PHASE Scientific International Ltd., a Hong Kong-based biotech company specializing in urine-based diagnostics, has raised $34 million in a Series A round — the largest such deal in Asia’s diagnostic technology sector since 2019.
The round was led by a private equity fund managed by Hong Kong-listed Value Partners Group (HKEX: 0806), with participation from new healthcare-focused backers and existing global investors.
Proceeds will accelerate R&D and commercialization of PHASE’s proprietary PHASIFY™ technology, which concentrates over 10 times more biomarkers from urine than current standards, enabling non-invasive early detection of cancer and infectious diseases.
Founded in 2015, PHASE Scientific is the only company with a pipeline of urine-based liquid biopsy diagnostics.
Its test portfolio spans over 30 products, including respiratory, gastrointestinal, sexual health, pediatric, and oncology diagnostics. The company has delivered more than 100 million tests across 30 countries.
The firm recently unveiled the world’s first urine-based HPV test, which demonstrated 93.4% sensitivity for detecting cervical precancer and cancer in a clinical study with Peking University Shenzhen Hospital. The innovation earned top recognition at the 2025 ASCCP conference.
“With this capital, we aim to bring a suite of next-generation, user-friendly diagnostics to market and transform early disease detection globally,” said PHASE Scientific founder and CEO Dr. Ricky Chiu.
PHASE operates across Hong Kong, Southern California, and China’s Greater Bay Area — a cross-border setup supporting global innovation. The global liquid biopsy market is forecast to reach $22.7 billion by 2034, according to Precedence Research.
Business News Asia