From Angel to G+ Round: 5 Early-Stage FreeS Fund Portfolio Companies Raise Over 3 Billion RMB | FreeS Family Funding News · Vol 14
Looking forward to working alongside more outstanding founders.
The "FreeS Family Funding News" column regularly publishes funding updates from FreeS Fund portfolio companies. It covers both new investments and follow-on rounds for existing portfolio companies. Together, we witness every step of innovative companies' journeys from 0 to 1, 1 to 10, and 10 to 100.
This issue at a glance:
- Biotech & Pharma: FreeS Fund angel-round portfolio company N1 Life completed a multi-million-dollar Pre-A round, with FreeS Fund continuing to invest; FreeS Fund angel-round portfolio company DeepKinase completed an A round of over RMB 100 million and an A+ round of tens of millions of RMB, with FreeS Fund increasing its stake.
- Deep Tech & Hardware: FreeS Fund angel-round portfolio company QingTao Energy completed a G+ round capital increase and expansion, with SAIC investing an additional RMB 2.7 billion. QingPi Technology completed an angel round of tens of millions of RMB, led by FreeS Fund.
- Consumer & TMT: Methuselah received nearly RMB 100 million in A+ funding, with FreeS Fund continuing to invest.
(This summary is limited to publicly disclosed funding information from April through June, sorted by announcement date.)
▲ Achieving macroscopic tumor tissue targeting by identifying tumor microenvironment characteristics.
Image source: N1 Life
N1 Life (AnYi Life Sciences) announced the completion of a multi-million-dollar Pre-A round, led by Legend Capital, with participation from China Medical System, Zhongxin Capital, and Haoping Investment. Existing shareholder FreeS Fund continued to increase its stake.
**/ From the Investors / **
N1 Life has world-leading chemistry and clinical teams, as well as two proprietary technology platforms for mRNA delivery and drug-peptide conjugation. Its PDC (peptide-drug conjugate) pipeline data demonstrates solid PK (pharmacokinetic) improvements, excellent membrane penetration properties (overcoming drug resistance and crossing the blood-brain barrier), and tumor microenvironment targeting, showing drug development potential in oncology, ophthalmology, dermatology, and nucleic acid therapeutics.
We are delighted to have supported N1 Life from the angel round onward. N1 Life's development has exceeded expectations, and we look forward to the company continuously bringing new therapies and drugs through its delivery platform technology.
**/ Company Details / **
In 2019, Dr. Xiaoyu Zang and National Academy of Sciences member Paul A. Wender co-founded N1 Life, focusing on translating research findings into clinical applications and empowering and accelerating the core underlying technologies of drug development to bring them to market. Currently, N1 Life has developed a complete Absotride toolkit that enables rapid, directed design and development of novel conjugate drugs, improving the success rate of new drug development. This technology is primarily applied to various PDC drugs across different disease areas. N1 Life's technological innovation has achieved breakthroughs in carrier technology; through data- and experience-based structural design, the team can identify the most suitable delivery approach for specific drugs and indications, improving efficacy and safety by enhancing delivery efficiency. (For more details, see VB Healthcare: N1 Life completes multi-million-dollar funding round, Stanford breakthrough peptide and nanotechnology lead new drug development into a high-speed, high-throughput era)
Methuselah completed an A+ round of nearly RMB 100 million, led by Jinding Capital, with existing shareholder FreeS Fund following on.
**/ From the Investors / **
As China's population ages, the largest baby boom generation in history will enter the high-incidence age range for metabolic chronic diseases, cancer, and other conditions. More effective prevention and management of these long-cycle diseases through medical nutrition will become a widespread need. Additionally, nutritional awareness among residents has increased since the pandemic. We believe that health food products grounded in medical nutrition will welcome a broader incremental market.
As one of the earliest brands in the industry to focus on medical nutrition, Methuselah has developed a complete medical nutrition food product line encompassing FSMP (foods for special medical purposes), low-GI, and energy-controlled weight management products — a rarity in the industry. CEO Tang and the team have deep roots in the industry, and we firmly believe in Methuselah's potential to become a leading medical nutrition brand. We also look forward to the team's future exploration at the intersection of healthcare and food.
**/ Company Details / **
Founded in 2012 with the philosophy that "different diseases and populations require different nutrition," Methuselah has launched four major product series: FSMP products and nutrition-enhanced foods for surgical and specific disease populations; DGI foods for diabetic populations; and energy-controlled foods for weight loss and fitness populations. Methuselah has strong first-mover advantages in China's medical nutrition field. In terms of distribution channels, the company has established both hospital and direct-to-consumer channels. Its hospital direct-sales model has been cultivated for years, ranking first in Shanghai market share, with products entering over 500 hospitals nationwide. DTC sales have already reached over RMB 100 million, with omnichannel presence in e-commerce, supermarkets, and livestreaming. Multiple top livestreamers and key-account supermarkets have actively sought partnerships, and Methuselah will further expand its DTC market going forward. (For more details, see Cyzone: Methuselah completes nearly RMB 100 million A+ round, led by Jinding Capital)
▲ DeepKinase fourth anniversary brand promotional video.
Video source: DeepKinase
DeepKinase announced the completion of an A round of over RMB 100 million and an A+ round of tens of millions of RMB. The A round was co-led by Dragonstone Capital and BioTrack Capital, with continued support from angel-round investor FreeS Fund and other institutions. The A+ round was exclusively invested by JunShan Capital.
**/ From the Investors / **
In recent years, new proteomics technologies have emerged continuously, functional proteomics has become increasingly accessible, and its applications have expanded. Beyond genomics, proteomics has become a more direct tool that provides us with more information. Proteomics may become very popular in the future and is a field worth continuous exploration.
As an emerging player in domestic functional and clinical proteomics, DeepKinase has continuously achieved new progress with an innovative yet grounded approach, driving the entire industry forward. We look forward to the company's more long-term development in the future.
**/ Company Details / **
In the industry chain, DeepKinase targets the upstream tool platform of proteomics, using functional proteomics technology to empower precision medicine and new drug R&D. DeepKinase was the first to achieve breakthroughs in key technologies and became the first company to develop and register companion diagnostic products related to tumor signaling pathways. It is not only the earliest company in China's proteomics field to begin registration and certification, but also the first proteomics company to obtain medical device marketing approval.
In 2021, the company's six full-suite general reagent kit products for Tyrosine Kinase phosphorylation enrichment — the DeepTrace series — were all approved for market launch, marking the first approved reagent kit product in China's proteomics field. (For more details, see VB Network: China's first proteomics mass spectrometry reagent kit approved, laboratory qualifications approved, DeepKinase A round exceeds RMB 100 million)
▲ Image source: QingTao Energy
QingTao Energy and SAIC signed a "G+ Round Capital Increase and Expansion Agreement." Following its participation in QingTao Energy's E+ and F++ rounds, SAIC invested an additional RMB 2.7 billion in QingTao Energy.
**/ From the Investors / **
Congratulations to FreeS Fund's angel-round lead investment QingTao Energy on completing its G+ round. This round saw SAIC invest an additional RMB 2.7 billion in QingTao Energy, making SAIC QingTao's largest industrial investor. QingTao has also received investment and recognition from BAIC Group and GAC.
In 2022, SAIC and QingTao established a solid-state battery joint laboratory, collaborating to advance the joint development of automotive solid-state battery materials, cells, and systems, and completed first-generation solid-state battery vehicle installation trials. Achieving "system-level zero thermal runaway," the single-cell energy density reached 368 Wh/kg, with test vehicles achieving a maximum range of 1,083 kilometers.
We believe that through the mutual commitment of SAIC and QingTao, the R&D of second-generation solid-state power batteries — with better cost performance (10% to 30% lower than equivalent lithium iron phosphate), higher energy density (greater than 400 Wh/kg), and better safety performance — can be greatly accelerated, pushing forward the mass production and deployment of solid-state batteries at the 100,000-unit scale and making new and greater contributions to realizing the dream of becoming an "automotive powerhouse."
**/ Company Details / **
QingTao (Kunshan) Energy Development Co., Ltd. was founded in 2016 by a team led by Chinese Academy of Sciences member and Tsinghua University professor Cewen Nan. It is a global leader in solid-state lithium battery commercialization, having been the first to build and put into production a large-scale solid-state power battery mass production line.
QingTao has continuously improved its industrial layout, now having established a complete industrial ecosystem spanning "new energy materials — solid-state lithium batteries — automation equipment — lithium battery resource comprehensive utilization — scientific research incubation — industrial investment," and has established long-term partnerships with multiple mainstream automakers. QingTao's solid-state lithium batteries solve the safety problems of conventional lithium batteries, featuring high energy density, high temperature resistance, long lifespan, and flexibility, and have been successfully applied in new energy vehicles, special energy storage, and other fields. QingTao has built an independently controllable intellectual property system, having filed over 500 national patents, half of which are invention patents, with over 300 granted. (For more details, see QingTao Energy: QingTao Energy and SAIC deepen strategic cooperation)
▲ Marsonics PIIP photoacoustic integrated imaging system. Image source: QingPi Technology, VB Network
QingPi Technology announced the completion of an angel round of tens of millions of RMB. This round was led by FreeS Fund, with participation from Beijing Medical Robotics Industry Innovation Center and Global Health Industry Innovation Center.
**/ From the Investors / **
Biomedical imaging equipment has consistently evolved toward higher dimensions — from 2D to 3D, from structural to functional, from single-spectrum to hyperspectral. Photoacoustic imaging technology combines the characteristics of optical and ultrasound imaging, offering high-precision 3D imaging, functional imaging, molecular imaging, and non-invasive, non-destructive capabilities. It provides a new perspective for in vivo imaging and richer biological tissue image information for clinicians, aligning with the major trends of precision medicine and biomedical imaging equipment development.
QingPi Technology is centered on first-principles algorithmic innovation, with core hardware independently developed in-house and closely integrated clinical resources. Its commercialization approach is clear and traceable, making it an excellent and pragmatic entrepreneurial team. We firmly believe QingPi Technology can lead the development of the photoacoustic imaging industry.
**/ Company Details / **
The QingPi Technology team was established in 2019, incubated by Tsinghua University Tianjin Institute of Electronic Information, Zhongguancun Zhiyou Research Institute, Tsinghua University Fuzhou Data Technology Research Institute, and Tsinghua Straits Research Institute (Xiamen). The company is dedicated to the R&D and clinical application of photoacoustic imaging technology and products. Based on photoacoustic imaging technology (PAI) from the Biophotonics Laboratory of Tsinghua University's Department of Electronic Engineering, QingPi Technology has developed the Marsonics PIIP photoacoustic integrated imaging system through technology transfer. QingPi Technology has also established industry-university-research collaboration platforms with multiple top-tier tertiary hospitals nationwide, including Beijing Tiantan Hospital, Beijing Tsinghua Changgung Hospital, Beijing Friendship Hospital, and Beijing Anzhen Hospital. This not only accelerates the clinical deployment of the company's photoacoustic imaging products, but also provides innovative solutions for scanning, detection, and diagnosis in neurosurgery, vascular diseases, and breast diseases. (For more details, see VB Network: Beijing QingPi Technology completes tens of millions of RMB angel round, accelerating domestic substitution and clinical deployment of photoacoustic imaging)
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