Bota Biosciences, a China-headquartered industrial biotechnology developer backed by corporates Baidu and BASF, has secured more than $100m in a series B round led by venture capital firm Sequoia Capital China.
Venture capital firms Matrix Partners China, Source Code Capital, Sherpa Healthcare Partners and 5Y Capital also participated in the oversubscribed round, which the company said increased its overall funding to $145m.
Founded in 2019, Bota Bio has created a system called Bota Freeway which combines laboratory automation technology and digital tools that help customers create biological replacements for existing synthetic ingredients.
Chemical producer BASF invested an undisclosed amount in the startup through corporate venturing vehicle BASF Venture Capital in March this year, and the latest cash influx will fund the expansion of its technology platform along with its international operations.
Matrix Partners China had led the company’s $15m series A round in September 2020, investing alongside Sherpa Healthcare Partners and Baidu Ventures, the early-stage investment arm of internet group Baidu.
Cheryl Cui, Bota Bio’s co-founder and CEO, said: “Most traditional manufacturing comes with a high environmental cost. We are building Bota Bio to innovate solutions that help manufacturers in all industries leverage the power of biology to accelerate the design and scale-up of high-performance products using sustainable processes.
“We are empowering a diverse global client base from different industries to develop bio-based alternatives to traditional ingredients. We are thrilled to have this syndicate of renowned investors support our efforts in transforming global manufacturing.”
