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

Qitan Technology Overview

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

ChinaChengdu

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

Qitan Technology funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2023Series CChengdu High-tech Ceyuan Capital (lead); Chengdu Tianfu International Bio-Town Investment & Development (lead); Guosheng Capital$14M-
Dec 2022Series CMeituan (lead); Huagai Capital; BioTrack Capital$100M-
Jun 2021Series BCDH Investments (lead); GL Ventures LLC (lead); Hillhouse Investment (lead); RiverHead Capital; Gaorong Capital; Baidu Ventures; Huagai Capital; BioTrack Capital$62MQitan 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 2020Series AGaorong Capital; Yahui Precision Medicine Fund; Yinxinggu Capital$14MQitan 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 2019Series AYahui Precision Medicine Fund (lead); Baidu Ventures$6MQitan 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 2017Series AEmpower 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

Investors in Qitan Technology by funding rounds participated
InvestorHQRoundsRoleFirst check
Baidu VenturesChinaBeijing3ParticipantApr 2017
Gaorong CapitalChinaBeijing2ParticipantMay 2020
Huagai CapitalChinaBeijing2ParticipantJun 2021
BioTrack CapitalChinaShanghai2ParticipantJun 2021
Yahui Precision Medicine FundChinaChina2LeadAug 2019
RiverHead CapitalChinaChaoyang1ParticipantJun 2021
Qmangel Investment PartnershipChinaBeijing1ParticipantApr 2017
GL Ventures LLCChinaBeijing1LeadJun 2021
MeituanChinaBeijing1LeadDec 2022
Hillhouse InvestmentSingaporeSingapore1LeadJun 2021
Empower InvestmentChinaShanghai1LeadApr 2017
Tsinghua Technology Transfer FundChinaBeijing1ParticipantApr 2017
Chengdu Tianfu International Bio-Town Investment & DevelopmentChinaChengdu1LeadDec 2023

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Qitan Technology Competitors

Qitan Technology competitors include listed companies like Illumina, 10x Genomics, BillionToOne and Personalis, and private ones like BGI Group and Sangon Biotech.

Public and private companies comparable to Qitan Technology
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
IlluminaUnited StatesUnited StatesPublicly listed$4.3B$1.4B$37B8.4x
10x GenomicsUnited StatesUnited StatesPublicly listed$643M($16M)$10B15.2x
BillionToOneUnited StatesUnited StatesPublicly listed$305M$12M$5.2B11.7x
PersonalisUnited StatesUnited StatesPublicly listed$70M($78M)$1.7B20.1x
BGI GroupChinaShenzhenPrivate--$1.6B-
Sangon BiotechChinaShanghaiPrivate$102M-$1.4B13.7x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Roche$77B$26B5.0x4.9x14.6x12.4x
Merck KGaA$24B$5.3B3.1x3.1x14.3x10.7x
Natera$2.3B($266M)22.5x19.0x(195.0x)(261.5x)
Illumina$4.3B$1.4B8.8x8.4x27.1x30.0x
Guardant Health$982M($408M)25.7x20.2x(61.8x)(129.5x)
Sartorius$4.1B$1.1B5.7x5.4x21.8x18.2x
Bio-Techne$1.2B$343M9.4x9.3x33.1x26.3x
Twist Bioscience$377M($63M)27.2x22.6x(161.4x)(316.8x)

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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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