CLSA co-leads funding round for Taiwan's ACT
CLSA Capital Partners (CLSA CP) has co-led a funding round of undisclosed size for ACT Genomics, a Taiwan-based developer of genetic sequencing and diagnostic services.
The transaction represents the first investment from Aria V, CLSA CP's latest growth capital fund, which launched earlier this year and targets companies positioned to benefit from changing Asian demographics. The other participant in the deal has not been identified, but AVCJ understands it is a regional fund manager working on behalf of several family offices.
Founded in 2014, ACT develops personalized treatment plans for cancer patients based on their proprietary gene sequencing platform and Asian genome database. Its flagship product, ACTOnco, can investigate 440 cancer-related genes and provide treatment suggestions for clinicians on multiple tumor types.
According to a statement, the company will use the new capital to accelerate its growth across Asia through expanding clinical services, developing new testing and pharmaceutical products, and opening new genomics laboratories in Hong Kong. Currently, ACT has operations in Taiwan, Hong Kong, Singapore, and Japan, along with a joint venture with Canon Medical System in Japan to provide genomic profiling services and sequencing data analysis.
Prior to the new funding round, ACT had raised about $20 million from a number of investors, most recently in a 2016 Series B worth $12.5 million led by Hotung Group and CDIB Capital. Hua Nan Venture Capital, TaiAn Technologies, and UMC Capital, which committed $8 million in 2015, also participated in the Series B.
The Aria funds typically invest $10-50 million per deal, targeting entrepreneur and family-owned businesses in India, Southeast Asia, and Greater China. Investments from the previous fund include Chinese cross-border e-commerce solutions provider Azoya, Indian diaper manufacturer Nobel Hygiene, and supply chain and logistics company Holisol Logistics.
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