With rising global cancer rates necessitating new forms of diagnosis and treatment, Hong Kong-based biotech startup Phase Scientific International announced Tuesday it raised $34 million in a Series A funding round led by Asian asset management firm Value Partners Group. Under a private equity fund of Value Partners, which was cofounded by billionaire Cheah Cheng Hye, the Series A brought Phase Scientific’s total funding raised to $57 million. The round included participation from “new healthcare-focused investors and continued support from existing global backers,” according to the company. Phase Scientific declined to disclose its current valuation. The decade-old company’s previous investors include the Gates Foundation, which provided a $100,000 grant in 2016, and the U.S. National Institutes of Health, which provided a total of around $1.1 million in funding between 2017 and 2018. “We are delighted to become a partner of Phase Scientific as it rapidly grows and addresses critical unmet needs in early disease detection,” said Chuen Yan Leung, partner at Value Partners Group, in a statement about the funding round. “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.”

Full report : Hong Kong Based Biotech Startup, Phase Scientific International Raises $34 Million For Urine-Based Tests To Help Diagnose Cancer