Aramco Ventures backs tumor detection startup Cispoly in $14M Series B

Aramco Ventures, Saudi Aramco's subsidiary, world's largest oil producer, is making a significant investment in the Chinese healthcare sector. Aramco Ventures will infuse 100 million yuan ($14M) into Shenzhen Cispoly Bio-Tec, a Chinese company specializing in diagnostic technology.

• About Cispoly Bio-Tec: Established in 2020, Cispoly Bio-Tec is rapidly making its mark in the realm of early-stage disease detection, focusing particularly on gynecological tumors. The company is also in the process of developing cutting-edge endometrial cancer screening products.

• Benefits of the Funding: This investment is set to bolster Cispoly's R&D capabilities, facilitating its expansion both within China and on the global stage. It's a strategic move in light of China's deepening economic ties with the Middle East, a development reinforced by President Xi Jinping's recent visit to Saudi Arabia.

• Untapped Potential: A report by HSBC reveals a staggering untapped trade potential of $178B between China and the Middle East and North Africa region, projected by 2027.

• Saudi's Strategic Investment: In line with Saudi Arabia's Vision 2030 - a strategy devised to diminish dependence on oil and diversify its economy, Saudi investors are increasing their stakes in Chinese tech firms.

• Product Approval: Cispoly Bio-Tec's flagship product, Ciscer, has recently received approval from China’s National Medical Products Administration for production and marketing. Furthermore, it has been endorsed in mainland China’s health authorities’ operating guide for cervical cancer treatment, marking a significant milestone for the company.

In sync with Beijing’s Made in China 2025 industrial strategy, China plans for 70% of mid to high-end medical devices to be domestically produced by 2025, soaring to 95% by 2030. This is a bold move considering the current dominance of companies like General Electric and Siemens in China's high-end medical devices market.