China genomics player Annoroad raises $105m Series C
Beijing-based genomics services provider Annoroad has completed a RMB700 million ($105 million) Series C round co-led by Shenzhen GTJA Investment Group and Ping An Ventures. SBCVC and SAIF Partners China also participated.
Founded in 2012, Annoroad provides next-generation sequencing-based (NGS) products and services for diagnostic use and life science research. They include genetic disease testing, diagnosis and treatment of tumors, non-invasive prenatal testing (NIPT), and genetic health screening.
In 2015, Annoroad unveiled a plan to jointly develop NGS-based clinical tests for the reproductive health market in China. The partnership combined Annoroad's data analysis software with US-based Illumina's sequencing technology.
According to Annoroad, its two main products - NextSeq 550AR sequencer and NIPT reagent kit – have been approved by the China Food & Drug Administration and are widely used by customers in China. Earlier this year, the company also launched SolarGenomics, a cloud-based gene platform for Chinese small research organizations and clinical laboratories looking to incorporate genomics data into their practices.
“We will implement sustainable development practices in the hardware, diagnostics, and cloud service markets among other sectors,” Chongjian Chen, the company’s CEO, said in a statement. It plans to use the funds to expand its business, improve its research and development capabilities and infrastructure, as well as invest in new genomics technologies.
Other players in the space include WuXi NextCode, a genome sequencing analysis business with ties to China-based contract research organization WuXi PharmaTech. The company raised $240 in an extended Series B round in September, four months after it secured an initial commitment of $76 million.
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