China-based genomics technology developer Annoroad closed a funding round co-led by insurance group Ping An and investment firm Shenzhen GTJA Investment sized at almost $105m yesterday.
SBCVC, the China-based corporate venturing vehicle for Japan-headquartered telecommunications group SoftBank, and private equity firm SAIF Partners’ China fund also participated in the round. Ping An invested through its Ping An Ventures unit.
Founded in 2012, Annoroad provides human, animal and plant genome sequencing services and products for research purposes.
The company will use the funding to expand internationally, and to increase its headcount and product range, according to GenomeWeb. It also intends to put money into strengthening its research and development capabilities and infrastructure, and developing new genomics technologies.
Chongjian Chen, Annoroad’s CEO, said: “Such financing will give fresh impetus into the development of Annoroad. With the mission of enhancing the life value, based on gene technology, Annoroad is aiming at bringing more further social benefits, serving human health and accelerating the discoveries in life science.
“We are particularly grateful to the like-minded investment institutions. Annoroad will, using the platform strategy of genomics technology, in such sectors like hardware device, service and diagnosis products and data cloud service, implement sustainable development.”
Annoroad did not disclose how much it has raised in total, or details of its earlier rounds.