China-based oncology diagnostics technology developer Burning Rock closed a RMB850m ($126m) series C round yesterday that included Lilly Asia Ventures (LAV), an investment vehicle for pharmaceutical firm Eli Lilly.
The round was led by GIC, the Singaporean government’s sovereign wealth fund, and also featured investment banking firm CMB International Capital, healthcare fund Lyfe Capital, venture capital firm Sequoia Capital China and T&Brothers Capital.
Burning Rock is working on next-generation sequencing technology to diagnose different types of cancer at an earlier stage using big data and precision genomics technology. It has created 32 products it supplies to hospitals’ pathology laboratories.
Han Yusheng, Burning Rock’s founder and chief executive, said: “Due to the big data generated from precise cancer companion diagnostics, as the leader of this industry. Burning Rock has established a genome big data ecosystem that connects doctors and pharmaceutical companies.
“The ecosystem will be likely to connect patients in the future. The new financing provides a financial guarantee for Burning Rock’s rapid expansion in the above three areas. We appreciate the recognition from our investors.”
Sequoia Capital, Lyfe Capital and CMB International Capital had previously joined Legend Star, an early-stage investment vehicle for conglomerate Legend Holdings, to provide $43.2m in funding for Burning Rock in 2016. LAV invested in the latest round at a time when it is raising its fifth biosciences fund.
