Aramco Ventures, a subsidiary of the world’s largest oil producer Saudi Aramco, will invest 100 million yuan (US$14 million) in Shenzhen Cispoly Bio-Tec, a Chinese developer of diagnostic technology, pledging support for the start-up’s go-global drive.
Aramco Ventures, through its growth fund Prosperity7 Ventures, also known as P7, completed the Series B financing with the company’s early investor, Sunland Fund also taking part in the new fundraising round. The name P7 is derived from “Prosperity Well”, the seventh oil well drilled in Saudi Arabia and the first to strike oil.
“Cispoly’s remarkable achievements in early-stage disease detection exemplify the kind of impactful ventures we aim to champion at Prosperity7 Ventures,” Aysar Tayeb, executive managing director of P7, said in a statement on Wednesday. “We look forward to witness Cispoly’s continued success as they expand their global footprint and enhance women’s health on a broader scale.”
Founded in 2020, Cispoly focuses on early diagnosis of gynaecological tumours and it is also engaging in developing endometrial cancer screening products.
In March, China’s National Medical Products Administration approved the production and marketing of its flagship product, Ciscer. It has also been endorsed in mainland China’s health authorities’ operating guide for cervical cancer treatment.
Liu Pei, founder of Cispoly said in the statement the funding will reinforce the company’s research and development efforts and help Cispoly expand its footprint both at home and abroad.
Saudi in US$5 billion partnership with Regal Hotels, Cosmopolitan International
Saudi in US$5 billion partnership with Regal Hotels, Cosmopolitan International
The start-up has also launched multiple study projects across mainland China. It is seeking to expand into Southeast Asia and Europe through partnerships with top medical institutions in both regions.
An HSBC report released in August, estimated an untapped trade potential of US$178 billion between China and the Middle East and North Africa region by 2027.
Saudi investors are increasing their investments in Chinese technology firms following the Kingdom’s Vision 2030 strategy, a development plan aimed at reducing the country’s reliance on oil and transforming its economy.
“Capital from the Middle East and technologies developed by Chinese firms are a good match, particularly in the electric vehicle (EV) and medical industries,” said a consultant at Shanghai financial advisory firm Integrity. “A large number of similar deals are in the pipeline as China cements its economic relationships with countries like Saudi Arabia.”