China genomic services provider Novogene raises $75m
Novogene Technology, a Beijing-headquartered genomic services provider, has raised a $75 million Series B round from Chinese investors including CMB International, SDIC Innovation Investment and Shanghai Sigma Square Capital.
Founded in 2011, Novogene specializes in next generation sequencing (NGS) and bioinformatics. With laboratories in Tianjin and the US, as well as subsidiaries or joint ventures in Hong Kong, UK and Singapore, the company claims that it has the largest NGS capacity in China. Its genetic testing services cover humans, plants and animals. The company has 1,300 employees and 43 NGS-related patents in its database.
The latest funding will be used to support Novogene's strategic growth in the global NGS market, as well as in clinical sequencing R&D and services.
"Since being founded in 2011, Novogene has rapidly emerged as a global leader in genomics and bioinformatics, pioneering the application of biology, computer science and information technology in animal and plant research as well as human health. This financing will enable us to continue to build on that momentum," said Novogene CEO Ruiqiang Li in a statement.
CMB International is the direct investment arm of China Merchants Bank. It covers private equity funds, mezzanine funds, cross-border investments and other financial services. SDIC manages and advises more than RMB50 billion ($7.2 billion) of capital for a wide range of Chinese investors.
Sigma Square Capital was founded earlier this year by Kun Ouyang and Dai Zang, who previously were responsible for media, media and healthcare coverage at IDG Capital Partners. The firm focuses on early-stage investments in healthcare, technology, finance and consumer products.
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