China-based gene-sequencing technology developer Vision Medicals has raised RMB300m ($47m) in a series D round featuring internet and gaming group Tencent, DealStreetAsia reported today, citing a company statement.
Private equity firm Boyu Capital also participated in the round, as did CDH Venture and Growth Capital, a vehicle for alternative asset management firm CDH.
Founded in 2018, Vision Medicals is using gene editing technology to create diagnostics tools and therapeutics to treat infectious diseases.
The series D funds will be used to boost the company’s research and development activities and business strategy, and pursue regulatory approval for its medical equipment, according to DealStreetAsia.
Tencent previously took part in a $30.9m series C round for Vision Medicals in February this year that also featured Cash Capital – an investment unit of the Chinese Academy of Science Holdings – CDH Investments and investment banking group China International Capital Corporation’s CICC Capital unit.
The February round took the company’s total funding to about $74m and came six months after CDH Investments led a $28.8m series B round backed by China International Capital Corporation’s CICC Qichen vehicle, Cash Capital and Volcanics Venture. The last two had co-led its $14m series A round in late 2019.
