On October 14, Chinese microfluidic firm HICOMP MicroTech announced that it had completed a B+ round of financing worth 100 million yuan ($13.9 million), led by Xiaomi-backed Shunwei Capital and followed by another company in the industry.
The funds obtained from this round will be used to accelerate the implementation of microfluidics research and manufacturing contracts, expansion of production lines, R&D of key technologies and development of the the Chinese and international markets.
Founded in 2014, HICOMP MicroTech focuses on microfluidic and micro/nano technologies. It provides customized life science laboratory products and lab-on-a-chip solutions. It supports design, processing and manufacturing services for many leading enterprises around the world in the application fields of immunodiagnosis, biochemical diagnosis and blood testing. The firms core products include microfluidic chips, customized kits, laboratory consumables, microfluidic R&D technical services and CDMO.
“Microfluidic” refers to a technology for accurately controlling micro-scale fluids, also known as lab-on-a-chip, which aims to flexibly combine and integrate sample preparation, reaction, separation and detection on a chip platform of several square centimeters. Microfluidic technology has become the next-generation breakthrough tool in the field of life sciences, due to its advantages of high sensitivity, portability, automation and multi-target detection. It is expected that the global market scale for this field will reach $17 billion in 2024.
HICOMP MicroTech is one of the few enterprises in China that has broken through the key technologies of microfluidics and industrial manufacturing. The company has mastered microfluidic materials and forming, chip design, reagent embedding and other processes. It also has mass production capacity of silicon, glass and polymer, which reduces costs and streamlines downstream IVD and life science uses.
In the future, in addition to continuing to promote the R&D and manufacturing of microfluidics, the company will also rely on the core technology of multi-material micro/nano manufacturing and its rich experience to expand products and form overall solutions in multiple fields.