China-based genome-sequencing technology developer Geneseeq has completed a RMB800m ($114m) series D round featuring pharmaceutical firm Eli Lilly and telecommunications and internet group SoftBank, DealStreetAsia has reported, citing a company announcement.
Investment holding company China Reform Holdings Corporation led the round while the corporates participated through Lilly Asia Ventures and SoftBank China Venture Capital (SBCVC) respectively.
Originally founded in Canada, Geneseeq is developing diagnostic tools that use genomic sequencing to test for and analyse a range of cancers including lung cancer, breast cancer, gastrointestinal cancer, gynaecological and prostate cancer.
The capital will be spent on research and development and the formation of strategic partnerships as the company looks to grow its business.
Pharmaceutical company Beijing Beilu invested $4.4m in Geneseeq before providing another $8.9m in series B funding in 2016 according to DealStreetAsia, which also reported that it received approximately $7m in series B-plus funding from DNV Capital in February 2017.
The company raised a nine-figure renminbi amount in a series C round backed by Industrial Innovation Capital Management, a subsidiary of brokerage Industrial Securities, as well as Cowin Capital, Boyuanhongsheng and securities group Huatai Securities’ Huatai Ruihe Healthcare Industrial Fund, four months later.
