On August 14, 2015, Burning Rock hosted a signing ceremony for its round A+ financing contract, where it officially announced its obtaining of 150 million yuan in A+ round financing. The investors included LYFE Capital, Sequoia Capital, and Legend Star. It was a major financing project after it had secured 43 million yuan in A round financing (investments from Northern Light Venture Capital and Legend Star) in 2014. The ceremony was attended by Mr. Xu Wenyi, Ms. Yang Yunxia, and Mr. Lu Gang, representatives of the three investors, and Mr. Deng Feng, a witnessing guest from Northern Light Venture Capital.
In the photo: Mr. Deng Feng (first from left) from Northern Light Venture Capital; Ms. Yang Yunxia (second from left) from Sequoia Capital; Mr. Han Yusheng (middle) from Burning Rock; Mr. Xu Wenyi (second from right) from LYFE Capital; Mr. Lu Gang (first from right) from Legend Star.
Burning Rock plans to use the funding for recruiting top talents, increasing expenditure on clinical commercialization, improving product R&D quality and speed, and expanding its scope of business in a bid to serve more customers having genetic testing requirements.
Since its founding in March 2014, Burning Rock has been committed to providing genetic testing service and drug use guidance for tumor patients and people with high risk of tumor. According to the characteristics of physical tumor molecular typing, Burning Rock has developed targeted tumor drug use and genetic testing product series. These series have been developed specifically for recurring types of cancer to test the key gene sets corresponding to the types of cancer and find the key information for targeted patient treatment. Burning Rock obtained the approval of its for-profit medical practicing institution qualification in March 2015. After just half a year of promotion, it has carried out extensive cooperation with level-3 grade-A hospitals in various provinces nationwide, leading to drastic growth in the number of testing samples.
At the ceremony, Han Yusheng, founder and CEO of Burning Rock, said that “This A+ round financing provides us with the necessary fund for our growth. We at Burning Rock have been developing very quickly. And we are the first company that has ever marketed NGS tumor clinical products. We are now cooperating with over 30 level-3 grade-A hospitals nationwide. At present, we have launched testing products for lung cancer. We will increase our product categories and, with a rigorous medical attitude, seek to perfect our product quality so that more tumor patients can benefit.”
Mr. Xu Wenyi, representative of LYFE Capital, said: “CEO Han Yusheng, with a medical background, and his team are excellent. Their company has grown rapidly over the past year. Impressed by his team, we had just contacted Burning Rock for three weeks before deciding to invest in it. Hopefully, our professional cooperation will drive its growth, making it a leader in next-generation tumor sequencing in China.”
According to Ms. Yang Yunxia from Sequoia Capital, “Burning Rock has executed its strategic business plan nationwide and has expanded its business to most parts of the country. We believe that it is ready to succeed in the field of next-generation tumor sequencing in China. We hope that we can help it develop and grow in the future with our resources and brand at Sequoia Capital.
Mr. Lu Gang from Legend Star noted: “If a company can specialize without being distracted in an intensely competitive market, it shows its professionalism. Burning Rock has a clear position in the Chinese market and we respect them for their focus and professionalism. We are glad and honored that we can participate in its A+ round financing after the previous A round.
According to Deng Feng from Northern Light Venture Capital, “Burning Rock has a robust bioinformatics platform and a very professional team for product R&D and marketing & sales. Since its founding, it has made incredible achievements and attracted more world-class investors. Through our cooperation, I believe that it will become one of the most outstanding enterprises in precision tumor treatment gene sequencing.”
About Burning Rock
Burning Rock specializes in personalized treatment guidance for tumor patients. Mainly based on biomedical informatics and next-generation sequencing technology, it is committed to developing one-stop solutions to clinical and research service for personalized tumor treatment gene sequencing.
Burning Rock is headquartered in Guangzhou International Biotech Island; with branches in Beijing and Shanghai and business partners in Hunan, Jiangsu, Fujian, Henan, Sichuan, etc., it has a business presence nationwide.
Burning Rock boasts a professional team with rich industry experience in such areas as bioinformatics, laboratory management, and operations management, in addition to a marketing & sales team from industry leaders in molecular diagnostics and genetic diagnostics such as Qiagen and PerkinElmer.
About LYFE Capital
LYFE Capital, co-founded by Zhao Jin , a senior professional investor in the medical industry (also a former partner with VIVO Capital) and Xu Zhengkun (former IDG Capital partner), specializes in investing in growth companies involved in medicine, biology, medical instruments, diagnostics, and medical service in the Greater China Region.
About Sequoia Capital
As a world-renowned VC firm founded in 1972, Sequoia Capital has close to 30 funds and manages over 10 billion US dollars in assets. It invested in numerous tech companies, such as Google, Apple, YouTube, and Oracle.
About Legend Star
Legend Star is a professional integrated investment and incubation institution under Legend Holdings. Founded in 2008, it provides hi-tech startups with highly value-added fund support and integrated incubation service through its professional investment and startup consulting team and rich business and social resources.
Northern Light Venture Capital
Northern Light Venture Capital is a venture capital institution with the tenet of “supporting world-class Chinese entrepreneurs and incubating world-class Chinese enterprises”. Founded in 2005, it has grown together with the rapid economic development in China. Currently, it manages three US dollar funds and three reminbi funds, and a total of 1 billion US dollars in assets. It has invested in more than 80 companies in such sectors as hi-tech, new media, TMT, clean energy, consumer, healthcare and medicine.