Singapore-based medtech startup Lucence raised a US$20 million Series A funding round led by leading healthcare provider IHH Healthcare.
According to a report by TechCrunch, the funding round also included the participation of SGInnovate, Heliconia Capital (a subsidiary of Temasek Holdings), Lim Kaling, and Koh Boon Hwee.
This funding round brought Lucence’s total raised fundings to US$29.2 million.
Founded by CEO Dr Min-Han Tan, Lucence spun out from Singapore’s Agency of Science, Technology and Research (A*STAR) in 2016.
Lucence develops liquid biopsy technique, a blood-based technology that is said to be less invasive than tissue biopsies in helping clinicians discover a range of information about a tumour. This is believed to help medical practitioners in their treatment decisions.
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The startup builds the technology with the focus on Asia-prevalent cancers such as lung, breast, colorectal, pancreatic, nasopharyngeal, and liver cancers.
Currently used in Southeast Asia and Hong Kong, with the new funding, Lucence aims to expand to North America and East Asia
In a press statement, IHH Healthcare explained that the partnership with Lucence will give IHH patients access to Lucence’s suite of cancer diagnostics and AI-driven analytics.
“Liquid biopsy is a game-changer in our endeavour to provide cancer patients with better, value-driven outcomes through precise treatment selections and more affordable care … 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,” said Dr Kelvin Loh, Chief Executive Officer (Designate) of IHH Healthcare.
IHH Healthcare itself operates 80 hospitals in 10 countries.
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