China life sciences research business gets $300m Series C
MegaRobo Technologies, a China-based provider of artificial intelligence (AI) and robotics-enabled research services to the life sciences industry, has raised USD 300m in Series C funding.
There were three lead investors: Goldman Sachs Asset Management, Asia Investment Capital, and GGV Capital. Additional commitments came from Sinovation Ventures, Temasek Holdings-controlled Pavilion Capital, Starr Capital, U-Member Capital, Redview Capital, Harvest Capital, and Taihe Capital.
Founded in 2016, MegaRobo provides R&D services for small and medium-sized biotech companies. It claims its suite of solutions - which range from workflow automation to AI drug development - deliver greater efficiency in areas such as antibody selection, cell line development, and molecular screening.
The company MegaRobo has collaborated with biotech companies in frontier fields to establish automation solutions. . The firm has also developed a sample preparation system, and a fully automatic nucleic acid testing system targeting Covid-19.
The company has collaborated with assorted life sciences players in frontier fields to build its infrastructure and platform. Partners include Cellada for organoids, Agilent Technologies for synthetic biology and biopharmaceutical R&D, and AccuMea for the detection of mRNA and viral gene vectors.
Separately, it has created a CRISPR plasmid library for use in gene editing and rapid antigen tests for COVID-19.
Chengzhi Wang, MegaRobo's chief scientist, said the new funding would be used to strengthen the company's closed-loop solutions and build next-generation life sciences infrastructure featuring intelligent automation.
“We see great opportunities in automation and digitalisation to improve efficiency and intelligence level in a wide range of areas. MegaRobo has established a leading franchise in the life sciences industry with recognition from leading players in the sector globally," added Erhfei Liu, CEO of Asia Investment Capital.
"MegaRobo has built strong capabilities in automation and artificial intelligence, has gained in-depth industry know-how, and is continuously exploring frontier technologies.”
The company secured angel funding from PowerCloud Venture Capital, Innovation Angel Funds, and Zhulu Capital in 2017. Joy Capital led a USD 10m Series A the following year, joined by Future Capital. They both re-upped in an extension led by Robert Bosch Venture Capital in 2019. Gobi Partners also took part in that deal.
In 2020, Matrix Partners China has led a USD 30m Series B with participation from Sinovation and Joy Capital. Both re-upped for a USD 65m investment in 2021 alongside Future Capital, Sinovation, Matrix Partners, and Robert Bosch Venture Capital.
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