Fundraising Fox

Applied StemCell

Acquired

Milpitas, US · Founded 2008 · Delaware corporation · 51 employees on LinkedIn · 1 known investors

Leading CRO/CDMO specializing in cell and gene therapy with proprietary TARGATT genome editing and iPSC platform

Also known as Applied StemCell, Inc. · ASC

Founders & leadership

RJ
Ruhong JiangNamed on SEC filing
GY
Guoliang YuNamed on SEC filing

Board

ZX
Zhenyu XiaoBoard director

Investors · 1

Reported raises · per SEC filings

Form D private placements

$19M disclosed across 1 round · 2016

$19MraisedOct 2016 · 6 investors · Biotechnology
Rule 506(b)
Officers, directors & promoters on the filing
  • Ruhong JiangExecutive Officer, Director
  • Zhenyu XiaoDirector
  • Guoliang YuDirector
Offering amount
$19M
Amount sold
$19M
Minimum investment
$1
First sale
May 2016
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Company profile

researched Aug 2026

Applied StemCell, Inc. (ASC) is a genome engineering and cell therapy services company headquartered in Milpitas, California. It positions itself as a CRO/CDMO for the research community and biotechnology industry, supporting the discovery, development and manufacturing of cell and gene products. Its service lines cover genome engineering (using CRISPR, Mad7 and the proprietary TARGATT large-cargo knock-in platform), induced pluripotent stem cell (iPSC) services spanning iPSC generation, gene editing and differentiation into target cell types, and cGMP cell banking and expansion performed in its California facility with customization for size, concentration and in-process/release testing.

Alongside services, ASC sells catalog products including TARGATT knock-in kits, cGMP-grade iPSCs, iPSC lines and iPSC-differentiated cells. Featured offerings include ActiCells GMP hiPSCs, described as covered by a US FDA Drug Master File with karyotype-normal genomic stability and stable transgene expression after editing and differentiation, and a TARGATT Hypo hiPSC Knock-in Kit that is hypoimmunogenic via a B2M/CIITA double knock-out, allows further knock-ins from the H11 safe harbor locus, and is offered license-ready. Earlier company descriptions also list custom gene editing in mice and rats, patient-relevant cell models, iPSC-based preclinical neurotoxicity and efficacy screening, Cas9-expressing cells, iPSC-derived neuronal lineage cells and cardiomyocytes, bioproduction in rabbits and cell lines, and stem cell-qualified MEF cells and FBS. A diagnostics division, AccuRef Diagnostics, offers engineered reference standards for cancer diagnostics, including 270 isogenic cell lines and more than 2,600 singleplex and multiplex dPCR reference standard products in formats such as genomic DNA, FFPE cell blocks, slides and scrolls.

Founding story

Applied StemCell was founded in 2008 by Dr. Ruhong Jiang (Founder, CEO and President) and Dr. Ruby Yanru Chen-Tsai, who were motivated by Shinya Yamanaka's iPSC reprogramming research to build a company providing genome modification and stem cell toolkits for animal and cell line modeling. Chen-Tsai had established the Stanford University Transgenic Research Center in 1996 after postdoctoral training at Stanford School of Medicine and directed it for 16 years; she served as a founder-consultant in ASC's early years before joining full time as CSO and Senior VP in 2012.

Business model

ASC operates a services-plus-products model: fee-for-service and CRO-based custom projects in genome engineering, iPSC work and animal/cell model generation; cGMP contract development and manufacturing (CDMO) including GMP cell banking and expansion; and a catalog of research and GMP-grade reagents, kits, cell lines and diagnostic reference standards. Its TARGATT platform is also offered on a licensing path, with products marketed as "license-ready with a clear IP path to commercialization."

Revenue derives from custom CRO/CDMO project fees (gene editing, iPSC generation and differentiation, GMP cell banking and manufacturing) and sales of catalog products such as knock-in kits, iPSC lines, differentiated cells, MEF cells/FBS and diagnostic reference standards, plus technology licensing of TARGATT.

Traction

The Milpitas site reports a track record of over 15 years and thousands of completed projects for companies, academic institutions and standard-setting bodies, roughly 10,000 sq ft of CRO/research laboratory space, five qualified ISO 7 cGMP cleanrooms with space planned for five more EMA Annex 1-compliant rooms, ISO 13485 certification since 2017 and a California Department of Public Health license. Catalog traction cited includes stem cell-qualified MEF cells and FBS referenced in more than 60 peer-reviewed publications and an AccuRef Diagnostics catalog of over 2,600 products. Research programs have been supported by NIH SBIR awards (including grant 1R43GM108071-01A1 for TARGATT rats and a further SBIR for TARGATT rabbits) and CIRM funding for iPSC work.

Latest developments

In October 2023 QHP Capital acquired Applied StemCell for undisclosed terms. The company's current commercial focus includes ActiCells GMP hiPSCs and the TARGATT Hypo hiPSC Knock-in Kit for allogeneic cell therapy development, and it reports plans and available space to expand cGMP operations with five additional EMA Annex 1-compliant cleanrooms plus further QC and materials management space.

Full profile — market position, technology, go-to-market, geography, history

Market position

ASC is described in transaction materials as a leading cell and gene therapy CRO/CDMO with over 15 years of gene-editing and stem cell expertise, differentiated by its GMP-grade allogeneic iPSC platform and TARGATT gene editing. In 2023 it became a portfolio company of QHP Capital, an investor in lower middle market healthcare services and technology companies.

Stated differentiators include site-specific, non-viral integration of large gene cargos via TARGATT (versus random or viral integration), shorter manufacturing timelines, genomic stability and safety, GMP-grade allogeneic iPSC lines covered by an FDA Drug Master File with no additional pass-through cost, hypoimmunogenic edited iPSC lines ready for further therapeutic knock-ins, a strong patent/IP foundation with a defined commercialization license path, and capability to edit hard-to-edit cells such as blood lineage, stem and primary cells.

Technology

The core proprietary technology is TARGATT, an integrase-based site-specific integration system enabling insertion of large DNA payloads into defined genomic loci in mammalian cells, described as delivering reliable, stable gene expression; it derives from phiC31 integrase/attP work at Stanford and is exclusively licensed to ASC (granted patent US 9,125,385 B2). The company also uses CRISPR and Mad7 nucleases, high-throughput gene-editing automation with imaging and a Hamilton liquid handler/colony picker, and iPSC reprogramming, editing and differentiation methods. Product-level technology includes hypoimmunogenic hiPSCs via B2M/CIITA double knock-out and expression from the H11 safe harbor locus, and GMP hiPSCs covered by a US FDA Drug Master File.

Go-to-market

Biopharmaceutical and biotechnology companies developing cell and gene therapies (including allogeneic iPSC-based and antibody-based therapeutics), academic and research institutions, drug discovery groups, diagnostics developers, and federal and state standard-setting bodies in the US and internationally.

Geography

Operations are centered on a single site in Milpitas, California (Silicon Valley), which houses cGMP manufacturing, quality control, CRO and research-grade production laboratories; the company serves clients in the USA and internationally.

History

Founded in 2008 in Milpitas, California, the company built a fee-for-service and CRO business around gene editing of cell lines and animal models and iPSC services, exclusively licensing the Stanford-derived integrase technology it trademarked as TARGATT. Its quality systems were certified to ISO 13485 in 2017, and it added cGMP cleanroom manufacturing and GMP cell banking capacity in California. A diagnostics division, AccuRef Diagnostics, was established to sell engineered reference standards. In October 2023, QHP Capital, L.P. acquired Applied StemCell in an undisclosed-terms transaction on which Baird advised the seller.

Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
AccuRef Diagnostics catalog productsJan 2025>2,600 products
CGMP cleanroomsJan 20255 ISO 7 cleanrooms
CRO and research-grade laboratory spaceJan 202510,000 sq ft
HeadcountAug 202651
Isogenic cell line reference standards (AccuRef Diagnostics)Jan 2025270 cell lines
Molecular biology benchesJan 202530 benches
Planned additional cGMP cleanroomsJan 20255 EMA Annex 1 compliant cleanrooms
Publications citing stem cell-qualified MEF cells and FBS productsJan 2025>60 publications
Years of operating track record in Silicon Valley facilityJan 2025over 15 years and thousands of completed projects

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Non-dilutive funding · 6 SBIR/STTR awards

Federal grants — no equity taken
AgencyPhaseYearAmount
National Institutes of Health (NIH)National Institutes of HealthPhase II2020$1.8M
National Institutes of Health (NIH)National Institutes of HealthPhase I2020$224.9K
National Institutes of Health (NIH)National Institutes of HealthPhase II2017$1.3M
National Institutes of Health (NIH)National Institutes of HealthPhase ISTTR2016$224.5K
National Institutes of Health (NIH)National Institutes of HealthPhase I2014$217.9K
National Institutes of Health (NIH)National Institutes of HealthPhase ISTTR2014$186.2K

Source: SBIR.gov award data (U.S. Small Business Administration). SBIR/STTR awards are competitive federal R&D grants and contracts — non-dilutive capital alongside any venture rounds above.

Timeline · 3

launches, deals, and filings
Jan 2025
AccuRef Diagnostics division launched

The company describes a diagnostics division, AccuRef Diagnostics (ARD), offering engineered reference standards for cancer diagnostics, including 270 footprint-free isogenic cell lines and more than 2,600 singleplex and multiplex dPCR reference standard products.

source ↗

Oct 2023
QHP Capital acquires Applied StemCell

Applied StemCell, Inc. was acquired by QHP Capital, L.P., a Raleigh, North Carolina-based investor in lower middle market healthcare companies. Terms of the transaction were not disclosed. Baird served as exclusive financial advisor to Applied StemCell.

source ↗

Jan 2017
Quality systems certified under ISO 13485

Applied StemCell states its quality systems have been certified under ISO:13485 since 2017 and that its Milpitas facility is licensed by the California Department of Public Health.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
Applied StemCellDelaware

In the news

Research sources · 7

primary sources listed

7 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Applied StemCell do?
Cell and gene therapy CRO/CDMO offering TARGATT genome engineering, iPSC services and cGMP cell banking from Milpitas, California.
Who are Applied StemCell's investors?
Applied StemCell's investors include First Analysis.
How much funding has Applied StemCell raised?
Applied StemCell has disclosed $19M raised across 1 round.
Where is Applied StemCell headquartered?
Applied StemCell is headquartered in Milpitas, US.