China biotech player Genecast raises $149m Series E
Genecast Biotechnology, a Chinese gene sequencing and precision diagnostics company, has closed a RMB1 billion ($149 million) Series E funding round led by China Structural Reform Fund.
Other investors include Taikang Asset Management, CCB Private Equity Investment Management, Hillhouse Capital’s venture capital unit GL Ventures, and China Renaissance, according to the statement. CICC Capital and Matrix Partners China re-upped.
The company closed a RMB300 million Series D round led by CICC in October last year, following a RMB210 million Series C co-led by Matrix Partners China and Loyal Valley Capital in 2018. Cowin Venture Capital committed angel funding in 2014 and a Series A of RMB20 million came a year later. In 2017, Genecast raised a RMB128 million Series B led by THG Ventures, according to AVCJ Research's records.
Established in Beijing in 2014, the company focuses on second-generation sequencing technology and bioinformatics. It targets non-invasive and precise diagnosis of tumors. Genecast has formed a two-wheel-driven strategy, combining in-house research with licensing from global leading players.
It is now headquartered in Wuxi, Jiangsu Province and has more than 500 employees and 7,000 square meters of operating space across 12 cities. This includes a precision medicine diagnostic laboratory, a precision tumor diagnosis and big data center, and a manufacturing base. Genecast claims to have built ties with more than 400 top-tier hospitals in China.
In the gene-sequencing space earlier this month, 3D Diagnostic, a diagnostics spinout from Chinese tumor immunotherapy specialist 3D Medicines has raised a $224 million round led by CPE. Other VC-backed companies include Guangzhou-based precision diagnosis and gene sequencing player Vision Medicals and MGI Tech, a manufacturer of gene sequencing devices.
China Renaissance served as the exclusive financial advisor for Genecast's latest round.
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