Pharus Diagnostics, a Taiwan-based developer of AI-powered cancer tests, is seeking fundraising opportunities in Hong Kong.

The company plans to complete its next funding round and a clinical study on lung cancer by the end of 2025.

CEO Philip Huang confirmed that more than half of the targeted funding has already been secured but did not disclose the total goal.

Pharus is supported by investors like CK Hutchison Holdings and CK Life Sciences.

The company focuses on early screening tests for lung and pancreatic cancers, utilizing microRNA biomarkers licensed from the City of Hope.

Pharus recently won the Jumpstarter technology competition organized by the Alibaba Entrepreneurs Fund, which has expressed interest in investing.

🔗 Source: South China Morning Post

🧠 Food for thought

1️⃣ Explosive growth in AI-based cancer diagnostics market reflects massive investment opportunity

Pharus Diagnostics is entering a rapidly expanding market that’s attracting significant capital worldwide, explaining its focus on Hong Kong fundraising channels.

The AI in cancer diagnostics sector is projected to grow at a staggering CAGR of 24.12% from 2025 to 2030, with the global market valued at approximately $268 million in 2024 1.

This growth is being driven by multiple factors: increasing healthcare IT expenditure, shortage of healthcare professionals, and rising demand for early disease detection, particularly in markets like Hong Kong that serve as gateways to larger Asian healthcare systems.

The surge in FDA-authorized AI medical devices demonstrates this trend, with approvals jumping from just six devices in 2015 to 221 in 2023 2.

For investors, Pharus represents part of a broader pattern where early entrants in specialized diagnostic niches potentially capture significant market share, especially those with backing from established investors like Li Ka-shing who can facilitate expansion across Asian markets.

2️⃣ Multi-biomarker approach reflects critical evolution in cancer detection technology

Pharus’ focus on combining micro-RNA biomarkers with AI analysis represents an emerging scientific consensus about effective early cancer detection methodology.