To develop urine-based diagnostic technology, Hong Kong’s PHASE Scientific raised $34 M Series A funding

A $34 million Series A funding round was successfully completed, according to a Tuesday announcement from Hong Kong-based biotechnology company PHASE Scientific International Limited.

In a statement, the company said that this is the biggest Series A raise in Asia’s diagnostic technology market since 2019, demonstrating strong investor faith in PHASE Scientific’s ground-breaking PHASIFYTM technology and aggressive expansion plan.

A private equity fund run by Value Partners Group, one of Asia’s biggest independent asset management companies, is spearheading the funding round. It has strong support from both new healthcare-focused investors and ongoing support from global backers.

“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 capital, we will accelerate research and development (R&D) and commercialization efforts to bring a comprehensive suite of next-generation urine-based diagnostics to market,

“Our mission is to empower millions worldwide with non-invasive, user-friendly testing that can save lives through earlier intervention,” he added.

With its headquarters located in Hong Kong Special Administrative Region (SAR) and cross-border operations in Southern California, the United States, and China’s Greater Bay Area, PHASE Scientific was established in 2015. This allows it to capitalize on the unique strengths of each region for research, development, and commercialization, putting PHASE Scientific at the forefront of healthcare innovation on a global scale.

The business is the only one developing a pipeline of urine-based liquid biopsy diagnostics, building on its patented PHASIFYTM urine concentration technology, which detects more than ten times as many biomarkers as the industry’s current gold standards.

The business is creating a full range of non-invasive tests for the early identification of infectious diseases, women’s health issues, and cancers.

In contrast to conventional invasive screening techniques, PHASIFYTM facilitates easy, at-home sample collection, enabling preventive care and proactive health management.

With the successful launch and commercialization of more than 30 cutting-edge diagnostic products in a variety of health categories, such as respiratory, gastrointestinal, women’s, sexual, pediatric, and oncology, PHASE Scientific has shown significant market traction.

The company has performed over 8 million laboratory tests globally and distributed over 100 million tests in more than 30 countries to date.

Building on this commercial success, the company created the first urine-based HPV test in history, a significant innovation that has received widespread recognition and substantial clinical validation.