Thursday, Dec 8, 2022
International Finance
Healthcare

Singapore healthtech Lucence to commericialise tech with funding

Lucence Diagnostics funding
The funding round was led by IHH Healthcare, Asia’s largest private healthcare group

Singapore-based healthtech startup Lucence Diagnostics has secured $20 million in a fresh funding round. The healthtech will use the funds to commercialise its liquid biopsy technology and expand its business across Asia and North America.

The funding round for Lucence Diagnostics was led by IHH Healthcare, Asia’s largest private healthcare group. Other participants in the funding round include SGInnovative, Heliconia Capital, as well as businessmen Lim Kaling and Koh Boon Hwee.

The genomic medicine startup focuses on personalising cancer care, through its advanced technology it provides early-stage screening to late-stage treatment selection with a special focus on Asia-prevalent cancers such as lung, breast, colorectal, pancreatic, nasopharyngeal and liver cancers. Lucence invents non-invasive blood tests for early cancer detection and improved treatment selection.

Lucence Diagnostics will use the proceeds from the funding round to upgrade its labs, support new clinical trials and reach more patients in Asia as well as in North America.

With regard to the funding for Lucence Diagnostics, Dr. Kelvin Loh, the CEO-designate of IHH Healthcare, said in a statement, “Liquid biopsy is a game-changer in our endeavor to provide cancer treatments with better, value-driven outcomes through precise treatment selections and more affordable care.”

He added, “Our investment in Lucence will provide IHH patients with better access to this advanced technology. IHH looks to drive greater synergies with Lucence and co-develop solutions for patients, as well as explore opportunities to sharpen our precision medicine capabilities with other like-minded partners across our 10-country network.”

Lucence Diagnostics was founded in 2016 by Oncologist Dr. Min-Han Tan as a spin-off from Singapore’s Agency of Science, Technology, and Research in 2016. So far, the startup has raised $29.2 in funding. Headquartered in Singapore, the startup has offices in San Francisco, Hong Kong, and Suzhou, China.

The startup invented the LiquidHALLMARK blood test, which detects 14 types of cancers, 50 genetic mutations, and two viruses.

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