Kindstar raises $11M Series B from WI Harper, Baird Capital Partners Asia, and Morningside Ventures
WUHAN, June 27, 2011
Wuhan Kindstar Diagnostics Co., Ltd. (Kindstar), announced today it has raised $11 million in Series B financing led by WI Harper Group, Baird Capital Partners Asia (Baird), Morningside Ventures and Mayo Clinic. Kindstar’s series A investment came exclusively from Morningside Ventures in 2008.
Established in Wuhan, Hubei Province in 2003, Kindstar is the leading specialty clinical testing service provider in China. With a logistics network for sample collection that covers 300 cities across every province in China, Kindstar offers laboratory testing services to over 2,000 Chinese hospitals, including 660 tertiary care hospitals. Kindstar is becoming the partner of choice to physicians in China for advanced diagnostics in many medical specialties including hematology, oncology and medical genetics.
In addition, Mayo Clinic and Kindstar also signed a strategic collaboration agreement that will further develop Kindstar’s laboratory-testing and diagnostic services in China. Under the agreement, Mayo Clinic’s Department of Laboratory Medicine and Pathology will provide cutting-edge training and other technical services to help Kindstar offer unparalleled laboratory support to Chinese hospitals, increasing the number of esoteric laboratory tests available from Kindstar. As part of the collaboration agreement, Mayo Clinic will also receive equity in Kindstar.
By establishing China’s first and largest national network of esoteric testing centers, Kindstar has been linking innovative scientific discovery with clinical medicine to become the leading specialty test provider with international standard in China. Kindstar seeks to rapidly offer patients and physicians the broadest access to specialty testing services and to promoting the use of diagnostics and personalized medicine in China.
“We are excited about the partnership we have developed with WI Harper, Baird, Morningside and Mayo Clinic over the last year,” said Dr. Shiang Huang, Founder and CEO of Kindstar. “The strategic collaboration agreement with Mayo Clinic and the additional capital will allow Kindstar to expand the current testing services we offer Chinese physicians and position our business as the leading diagnostic company in the fastest growing market in the world.”
“Extensive diagnostic testing is widely available in developed countries, but Chinese doctors have few alternatives to access these capabilities today,” said Dr. David Wang, Managing Director with WI Harper. “We are excited about the opportunity to partner with Dr. Huang and the rest of the Kindstar team, and to build on the success of their business over the last decade.”
“The percentage of Chinese cancer patients that are being properly diagnosed is extremely low, and Kindstar has built an impressive platform to provide better testing services across China,” said Brett Tucker, Partner with Baird Capital Partners Asia. “Kindstar is helping physicians move away from the historical trial and error approach so they can provide quality service to patients who live outside of major cities and cannot access the top-tier hospitals.”
Dr. Wang and Mr. Tucker will join the Kindstar Board of Directors.
Wuhan Kindstar Diagnostics Co., Ltd. with laboratory facilities in Beijing, Shanghai and Wuhan provides esoteric diagnostic testing services to hospitals and physicians in every province of China. Kindstar is the first and largest esoteric diagnostic testing business in China, providing laboratory-testing services to over 2,000 Chinese hospitals, including 660 tertiary care hospitals. Kindstar is becoming the partner of choice to physicians in many medical specialties including hematology, oncology, infectious diseases and medical genetics. For more information, visit kindstarglobal.com
About WI Harper Group
Founded in 1993, WI Harper Group is a venture capital firm that invests in early growth and expansion stage companies with significant operations in China and aspirations to become global leaders. WI Harper Group is an active partner with a track record of over 100 investments in the technology, clean technology and health care sectors. The firm manages approximately $750 million in capital from offices in Beijing, Taipei and San Francisco. wiharper.com
About Baird Capital Partners Asia
Baird Capital Partners Asia, the China-focused growth equity investment group of Baird Private Equity, provides growth equity capital to smaller, high-potential companies in China or with substantial operations and growth opportunities in China. Baird Capital Partners Asia leverages its in-depth sector knowledge, experienced investment team and extensive operating resources to drive value in its portfolio companies. Baird Capital Partners Asia invests in three industry sectors: manufacturing, business services and healthcare. Baird Private Equity and its affiliates have raised and managed over $2.7 billion in capital and invested in more than 245 companies since the 1980s. For more information, visit bairdcapitalpartnersasia.com