China's Leadsynbio raises Series D
Chinese synthetic biology company Leadsynbio has raised a Series D round of unspecified size from existing investors Lilly Asia Ventures and Sherpa Healthcare Partners.
The round has been described as amounting to several hundreds of millions of renminbi. The proceeds will be used for R&D, building out the team, and enhancing market and product competitiveness, according to a statement.
Leadsynbio applies synthetic biology technology to replace existing chemical production processes, with products covering pharmaceuticals, animal nutrition, animal health, and agricultural segments. It raised a Series C of CNY 400m (USD 55m) last year co-led by GL Ventures, Sherpa Healthcare Partners and Asia Green Fund.
Founded in 2015, the company has a synthetic biology technology platform and a R&D team of 130 people. It claims to have reached an annual production capacity of 10,000 tons. There are R&D centres in Suzhou and San Francisco as well as two industrialization bases across Hunan and Anhui provinces.
Biosynthesis has been put forward as an alternative to heavy polluting chemical plants in various use cases. The process can achieve the same result as traditional chemical production processes through enzymatic reactions, using microorganisms and naturally occurring enzymes to turn simple compounds into macromolecules or more complex products.
Progress in the field has been driven by the maturation and proliferation of gene sequencing technology, which has helped reduce costs. Other start-ups that have recently received VC funding in this space include Shenzhen-based Readline and Australian alternative protein company Nourish Ingredients.
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