Sector portfolio · VC firm · Hong Kong SAR China
HSG's Biotech portfolio
HSG has backed 34 Biotech startups in rounds we track, $5.8B between them, shown by the stage each has reached. The best-funded is Grail.
34startups backed
5stages
$5.8Braised between them
Series Bbiggest stage
Series B
12
Funding by segment
- Series B$2.6B12
- Series C and later$1.7B8
- Stage not reported$1.1B6
- Series A$242M5
- Pre-seed and seed$86M3
Where they are based
- United States18$4.2B
- China13$1.0B
- Hong Kong SAR China2$461M
- Japan1$87M
United States
China
Hong Kong SAR China
JapanFounded
1Earlier
12
113
14
315
416
417
318
219
320
421
22
223
24
25
26
7 without a founding year on record.
Total raised
- Under $1M0
- $1M to $10M3
- $10M to $50M10
- $50M to $250M15
- $250M to $1B5
- $1B and over1
Each dot is a startup: the year it was founded across, the total it has raised up (each line is ten times the one below). Pick a segment to pick it out.
27 of 34 startups shown; the rest have no founding year or amount on record.
- 1 to 2
- 3 to 7
- 8 to 24
- 25 to 99
- 100 and more
- United States18
- China13
- Hong Kong SAR China2
- Japan1
Startups by country, 4 countries in all.
Segment by segment
Series B
12 startups · $2.6B raised
- GGrailUnited States$1.6B
JW TherapeuticsJW Therapeutics is a developer of cell-based therapy technologies created to revolutionize cancer treatment.China$190M
Frontera TherapeuticsFrontera Therapeutics is an AAV gene therapy company that focuses on rAAV therapies for the global market.United States$160M
ProfoundBioProfoundBio is a developer of targeted therapeutics intended for patients with cancer.United States$112M
D3 BioD3 Bio is a clinical-stage biotechnology company based in Wuxi, China, founded in 2020.China$108M
EdiGeneEdiGene is a biotechnology company that develops genome editing technologies.Japan$87M
QuantX BiosciencesQuantX Biosciences is a biotechnology company that specializes in computational drug discovery and small-molecule therapeutic products.United States$85M
NormunityNormunity is a biotechnology company founded in 2020, focused on developing innovative precision immuno-oncology therapies.United States$75M
Series C and later
8 startups · $1.7B raised
ModernaLearn how we’re changing the world of medicine.United States$675M- IMInsilico MedicineHong Kong SAR China$392M
- TTTencent Trusted DoctorChina$250M
- BBBrii BiosciencesBrii Biosciences is a biotechnology company that commits to bring innovative medicines to China as a way to improve public health.China$155M
Neurophth TherapeuticsNeurophth Therapeutics is a leading clinical-stage gene therapy company based in Wuhan, China, with additional subsidiaries in ShaChina$97M
AdageneAdagene is a clinical-stage biotech company that specializes in developing immuno-oncology antibodies.China$83M
CullgenCullgen is a drug discovery services intended to create new drugs for the treatment of diseases that currently lack effective therapies.United States$66M- JPJoyo PharmaJoyo Pharma focuses on the research and development of drugs for the treatment of tumors, autoimmunity, metabolism, and infectious diseases.China$14M
Stage not reported
6 startups · $1.1B raised
Structure TherapeuticsStructure Therapeutics specializes in the discovery and development of drugs against a type of targets called GPCR.United States$748M
ArriVentArriVent develops pharmaceutical products to cure presently untreatable cancer.United States$325M
HemaCellHemaCell is a new cell therapy company to regenerate hematopoietic lineages in vitro, with unique stem cell reprogramming.China$17M- SStemirnaStemirna Therapeutics is a RNA technology based drug development company designed to maximize the potential of RNA science.China$14M
RootPathRootPath is a synthetic biology company dedicated to reducing the cost of gene synthesis and enhancing gene function interrogation.United States$8.4M
Cero TherapeuticsCERo Therapeutics, Inc.United States$8.0M
Series A
5 startups · $242M raised
OnCusp TherapeuticsOnCusp Therapeutics, Inc.United States$100M
Spiro MedicalSpiro Medical is a medical device company developing a groundbreaking Pulmonary Neuromodulation (PNM) System for asthma treatment.United States$67M
Spear BioSpear Bio is a biotechnology startup based in Woburn, Massachusetts, founded in 2021.United States$45M
Shanhu HealthShanhu Health is committed to provide the highest quality digital products for clinical research, including: IP4CAST, IRT, WMS, EDChina$15M- GSGrit ScienceGrit Science is a gene therapeutics firm.China$15M
Pre-seed and seed
3 startups · $86M raised
Excalipoint TherapeticsExcalipoint Therapeutics develops targeted therapies that focus on modulating disease pathways at specific biological points.Hong Kong SAR China$69MGeneration LabGeneration Lab measures molecular disbalance a marker of aging using a straightforward cheek-swab test combined with patented methodologies.United States$11M
CorrectSequence TherapeuticsCorrectSequence Therapeutics, also known as Correctseq, is a clinical-stage biotechnology company based in Shanghai, China.China$6.2M
How this map is made. Every startup here works in Biotech and has raised money in a round we track that names HSG as an investor. Each sits under the stage of its latest round. Rebuilt nightly; updated 15 November 2026.
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