Virtue Diagnostics Funding, Investors & Competitors

Virtue Diagnostics has raised $130M across 2 funding rounds, most recently a $100M Series B in January 2022.

Last Virtue Diagnostics funding round

$100M

Series B · Jan 2022

Cumulative funding Virtue Diagnostics raised

$130M

across 2 funding rounds

Key investors in Virtue Diagnostics

  • Lilly Asia Ventures
  • HSG
  • Morningside
  • Oriza Holdings
  • PerkinElmer
  • PKI Ventures

Virtue Diagnostics Overview

About Virtue Diagnostics

Virtue Diagnostics is a Shenzhen-headquartered in vitro diagnostics company developing point-of-care tests for infectious diseases, cancer biomarkers, and chronic conditions like diabetes. Its product portfolio includes rapid antigen tests for respiratory pathogens, molecular assays for tumor markers, and immunoassay kits for cardiovascular risks. Established in 2014, the firm distributes its CLIA-waived devices across Asia-Pacific markets through partnerships with hospitals and clinics.


Founded

2019

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Virtue Diagnostics Funding History

Virtue Diagnostics has raised a total of $130M across 2 funding rounds.

Virtue Diagnostics' first fundraising round was a $30M Series A in December 2020. The most recent completed round was a $100M Series B in January 2022.

Virtue Diagnostics funding rounds

Virtue Diagnostics funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2022Series BHSG (lead); Morningside (lead); Lilly Asia Ventures; Oriza Holdings; PerkinElmer$100MVirtue Diagnostics raised $100 million in a Series B funding round on January 6, 2022. Sequoia China and Morningside Ventures jointly led the investment.
Dec 2020Series APKI Ventures; Lilly Asia Ventures$30MVirtue Diagnostics (Suzhou) Co., Ltd., a Chinese in vitro diagnostics (IVD) company, raised approximately $30 million in a funding round around December 17, 2020, from investors including PerkinElmer Inc. (NYSE: PKI, also referred to as PKI Ventures) and Lilly Asia Ventures. Virtue Diagnostics, founded in 2019, develops platform-based IVD for affordable clinical solutions across disease stages, with headquarters in Singapore, manufacturing in Suzhou, China, and CRO/clinical labs in Beijing, targeting China and emerging markets. A later Series B round of $100 million was closed in January 2022, led by Sequoia China and Morningside Ventures, with participation from existing investors Lilly Asia Ventures and PerkinElmer Ventures, plus ORIZA Holdings. Investors highlighted the team's global experience and potential for leadership in China's IVD industry post-import substitution.

Who has invested in Virtue Diagnostics?

6 investors have backed Virtue Diagnostics across its funding rounds, including Lilly Asia Ventures, HSG, Morningside, Oriza Holdings, PerkinElmer and PKI Ventures.

Lead investors include HSG and Morningside.


Virtue Diagnostics Investors

Investors in Virtue Diagnostics by funding rounds participated
InvestorHQRoundsRoleFirst check
Lilly Asia VenturesChinaShanghai2ParticipantDec 2020
PKI VenturesUnited StatesWinston Salem, NC1ParticipantDec 2020
MorningsideUnited StatesBoston, MA1LeadJan 2022
Oriza HoldingsChinaSuzhou1ParticipantJan 2022

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Virtue Diagnostics Competitors

Virtue Diagnostics competitors include listed companies like Roche, Natera, Illumina and Guardant Health, and private ones like Institut Merieux and Color.

Public and private companies comparable to Virtue Diagnostics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
RocheSwitzerlandSwitzerlandPublicly listed$77B$26B$351B4.9x
NateraUnited StatesUnited StatesPublicly listed$2.3B($266M)$53B19.0x
IlluminaUnited StatesUnited StatesPublicly listed$4.3B$1.4B$37B8.4x
Guardant HealthUnited StatesUnited StatesPublicly listed$982M($408M)$25B20.2x
Institut MerieuxFranceLyonPrivate--$8.5B-
ColorUnited StatesSan Francisco, CAPrivate--$4.6B-

Virtue Diagnostics Public Comps

Virtue Diagnostics is still privately-owned, but its public comps include Roche, Natera, Illumina, Guardant Health, Twist Bioscience, 10x Genomics, BillionToOne, Wantai BioPharm, Celcuity and GRAIL.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Roche$77B$26B5.0x4.9x14.6x12.4x
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)
Twist Bioscience$377M($63M)27.2x22.6x(161.4x)(316.8x)
10x Genomics$643M($16M)14.9x15.2x(591.7x)(160.9x)
BillionToOne$305M$12M15.8x11.7x401.1x75.4x
Wantai BioPharm$271M($24M)15.5x-(174.0x)-

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Common questions about Virtue Diagnostics

When was Virtue Diagnostics founded?Virtue Diagnostics was founded in 2019.
Where is Virtue Diagnostics headquartered?Virtue Diagnostics is headquartered in Shanghai, China.
Is Virtue Diagnostics publicly listed?No, Virtue Diagnostics is a private, VC-backed company.
How much funding has Virtue Diagnostics raised?Virtue Diagnostics has raised $130M across 2 funding rounds.
What was Virtue Diagnostics' last funding round?Virtue Diagnostics' last funding round was a $100M Series B in January 2022, led by HSG and Morningside.
Who are Virtue Diagnostics' investors?Virtue Diagnostics' investors include Lilly Asia Ventures, PKI Ventures, Morningside, Oriza Holdings, PerkinElmer and HSG.
Which companies are comparable to Virtue Diagnostics?Companies comparable to Virtue Diagnostics include Roche, Natera, Illumina, Guardant Health, Institut Merieux and Color.

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