Berry Oncology, a China-based developer of genetic testing technology for cancer, has received nearly $99.2m in a series B1 round backed by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, DealStreetAsia reported today.
China Merchants Capital, a joint venture of logistics services provider GLP and conglomerate China Merchants Group, led the round.
Qiming Venture Partners, Zhongjin Qichen Industry Equity Investment Fund, E Fund, Fujian Venture Investment Management, Xiamen C&D Emerging Industry Equity Investment and undisclosed investors also took part in the transaction.
Spun off from genetic testing service provider Berry Genomics in 2017, Berry Oncology has partnered more than 700 hospitals across China to offer genetic testing products for cancer.
Its tests range from analysing genetic susceptibility to tumours through prognosis prediction to treatment response monitoring.
The money will allow Berry Oncology to develop more products aimed at immunotherapy, personal health management and precision treatments.
The company raised $108m in funding earlier this year, according to DealStreetAsia, following a nearly $124m round in November 2017 backed by Qiming and unnamed others. Legend Capital was identified as a returning backer for the series B1 round.
