(Yicai Global) Aug. 5 -- Berry Oncology has reportedly secured the most total funding among China’s early-stage cancer screening firms, raising CNY2 billion (USD310 million) after closing a recent Series B1 financing round.

The latest fundraiser was led by China Merchants Capital, the Paper reported yesterday, citing a statement from the Fuzhou-based company the same day. The Paper did not reveal the amount secured this time nor how the firm will use the proceeds, though it could be nearly CNY700 million (USD108.3 million), according to tech media 36Kr.

Existing investors Qiming Venture Partners and Legend Capital, as well as Zhongjin Qichen Suzhou Industry Equity Investment Fund, E Fund Management, Fujian Innovation Venture Investment Management, and Xiamen C&D Emerging Industries Equity Investment also took part.

Founded in 2017, Berry Ontology is the tumor business department of the leading genomics services provider Berry Genomics. It has a complete system of genomic testing products and services, including companion diagnostics and response monitoring, for precision treatment of patients with local or metastatic cancers, according to its website.

The firm joined hands with more than 400 Class 3A tertiary hospitals across the country, and has provided genomic testing services to hundreds of thousands of patients, the website said.

Qiming Venture Partners invested in Berry Ontology’s Series A fundraiser in 2017 and its subsequent A+ and B rounds, said Managing Partner Liang Yingyu. The venture capital firm is optimistic about the prospects of the early tumor screening market and hopes Berry Oncology can achieve more breakthroughs and become a world-class early screening firm, he added.

Some 16 firms in the business completed 17 financing rounds last year, raising a total of CNY6.3 billion (USD975 million). Investors believe it to be a ‘gold mine,’ the Paper added.

Editor: Futura Costaglione