Phase Scientific International, a Hong Kong-based biotechnology company, has secured $34m in a Series A funding round to enhance its urine-based diagnostic technology.
The funding round was led by a private equity fund managed by Value Partners Group, with participation from new healthcare-focused investors and existing investors.
The investment will advance research, development and commercialisation of PHASE Scientific’s diagnostic technology, PHASIFY.
PHASIFY technology is a patented urine concentration method that captures over ten times more biomarkers than current industry standards.
It targets early detection of cancers, women’s health issues, and infectious diseases, facilitating convenient at-home sample collection, promoting proactive health management.
PHASE Scientific founder, chairman and CEO Ricky Chiu said: “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.
“With this capital, we will accelerate R&D and commercialisation 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.”
The PHASIFY technology sets a new benchmark in molecular diagnostics by concentrating and purifying unlimited volumes of urine, enhancing the sensitivity and accuracy.
The advancement supports early and comprehensive disease screening, with proven clinical performance in multi-cancer detection.
Founded in 2015, PHASE Scientific operates from its headquarters in Hong Kong SAR, with additional facilities in Southern California, US, and China’s Greater Bay Area.
The company has launched over 30 diagnostic products across various health categories and distributed more than 100 million tests in over 30 countries.
Chiu added: “As a scientist and entrepreneur born and raised in Hong Kong, I am particularly proud of the global recognition we have received for the proprietary PHASIFY technology we developed right here in Hong Kong.
“Our journey is a testament that Hong Kong has the robust talent, infrastructure, and ecosystem to drive groundbreaking biotech innovations to tackle global healthcare challenges.
“This is just the beginning of our growth ambition, and we are committed to addressing the increasing healthcare needs, leveraging our transformative technology innovation to drive proactive health management and preventive care.”
