We are celebrating the successful closing of US$3.8 million in Pre-A round funding for our client Cyrcadia Asia, a Hong Kong-based company developing a wearable bra insert that detects breast cancer. The round was led by iFlytek, one of China’s leading artificial intelligence companies.
Cyrcadia’s device is a revolutionary sensor patch worn under a women’s bra which, with two hours of monthly wear, allows women to monitor their breast health from an app on their mobile phone. The technology uses cloud-based AI to monitor for circadian metabolic changes that are proven to correlate to the onset of cancer. The technology has particular advantages in Asia, where screening participation is low, cancer incidence rates are increasing, and the majority of the female population have dense breast tissue, for whom traditional imaging technologies are less accurate.
The deal marks a milestone for Rouse Ventures program, which was formed from a collaboration with boutique investment advisory firm Southern Capital Partners (“SCP”). The combined team is led by Rouse China veteran Chris Bailey and SCP CEO Mark Chennells, who between them have over 40 years’ experience on the ground in China. They were supported by Rouse consultant Nigel Wong, other Rouse analysts and Lusheng’s IP attorneys.
Cyrcadia has been Rouse Ventures program’s deepest engagement, with Cyrcadia Asia formed in 2017 by a consortium of investors led by Southern Capital Partners, under an exclusive license agreement negotiated with Cyrcadia Inc of the US. The closure of Pre-A funding enables Cyrcadia to complete product development and launch into Hong Kong in Q3 2018, with a Series A funding round planned for Q4 2018 to fund further expansion into ASEAN and China.
Rob Royea, CEO and Chairman of Cyrcadia Asia, said:
“The Rouse and SCP partnership has been absolutely crucial in building the company and attracting investment. Without the confidence in Rouse’s experience in IP deals in Asia, the company might never have taken the first step into this region. Our technology is perfectly suited to the Asian population, given the limitations of traditional screening modalities and the rapid rise in breast cancer incidence. We look forward to working with the Rouse network throughout Asia as we expand our presence.”
Luke Minford, CEO of Rouse, said:
“We are delighted to see Cyrcadia Asia close its seed funding, especially with a lead investor as exciting as iFlytek, and we look forward to supporting the next stage of the company’s growth. Rouse has always been an entrepreneurial firm that is dedicated to helping companies obtain real value from their intellectual property assets. Our Ventures program proves that we can go beyond traditional consulting services and be instrumental in bringing a ground-breaking and potentially life-saving technology to the world. We are fortunate to have found in SCP a partner with outstanding contacts and experience in capital raising who can work so seamlessly with us.”