Chinese genetic testing player secures $115m round
Geneseeq, a Chinese genetic testing company that focuses on treatments for cancer, has raised RMB800 million ($115 million) in a funding round led by state-owned China Reform Holding Corporation.
Lilly Asia Ventures, SBCVC, Everest Venture Capital Investment, E Fund Management, and Swiss China Corporation also contributed capital.
Geneseeq specializes in next-generation sequencing (NGS) for precision medicine. It analyzes patients’ genomic information to help doctors develop tailored treatments for lung cancer, gastrointestinal cancer, breast cancer, and prostate cancer, among others.
The company was founded in 2008 in Toronto. It was incorporated in China seven years ago and is now headquartered in Nanjing. Geneseeq has more than 700 employees and primarily operates out of a 100,000 square-foot clinical testing and diagnostic facility.
Several Chinese start-ups focus on oncology NGS testing. In November, Genetron Holdings raised $50 million in Series D funding and filed for a US IPO. It covers the full cycle of care across eight out of the top 10 cancer types. Others include Genecast Biotechnology, Gene+ Technology - which was founded by executives from BGI Group, the country’s leading genetics research business - Burning Rock, WuXi NextCode, 23Mofang, Prenetics, and Annoroad.
The global NGS market is expected to grow at a compound annual rate of more than 20% over the next four years, surpassing $16 billion in value by 2024, according to Market Research Engine.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.