Biotech startup PHASE Scientific International Limited closed a USD$34 million Series A funding around for its PHASIFY urine biopsy technology.
Announced on Monday, PHASE’s fundraising efforts are the largest series A raise in Asia’s diagnostic technology sector since 2019. Private equity fund, Value Partners Group (HKEX: 0806) leads the round, with backing from both new and old health-care focused investors.
PHASE is advancing a pipeline of urine-based liquid biopsy diagnostics using its patented PHASIFY urine concentration technology. According to the company, this method captures over ten times more biomarkers than current industry gold standards. Furthermore, it’s presently developing non-invasive tests for early cancer detection, women’s health, and infectious diseases.
PHASIFY allows convenient, at-home sample collection. As a result, individuals can engage in proactive health management and preventive care with greater ease and confidence.
The company has gained strong market traction by launching over 30 diagnostic products across multiple health categories. These include respiratory, gastrointestinal, women’s, sexual, pediatric health, and oncology. So far, the company has distributed more than 100 million tests in over 30 countries and performed over 8 million lab tests globally.
Building on this success, PHASE went on to develop a urine-based HPV test. This earned the company and its product both clinical validation and international recognition. In a recent study with Peking University Shenzhen Hospital, the test showed 93.4 per cent sensitivity in detecting CIN2+ lesions. It also achieved over 97 per cent concordance with Roche’s Cobas 4800 for HPV types 16 and 18.
As a result, the innovation won the Thomas V. Sedlacek, MD, Prize at the 2025 ASCCP Annual Meeting. It also gained attention at the CSCCP Conference in China.
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Non-invasive cancer diagnostics are a significant opportunity
Dr. Ricky Chiu, chairman, and CEO of PHASE Scientific, said the successful close of the round confirms both the promise of their technology and the rising global need for accessible, accurate early disease detection. The company plans to speed up R&D and push forward commercialization. As a result, PHASE Scientific will bring next-generation urine-based diagnostics to market more quickly. The company aims to empower millions with non-invasive, user-friendly testing. Ultimately, their goal is to enable earlier intervention and save lives.
This is also not a small market and represents a significant opportunity for the canny investor.
According to Precedence Research, the global liquid biopsy market will grow from US$7.05 billion in 2025 to approximately US$22.69 billion by 2034. This growth reflects a compound annual growth rate of 13.91 per cent, driven by rising demand for non-invasive cancer diagnostics.
Non-invasive cancer detection methods are gaining momentum as patients and healthcare providers seek safer, more accessible alternatives to traditional biopsies. These methods rely on easily collected samples—such as blood, breath, or saliva—to detect cancer markers early.
Breath Diagnostics Inc. focuses on exhaled breath analysis to detect lung cancer. Their technology identifies volatile organic compounds (VOCs) linked to tumor activity. This approach offers a painless, radiation-free screening option. Early results show promise in catching cancer before symptoms appear.
Similarly, OneBreath is developing advanced breath-based diagnostics using compact, affordable devices. The company aims to make screening tools available in low-resource settings. Its platform could help detect respiratory-related cancers and diseases with a single breath test.
Meanwhile, Guardant Health Inc (NASDAQ: GH) uses blood-based tests to find cancer DNA fragments. Its Guardant360 test is already approved for guiding treatment decisions in advanced cancer cases.
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joseph@mugglehead.com
