NEW YORK — Hochuen Medical Technology, a China-based contract diagnostic development and manufacturing firm, said on Monday that it has raised RMB 40 million ($6.2 million) in a Series A financing round.
Qiming Venture Partners was the sole investor in the round.
Hochuen Medical said that it intends to the use money to accelerate its expansion internationally and domestically, to develop new manufacturing processes and technologies and to expand its production capacity. The firm maintains manufacturing sites in China and Malaysia and has sales offices in the US and Singapore.
The company provides in vitro diagnostic R&D support for a range of products including microfluidic cartridges, disposables, point-of-care devices, gene sequencing chips, and food safety screening devices. It also offers manufacturing services such as microfluidic device fabrication, high-precision injection molding, and device assembly and packaging.
"The COVID-19 pandemic has boosted the development of [point-of-care] molecular diagnosis and needs for at-home disease test devices, and microfluidic is an essential technology to realize these applications," Hochuen Medical President Robin Liu said in a statement. "The Series A proceeds will be used to expand our capacity to meet global market demand and industry shifts."