Singapore’s Ark raises US$40M to expand its non-invasive cancer detection technologies in Asia
Ark harnesses data science and microRNA detection technology to develop non-invasive and cost-effective blood tests to detect early stage cancers before clinical symptoms appear
Singapore-based medtech company Ark, which has developed early-cancer detection technologies, has raised US$40 million in Series A round of funding, led by local VC firm Venturecraft, with participation from Chinese VC fund Gaorong Capital (formerly Banyan Capital).
The funds will be used to scale up multi-centre clinical studies focused on early cancer detection. The startup also aims to expand its solutions to China and beyond.
“Ark is committed to developing innovative, actionable, and affordable test kits for the early detection of deadly and highly prevalent cancers in Asia and around the world. By detecting cancer early when treatment cost is lower, we could also assist in reducing healthcare cost for both patients’ families as well as the healthcare system,” Dr. Zhou Lihan, Co-founder and Co-CEO of Ark.
Established as a result of a merger between MiRXES (a microRNA diagnostic test developer) and Venturecraft, Ark is harnessing advanced data science and proprietary microRNA detection technology to develop non-invasive and cost-effective blood tests to detect early stage cancers before clinical symptoms appear. The company is kicking off by launching a blood test for early detection of stomach cancer in Asia. The firm plans to develop and launch new blood tests for early detection of other high prevalence cancers such as lung, breast and colon cancer.
Ark has research collaborations with top medical research institutions globally. Having recently completed a 5,000-patient gastric cancer trial in Singapore, Ark is planning to launch Asia’s largest clinical studies targeting at least 50,000 participants through partnerships with local governments and medical institutions.
Formed in 2014, Singapore-based Venturecraft — which has been investing in global growth-stage and late-stage ventures in medtech, biotech, and digital health — invested in MiRXES in 2016. Venturecraft has since been actively supporting MiRXES to commercialise and scale its technologies and products. MiRXES’ founding team and shareholders of Venturecraft will remain as key strategic shareholders of Ark.
Isaac Ho, Co-founder and co-CEO of Ark, shared: “In many ways, the creation of Ark through this merger simply formalises a long-standing relationship between MiRXES and Venturecraft. We have been working together from the very beginning to disrupt cancer via early cancer detection in Asia and the rest of the world and are excited to do this officially as Ark.”
Cancer is the second leading cause of death worldwide, with 9.6 million deaths in 2018. Cancer statistics show that early detection of cancer will improve patient survival rates from as low as 10 per cent as high as 90 per cent. Furthermore, 70 per cent of cancer deaths occur in low- and middle-income countries where people have no access to early cancer detection technologies.
Ark is targeting this vast population in Asia that is at risk of developing cancer, an estimated US$50 billion market. With operations in China as well as the US, Ark will build up necessary infrastructure, including sales channels and diagnostic laboratories, to reach consumers directly with more affordable early cancer detection solutions.
“After years of research and development, we are readying ourselves to move to the battlefront in the war against cancer. Through early detection, many cancers can now be cured or managed with good long-term survival. Our partnership with the Singapore medical ecosystem and A*STAR through DxD Hub has been instrumental and has laid a good foundation for us to grow faster in the future,” said Lihan.
“Besides our continued focus on R&D and large-scale clinical studies, we are also building key commercial infrastructure and capabilities to prepare for the launch of the tests. We have more than doubled our headcount to over 110 people in the last four months,” Lihan added.
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