- Companies
- Qitan Technology
Qitan Technology Funding, Investors & Competitors
Qitan Technology has raised $197M across 6 funding rounds, most recently a $14M Series C in December 2023.
Last Qitan Technology funding round
$14M
Series C · Dec 2023
Cumulative funding Qitan Technology raised
$197M
across 6 funding rounds
Key investors in Qitan Technology
Baidu Ventures
Gaorong Capital
Huagai Capital
BioTrack Capital
Yahui Precision Medicine Fund
Hillhouse Investment
CDH Investments
Yinxinggu Capital
About Qitan Technology
Qitan Technology is a genome sequencing company utilizing nanopore technology for single-molecule analysis with long reads, real-time results, and direct nucleic acid modification detection, applicable in research and clinical diagnostics.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Qitan Technology Funding History
Qitan Technology has raised a total of $197M across 6 funding rounds.
Qitan Technology's first fundraising round was a $400K Series A in April 2017. The most recent completed round was a $14M Series C in December 2023.
Qitan Technology funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2023 | Series C | Chengdu High-tech Ceyuan Capital (lead); Chengdu Tianfu International Bio-Town Investment & Development (lead); Guosheng Capital | $14M | - |
| Dec 2022 | Series C | Meituan (lead); Huagai Capital; BioTrack Capital | $100M | - |
| Jun 2021 | Series B | CDH Investments (lead); GL Ventures LLC (lead); Hillhouse Investment (lead); RiverHead Capital; Gaorong Capital; Baidu Ventures; Huagai Capital; BioTrack Capital | $62M | Qitan Technology is a Chengdu-based biotechnology company founded in 2015 or 2016, specializing in nanopore-based fourth-generation DNA sequencing technology. The company develops nanopore gene sequencers like QNome-9604 (released 2020) and QPursue (released August 2023), with applications in pathogen detection, tumor genomics, immunotyping, intestinal flora analysis, biopharmaceuticals, rare diseases, cancer detection, reproductive health, and agriculture. Its equipment is priced competitively at around CNY100,000 per unit and under CNY1,000 per sequencing, targeting small labs and research institutes, positioning it as the first Chinese firm (second globally) to commercialize this technology, challenging dominant player Illumina which held 80% of the global market. On June 8, 2021, Qitan Technology raised more than CNY400 million (USD62.5 million) in a Series B round led by GL Ventures and CDH Investments' VGC arm, with participation matching the queried investors including Baidu Ventures, BioTrack Capital, Gaorong Capital, Hillhouse Investment, Huagai Capital, and RiverHead Capital. The funding supports commercialization of its nanopore sequencer scheduled for market entry that year. Earlier, a Series A round occurred in May 2020, contributing to a total raised of about $19.7 million across two rounds per some sources, though the Series B significantly exceeds this. The global DNA sequencing market was projected at USD17.6 billion in 2021, with China's at CNY20.5 billion (USD3.2 billion). Later, in December 2025, Qitan raised additional venture funding from Zhongguancun Venture Capital and Beishang Capital, reaching Series C stage. Current investors include T-Capital, Qm Angel Investment, and Empower Investment. |
| May 2020 | Series A | Gaorong Capital; Yahui Precision Medicine Fund; Yinxinggu Capital | $14M | Qitan Technology develops nanopore-based fourth-generation DNA sequencing technology. The company, founded in 2015 and based in Sichuan, provides a complete platform including proprietary hardware, chips, and analysis kits for researchers, with applications in immunotyping, real-time pathogen detection, tumor genomes, and intestinal flora analysis. In May 2020, Qitan Technology raised RMB100 million (USD14.1 million) in a Series A round led by Gaorong Capital, with participation from Yahui Precision Medicine Fund and Yinxinggu Capital. The nanopore gene sequencer was scheduled for market launch that year at a competitive price of around CNY100,000 per unit, with single sequencing under CNY1,000, targeting small labs and research institutes. Qitan aimed to be the first Chinese firm and second worldwide to commercialize fourth-generation sequencing technology. Prior to a later Series B, total funding reached USD19.7 million by May 2020. The global DNA sequencing market was projected at USD17.6 billion that year, with China's at CNY20.5 billion. |
| Aug 2019 | Series A | Yahui Precision Medicine Fund (lead); Baidu Ventures | $6M | Qitan Technology completed a $5.7 million financing round with participation from Yahui Precision Medicine Fund and Baidu Ventures as investors, and Yahui as the lead, around August 2019. The company specializes in nanopore single-molecule gene sequencing technology. |
| Apr 2017 | Series A | Empower Investment (lead); Qmangel Investment Partnership; Baidu Ventures; Tsinghua Technology Transfer Fund | $400K | - |
Who has invested in Qitan Technology?
17 investors have backed Qitan Technology across its funding rounds, including Baidu Ventures, Gaorong Capital, Huagai Capital, BioTrack Capital, Yahui Precision Medicine Fund and Hillhouse Investment.
Lead investors include Chengdu High-tech Ceyuan Capital, Chengdu Tianfu International Bio-Town Investment & Development, Meituan, CDH Investments, GL Ventures LLC and 3 other investors.
Qitan Technology Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Apr 2017 | ||
| 2 | Participant | May 2020 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Lead | Aug 2019 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Apr 2017 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Lead | Dec 2022 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Lead | Apr 2017 | ||
| 1 | Participant | Apr 2017 | ||
| 1 | Lead | Dec 2023 | ||
This data is available for Pro users. Sign up to see all 17 Qitan Technology investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialQitan Technology Competitors
Qitan Technology competitors include listed companies like Illumina, 10x Genomics, BillionToOne and Personalis, and private ones like BGI Group and Sangon Biotech.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4.3B | $1.4B | $37B | 8.4x | ||
| Publicly listed | $643M | ($16M) | $10B | 15.2x | ||
| Publicly listed | $305M | $12M | $5.2B | 11.7x | ||
| Publicly listed | $70M | ($78M) | $1.7B | 20.1x | ||
| Private | - | - | $1.6B | - | ||
| Private | $102M | - | $1.4B | 13.7x |
Qitan Technology Public Comps
Qitan Technology is still privately-owned, but its public comps include Roche, Merck KGaA, Natera, Illumina, Guardant Health, Sartorius, Bio-Techne, Twist Bioscience, 10x Genomics and Demant.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $77B | $26B | 5.0x | 4.9x | 14.6x | 12.4x | |||
| $24B | $5.3B | 3.1x | 3.1x | 14.3x | 10.7x | |||
| $2.3B | ($266M) | 22.5x | 19.0x | (195.0x) | (261.5x) | |||
| $4.3B | $1.4B | 8.8x | 8.4x | 27.1x | 30.0x | |||
| $982M | ($408M) | 25.7x | 20.2x | (61.8x) | (129.5x) | |||
| $4.1B | $1.1B | 5.7x | 5.4x | 21.8x | 18.2x | |||
| $1.2B | $343M | 9.4x | 9.3x | 33.1x | 26.3x | |||
| $377M | ($63M) | 27.2x | 22.6x | (161.4x) | (316.8x) | |||
This data is available for Pro users. Sign up to see all Qitan Technology competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Qitan Technology
| When was Qitan Technology founded? | Qitan Technology was founded in 2016. |
| Where is Qitan Technology headquartered? | Qitan Technology is headquartered in Chengdu, China. |
| Is Qitan Technology publicly listed? | No, Qitan Technology is a private, VC-backed company. |
| How much funding has Qitan Technology raised? | Qitan Technology has raised $197M across 6 funding rounds. |
| What was Qitan Technology's last funding round? | Qitan Technology's last funding round was a $14M Series C in December 2023, led by Chengdu High-tech Ceyuan Capital and Chengdu Tianfu International Bio-Town Investment & Development. |
| Who are Qitan Technology's investors? | Qitan Technology's investors include Baidu Ventures, Gaorong Capital, Huagai Capital, BioTrack Capital, Yahui Precision Medicine Fund, RiverHead Capital, Qmangel Investment Partnership, GL Ventures LLC, Meituan, Hillhouse Investment and 7 others. |
| Which companies are comparable to Qitan Technology? | Companies comparable to Qitan Technology include Illumina, 10x Genomics, BillionToOne, Personalis, BGI Group and Sangon Biotech. |
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