US-based genetic diagnostics technology developer Singlera Genomics raised $60m yesterday in a series A+ round that included medical product distributor Jointown Pharmaceutical Group and pharmaceutical firm Eli Lilly.
Venture capital and private equity firm Green Pine Capital Partners and VC fund Prosperico Ventures co-led the round, which also featured UCF Medical Investment, a subsidiary of investment holding group UCF, while Eli Lilly invested through its Lilly Asia Ventures unit.
Founded in 2014, Singlera is developing DNA sequencing technology in order to better diagnose cancer and genetic diseases and disorders.
The series A+ financing will support the growth of Singlera’s research and development facilities and the introduction of new products as it looks to further develop genetic tests for cancer and clinical validation studies.
Singlera chairman Yuan Gao said: “This new funding will give us significant runway to continue to advance our innovative research and development programs, and we are poised to become the world leader in early-stage cancer detection.”
Lilly Asia Ventures had previously led the company’s $20m series A round in 2016, investing alongside Green Pine Capital Partners and private equity firm CDBI Partners.