce "diagnostic technologies in China and concurrently in emerging markets through mergers and acquisitions, joint ventures, and local entities," Johnson added.

Virtue added that it has an exclusive partnership in China with PerkinElmer related to clinical mass spectrometry. Its triple quadrupole mass spectrometer was launched in the third quarter of 2021 after receiving Chinese National Medical Products Administration approval.

Founded in 2019, the firm has corporate and R&D headquarters in Singapore; manufacturing facilities in Suzhou, China; and a contract research organization/clinical laboratory in Beijing.