Virtue Diagnostics, an innovative IVD company, has just announced closing 
US$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 
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 through our highly 
experienced team of R&D, registration and commercial professionals," said 
Johnson Zhang, CEO of Virtue Diagnostics. 

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. 

Johnson added: " Virtue Diagnostics will introduce innovative diagnostic 
technologies in China and concurrently in emerging markets through mergers and 
acquisitions, joint ventures and local entities. With our rich industry 
experience, innovation capability and international background we will succeed. 

Yunxia Yang, from Sequoia China, said, " Virtue Diagnostics is building 
competitive diagnostic technology platforms. The team is highly recognized for 
their global experience, strong technical know-how and execution. We believe 
Virtue has high potential to be a global leader. Sequoia China is helping 
innovative medical device and diagnostic companies grow rapidly, to bring 
better products to patients faster."

Lu Huang, from Morningside Ventures said "After 20 years' development, China's 
IVD industry has completed import substitution. Incremental domestic market 
growth will be brought by technology. Virtue is unique having successful 
entrepreneurial experience in China and international exposure. The company has 
grown rapidly making great process. Morningside will utilize its international 
background, global capital and technology resources to help Virtue become a 
forerunner in China's IVD industry."

About Virtue Diagnostics

Virtue Diagnostics is an innovative IVD company focused on infectious disease, 
cancer, and chronic diseases.Our goal is to utilize our diverse technology 
platforms to provide clinical solutions for patients at all disease stages 
including early screening, initial diagnosis, treatment monitoring and minimal 
residual disease management.
www.Virtuedx.com

SOURCE  Virtue Diagnostics