PHASE Scientific, a biotech company based in Hong Kong, announced on Tuesday that it has successfully raised $34 million in Series A funding.
The company said this is the most considerable Series A funding in Asia’s diagnostic tech sector since 2019. It shows strong investor confidence in PHASE Scientific’s new PHASIFY™ technology and its bold growth plans.
The funding was led by a private equity fund managed by Value Partners Group, one of Asia’s most prominent independent investment firms. It also received strong support from new investors focused on healthcare and continued backing from existing global investors.
“The successful close of this landmark Series A financing validates the transformative potential of our technology and the growing global demand for accessible, accurate early disease detection,” said Dr. Ricky Chiu, Founder, Chairman, and Chief Executive Officer of PHASE Scientific.
With this funding, we will speed up our research and work on bringing a full range of next-generation urine-based diagnostic tests to the market.
“Our mission is to empower millions worldwide with non-invasive, user-friendly testing that can save lives through earlier intervention,” he added.
Founded in 2015, PHASE Scientific is based in Hong Kong and operates in Southern California and China’s Greater Bay Area. This setup helps the company take advantage of each region’s strengths for research and development and bring products to market, putting PHASE Scientific in a strong position as a global leader in healthcare innovation.
PHASE Scientific has developed a special technology called PHASIFY™ that collects over ten times more disease markers from urine than current top methods. Using this technology, the company is the only one creating a range of urine-based tests similar to liquid biopsies.
The company is working on a wide range of non-invasive tests to help detect cancer, women’s health issues, and infectious diseases early.
Unlike traditional tests that can be uncomfortable or invasive, PHASIFY™ allows people to collect samples easily at home, making it more straightforward to take charge of their health and focus on prevention.
PHASE Scientific has grown strongly by launching and selling over 30 new diagnostic products. These products cover many health areas, including lung, stomach, women’s, sexual, and children’s health and cancer.
So far, the company has delivered over 100 million tests to more than 30 countries and carried out over 8 million lab tests worldwide.
Building on its success, the company has created the world’s first urine-based HPV test. This breakthrough has been highly validated in clinical trials and received global recognition.
In a recent study with Peking University Shenzhen Hospital, the test showed 93.4% accuracy in detecting CIN2+ lesions, including early cervical cancer signs. It also matched over 97% with the gold-standard test (Roche’s Cobas 4800) for HPV types 16 and 18.
The results highlight PHASIFY™’s potential to make cervical cancer screening easier, more comfortable, and more accessible for users.
“Its innovative technology represents a paradigm shift, offering an unparalleled combination of clinical precision and patient-centric solutions that accelerates the development of early disease detection.” said Dr. Chuen Yan Leung Partner (Healthcare Investments) of Value Partners Group.
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