China-based medical diagnostics technology provider WuXi Diagnostics closed a $150m series B round yesterday featuring scientific instrument producer Thermo Fisher Scientific.
ABC International Holdings, a subsidiary of financial services firm Agricultural Bank of China, also took part in the round, as did CCBI Tech Venture, a vehicle for financial services firm China Construction Bank.
The round was filled out by healthcare investment firm Shiyu Capital, healthcare fund Sunland Capital and private equity firm YF Capital, while investment bank CEC Capital was the financial adviser.
WuXi Diagnostics has developed a technology platform that utilises big data and artificial intelligence algorithms to create diagnostics products or services or help customers accelerate their research and development activities.
The company had already formed a collaboration agreement with Thermo Fisher and medical research and care provider Mayo Clinic that focuses on covid-19. It has not revealed details of earlier funding.
Gianluca Pettiti, Thermo Fisher’s senior vice-president and its president of specialty diagnostics, said: “Thermo Fisher shares WuXi Diagnostics’ commitment to accelerate the adoption of an integrated diagnostics approach.
“Our support of their effort underscores the importance of broadening the use of multi-omics data to support precision medicine and our commitment to support the expansion of high-quality care in China.”
