Wuhan Kindstar Diagnostics Raises $11M in Series B Financing
Wuhan Kindstar Diagnostics Co., a Wuhan (Hubei Province), China-based provider of laboratory testing services to hospitals, has raised $11m in Series B financing.
Investors include WI Harper Group, Baird Capital Partners Asia, Morningside Ventures and Mayo Clinic. It adds to the company’s Series A round with Morningside Ventures in 2008.
The company plans to use the capital to exstend the current testing services and expand abroad.
Kindstar also signed a strategic deal with Mayo Clinic. Under the terms of the agreement, Mayo Clinic’s Department of Laboratory Medicine and Pathology will provide training and other technical services to help the company increase the number of esoteric laboratory tests available.
Established in 2003 by CEO Dr. Shiang Huang, Kindstar provides clinical testing services to over 2,000 Chinese hospitals including 660 tertiary care hospitals. Its logistics network for sample collection covers 300 cities across every province in China. The company also operates laboratory facilities in Beijing, and Shanghai.
In conjunction with the funding, Dr. David Wang, Managing Director with WI Harper, and Brett Tucker, Partner with Baird Capital Partners Asia, will join Kindstar’s Board of Directors.