Vietnam's biotechnology startup successfully raises 21 million USD

DNHN - Gene Solutions plans to raise $50 million in a new funding round later this year to accelerate its regional expansion.

Gene Solutions lab technicians. Photo: Forbes.
Gene Solutions lab technicians. Photo: Forbes..

According to Tech in Asia, Vietnamese biotechnology startup Gene Solutions recently received $21 million in series B funding from Mekong Capital.

Two years prior, Mekong Capital invested an additional $15 million in Gene Solutions through a capital call round.

Gene Solutions is one of Mekong Capital's recent biotechnology bets, a sector that is said to have received little attention from Vietnam's venture capital firms.

Chad Ovel, general director of Mekong Capital, stated in a previous interview with Tech in Asia that legal costs in Vietnam are currently significantly lower than in other countries, allowing public companies to bring products to market more quickly.

In addition to meeting Mekong Capital's investment criteria, the Vietnamese genetic testing company appears to have a proven business model. According to Gene Solutions, their non-invasive prenatal screening (NIPT) product has been widely utilized in Vietnam by a network of approximately 2,000 hospitals and clinics.

Gene Solutions is a pioneering company in the field of genetics in Vietnam, founded in 2017 by Dr. Nguyen Hoai Nghia (General Director), Dr. Nguyen Huu Nguyen (Deputy General Director), and Dr. Giang Hoa (Member of the Board of Directors, responsible for Research & Development Department). All of these individuals possess extensive knowledge and practical experience in medical genetics, cancer biology, clinical medicine, and biotechnology.

Mr. Nguyen Hoai Nghia returned after nearly ten years of research and work in the United States through the Ph.D. and Postdoctoral programs at Johns Hopkins School of Medicine and the US National Institutes of Health in the field of Genetics and Cancer Biology. Vietnam intends to develop sophisticated gene decoding technology in Vietnam.

In just three years, Gene Solutions has become an industry leader in the development of gene decoding technology specializing in the delivery of comprehensive genetic solutions due to the collaboration of a team of researchers, industry-leading experts, and the application of cutting-edge technology.

Mr. Nghia Nguyen, co-founder, and chief executive officer of Gene Solutions, stated that the majority of pregnant women in Vietnam are required to pay for NITP services - prenatal blood tests to detect fetal abnormalities.

Gene Solutions was founded to develop non-invasive prenatal screening tests (NIPT) for Vietnamese pregnant women using the most advanced genetic technology. Building a laboratory in Vietnam to international standards not only reduces the cost of genetic testing by a factor of ten but also reduces testing time from several weeks to just 5-7 days with an accuracy of up to 99.9%.

This startup has expanded its products, which include services for early detection, monitoring, and treatment of various types of cancer, to numerous Southeast Asian countries since 2022.

Mr. Nghia Nguyen stated that international organizations have recognized Gene Solutions' research on cancer detection using circulating tumor DNA (liquid cancer biopsy) as an effective method. in terms of expense, particularly in developing nations.

Gene Solutions expects to raise $50 million in a new funding round later this year to accelerate its regional expansion.

Gene Solutions has operations established in Thailand, the Philippines, and Indonesia. In November of this year, the biotech startup is also expected to open a cancer laboratory in Singapore to meet the rising demand for cancer testing in Southeast Asia.

Regarding Mekong Capital, this unit is a well-known investment fund on the market. In the past, it was the "cradle" of several rapidly expanding and market-leading companies, including Mobile World, Golden Gate, Masan Consumer, Traphaco, PNJ, ICP, Vietnam-Australia International School, and F88...

Mai Hoa (t/h).

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