Valuing an innovative company that has little or no revenue calls for specialised methods. Valtech Valuation provides independent technology, biotech and life science startup valuations using industry-standard methodologies and proprietary sector data. Our experience covers biotechnology, life sciences, healthcare, AI, robotics and digital technology. Our professionals have supported startups from Hong Kong Science and Technology Parks (HKSTP) and Cyberport, some of which went on to close Series A and later rounds.
Why Tech and Biotech Startups Are Different to Value
- Limited operating history and negative early cash flows
- Binary outcomes, such as clinical trial results or product-market fit
- Value concentrated in intellectual property, data and talent
- Complex capital structures with multiple preference share classes
Biotech Valuation Methodologies
1. Risk-Adjusted Net Present Value (rNPV)
rNPV is the standard valuation method in drug development and an advanced form of the discounted cash flow model. It weights each future cash flow by the probability of the asset successfully passing each clinical phase. Our specialised rNPV framework incorporates:
- Market size and peak market share estimates
- Projected pricing and revenue forecasts
- Cost structure, R&D and capital expenditure
- Probability of success by clinical phase and therapeutic area
- Commercialisation strategy, whether direct market entry or out-licensing and partnership with established pharmaceutical companies
2. Market Approach and Transaction Database
We cross-check results against public transactions and industry comparables. Our proprietary biotech and healthcare transaction database covers global capital markets and provides sector-specific benchmarks for licensing deals, M&A and financings.
3. Clinical Trial Phase-Based Benchmarking
Because biotech startups carry high uncertainty, we benchmark value by clinical trial phase. We use comparable listed companies and past transactions to keep assumptions realistic and data-driven.
Therapeutic Areas Covered in Our Database
- Oncology
- Immunology
- Genetic testing
- Cardiovascular
- Vaccines
- Liver and infectious diseases (HCV, HIV, HBV)
- Nervous system
Technology Startup Valuation
For software, AI, fintech and deep-tech companies, we combine DCF scenarios with revenue and user-based multiples from comparable companies and venture transactions. Where relevant, we use option-pricing models to allocate value across share classes for financial reporting, ESOP grants and US 409A compliance.
Trusted by Public Companies and Multinational Corporations
Valtech Valuation is an independent valuation and transaction advisory firm with offices in Hong Kong and Singapore. Our clients range from Fortune 500 companies and publicly listed groups to private equity funds, family offices and high-growth startups, with engagements across Hong Kong, Mainland China, Singapore, Southeast Asia, the Middle East and the United States. Startups benefit from the same institutional-grade standards that listed companies and multinationals rely on, which gives investors confidence in the numbers.
Why Appoint Valtech Valuation for Reliable International Valuation Services
- Independent and defensible conclusions – objective, well-documented reports prepared to withstand investor, audit and regulatory scrutiny.
- ISO 9001 certified quality management – a certified quality process for consistent, reliable results on every engagement.
- Proven with listed companies and multinationals – experience supporting publicly listed groups, US-listed firms and Fortune 500 companies on financial reporting and transaction valuations.
- International reach, local expertise – offices in Hong Kong and Singapore serving clients across Asia, the Middle East and the United States.
- Sector depth – PhD-qualified specialists and a proprietary biotech transaction database.
- Technology-enabled valuation – data analytics, business intelligence tools and proprietary applications improve transparency and efficiency.
Professional Credentials of Valtech's Team
- PhD holders
- Certified Public Accountants – CPA (HKICPA)
- Chartered Financial Analysts – CFA
- Financial Risk Managers – FRM (GARP)
- Chartered Valuation Surveyors – MRICS (Royal Institution of Chartered Surveyors)
- Accredited in Business Valuation – ABV (AICPA)
- Certified Valuation Analysts – CVA (Singapore)
- Certified Public Valuers – CPV (China Appraisal Society)
Request a Startup Valuation Proposal
Tell us about your technology or pipeline, funding stage and purpose of the valuation, and we will prepare a tailored proposal.