Gene Solutions, a rapidly growing biotechnology firm in Vietnam, has wrapped up a $21-million Series B funding round.
The investment was made by the Mekong Enterprise Fund IV (MEF IV) under Mekong Capital. Following MEF IV’s initial investment in 2021, this latest addition will support Gene Solutions’ expansion plans in Southeast Asia, especially relating to the provision of early detection tests for multiple forms of cancer.
Chris Freund, founder and partner at Mekong Capital said, "This second round of investment by MEF IV into Gene Solutions will be used to fund their ongoing expansion throughout Southeast Asia. We have great confidence in Dr. Nghia, the co-founders, and the excellent team that Gene Solutions has assembled. Our initial investment in Gene Solutions has been performing very well over the last two years, and of course, we expect this will continue as Gene Solutions emerges as a model of a successful and sustainable biotechnology company in Southeast Asia."
Gene Solutions specialises in detecting the presence of certain diseases based on DNA markers. The company's success was initially built on prenatal tests, such as helping expecting parents to screen for disorders during their pregnancy, identifying potential genetic problems, and assisting with the conception of a child. They are currently the market leader for non-invasive prenatal testing in Vietnam.
In 2022, Gene Solution validated a liquid biopsy technology called SPOT-MAS that can detect circulating tumour DNA in the bloodstream that signals multiple common types of cancers in their early stages, typically before they are easily detectable by traditional methods.
The multi-cancer early detection test has been well adopted by private hospitals and wellness centres in Ho Chi Minh City, Manila, Jakarta, and Bangkok. Gene Solutions also expects to open its oncology laboratory in Tai Seng Exchange, Singapore by November this year to fulfill the growing needs for cancer testing in the region.
The key to Gene Solution’s ongoing expansion is in its lower cost structure compared to its competitors, along with its efforts to continuously lower the cost per test, making such tests more affordable for a wider range of end-users throughout Southeast Asia. Gene Solutions achieves this in part by running its own labs with a strong in-house research and development team.
Nearly 1,000,000 genetic tests have been provided by Gene Solutions, making genetic testing available to more people in the Southeast Asian countries where its services operate.
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