China-based medical test developer 3DMed Diagnostic has closed a RMB1.5bn ($224m) funding round featuring pharmaceutical firm Jemincare and biomedical cold chain storage provider Haier Biomedical, DealStreetAsia has reported.
The round was led by CPE, the alternative asset management arm of state-owned investment firm Citic Group, and included CICC Capital, a private equity arm of investment bank China International Capital Corporation.
The state-owned Spinnotec filled out the round alongside Shandong Transportation Industrial Development Fund, Luxin Venture Capital, Sangel Capital, Ruiyi Investment and LanShang Capital.
Spun off by precision cancer drug developer 3D Medicines in 2018, 3DMed Diagnostic focuses on diagnostic tools, including a test for covid-19, based on technology developed at its parent company.
Proceeds from the round will support research and recruitment activities as 3DMed Diagnostic targets international growth. China Resources’ Pharmaceutical Industry Investment Fund had led a $40.1m round for 3DMed Diagnostic in January 2020 according to DealStreetAsia.
Shandong Transportation and Luxin both also took part in the January round, as did Shanghai Zhangjiang Technology Venture Capital, ChinaEquity Group, Guangzhou Qudao Assets, Guangzhou Guofa Venture Capital and undisclosed additional investors.