(Yicai Global) Oct. 15 -- China's Creative Biosciences, which makes diagnostic kits to detect bowel cancer, has secured CNY560 million (USD87 million) in its Series D round of funding, led by e-commerce titan Alibaba Group Holding.

The biotech startup will use the proceeds of the latest fundraiser to further commercialize its products, the Guangzhou-based firm said in a statement posted on its website today.

Other participants included renowned institutional investors such as China Renaissance and CoStone Capital, as well as existing shareholder IDG Capital.

Since securing angel investment in 2015, Creative Biosciences has completed six rounds of financing, garnering CNY1.56 billion (USD242.4 million) in total. Before the Series D round, the company received CNY600 million through the previous round, led by China Tsing Song Capital, in September 2020.

Founded in 2015, Creative Biosciences makes early-stage cancer screening products for lung cancer, bladder cancer, liver cancer, and cervical cancer. Colosafe, its testing tool for colorectal cancer, was approved in 2018 to be sold in China.

High-quality products for early-stage cancer screening are of great clinical value and social significance and Colosafe has been highly recognized by both the market and the sector, said Su Zhiqiang, director at Alibaba's investment department.

Alibaba, which invests in online healthcare and insurance, will help Creative Biosciences become a leader in the corresponding sector, Su added.

Creative Biosciences has invested a lot in the research and development of automation equipment to develop its core raw materials independently, it concluded.

Editor: Emmi Laine, Xiao Yi