China-based disease diagnosis technology developer Targeting One has secured RMB150m ($23.2m) in a series B round led by Lilly Asia Ventures, a corporate venturing unit for pharmaceutical firm Eli Lilly.
The round included hedge fund manager Hillhouse Capital’s venture capital arm, GL Ventures, as well as China Growth Capital and returning investors Chongyuan Huichen Ventures and Qingdao Yufeng Investment.
Founded in 2015, Targeting One focuses on digital polymerase chain reaction (PCR)-based disease detection products, which quantify nucleic acids such as DNA or RNA in a more precise manner than traditional PCR counterparts.
The company has research and development capabilities encompassing hardware, software and raw materials, having applied for more than 100 patents in China and elsewhere. It will use the latest funding to boost research and development efforts in molecular diagnostics used to identify viruses and bacteria.
Targeting One’s other shareholders include Lotus Lake Capital, Wonder Group and Beijing LF Capital Management, according to DealStreetAsia.
