China DNA sequencing start-up gets $116m Series C
Chinese next-generation sequencing (NGS) player Geneplus Technology has raised a RMB750 million ($116 million) Series C round led by China Construction Bank’s venture unit CCB International.
Fortune Capital, GGV Capital, Suzhou Harvest Capital, Baidu Ventures, and Alibaba’s AliHealth also participated, according to a statement. They were joined byJM Capital, an investment arm of conglomerate China Jinmao Holdings.
The fresh capital will go toward oncology diagnosis R&D and in-depth cooperation with innovative pharmaceutical companies with a view to collaboratively developing new drugs.
Founded in 2015, Geneplus has obtained medical device registration certificates for its gene sequencer, its tumor gene mutation detection kits, and tumor NGS automatic analysis software. The company, which claims to serve dozens of key hospitals in China, has also launched series of cancer-specific detection products and developed early screening detection technology.
It follows a RMB200 million Series B in 2019 and Series B extension of RMB250 million in 2020, according to AVCJ Research. A RMB200 million Series A came in 2016.
NGS has proven a popular investment theme in China. This year alone QitanTech raised a RMB400 million Series B, AnchorDx raised a $40 million Series C, and SimCere Diagnostics, the diagnostics arm of Hong Kong-listed SimCere Pharmaceutical Group, raised a RMB600 million Series B.
Last year, 3D Diagnostic, a diagnostics spinout from Chinese tumor immunotherapy specialist 3D Medicines, raised RMB1.5 billion, while Guangzhou-based Vision Medicals raised a RMB200 million Series B.
Other players in thisspace include AmCare Genomics Lab and MGI Tech, a subsidiary of BGI Group. BGI is considered a dominant player locally for the most common genetic tests.
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