Mekong Capital on Wednesday announced that the Mekong Enterprise Fund IV (MEF IV) has completed US$21 million series B investment in Vietnamese rapidly growing biotechnology firm, Gene Solutions.

The latest investment, which follows MEF IV’s initial investment in 2021, supports Gene Solutions’ expansion plan in Southeast Asia, especially for providing early detection tests of multiple forms of cancer.

“This second round of investment by Mekong Enterprise Fund IV into Gene Solutions will be used to fund their ongoing expansion throughout Southeast Asia. We have great confidence in Dr. Nghĩa, the co-founders and the excellent team that Gene Solutions has assembled,” said Chris Freund, Founder and Partner at Mekong Capital.

“Our initial investment in Gene Solutions has been performing very well over the last 2 years, and of course we expect this will continue as Gene Solutions emerges as model of a successful and sustainable biotechnology company in Southeast Asia.”

Gene Solution is a biotechnology firm that focuses on identifying the presence of specific diseases using their DNA markers. With 99-per-cent accuracy, Gene Solutions claims that its technology has cut the wait time for NIPT results from weeks to just five to seven days. 

Gene Solutions has provided about one million genetic tests, making genetic testing available to more people in South-East Asia countries where its services operated. Additionally, Gene Solutions operates its own labs and has a capable internal research and development staff. 

In the past, Gene Solutions set up operations in Indonesia, the Philippines and Thailand. To fulfill the rising demand for cancer testing in Southeast Asia, they intend to launch a cancer laboratory in Singapore in November of this year. — VNS