US-based antibody production service ABclonal Technology has completed a RMB600m ($91.8m) series C round featuring Xiamen C&D Emerging Industry Equity Investment, on behalf of supply chain manager Xiamen C&D, DelaStreetAsia has reported.
Life sciences investment firm Lyfe Capital led the round, which was also backed by Sequoia Capital China, Oriza FoFs and existing investors including Sigma Square Capital, Kinghall Ventures and Lucion Venture Capital.
ABclonal’s core business involves providing customised antibody production services, but it has also expanded into next-generation sequencing technology. It will put the series C proceeds into research and development and the growth of its life science and in vitro diagnostics activities.
Haoyue Capital was financial adviser on the round, which followed $620,000 of series A funding in March 2016 and tens of millions of yuan (RMB10m = $1.5m at contemporary rates) in a series B round five months later, according to DealStreetAsia.