Coyote Bioscience, a China-based molecular diagnostics technology provider backed by conglomerate Legend Holdings, has raised almost RMB600m ($91.6m) in series D funding, DealStreetAsia has reported.
The round was led by GL Ventures, the venture capital arm of hedge fund manager Hillhouse Capital, and included Grand Mount Capital, Kinghall Ventures and FreesFund.
Founded in 2009, Coyote initially provided temperature controllers but later pivoted towards providing point-of-care testing.
The company develops tools for portable point-of-care molecular diagnostics as well as for pathogen detection and other life science activities, and its products are currently being used for the early detection of the covid-19 virus.
Coyote will use the funding to finance research and development, clinical studies and the commercialisation of its products. It had closed an undiclosed amount of series C funding in March 2019, according to data produced by market analysis provider Zero2IPO and cited by DealStreetAsia.
In 2016, Coyote raised approximately $12.2m in a series B round backed by Legend Star, the early-stage investment arm of conglomerate Legend Holdings, as well as Northern Light Venture Capital and SAIF Partners China, the last of which had also participated in a $4.9m series A round two years earlier.