Decheng Capital, a company which has links to the investment unit of the Walton family, which founded Walmart, has led the latest $12m round raised by GeneWeave Biosciences.
Decheng was joined by GeneWeave’s existing investors, venture firms Claremont Creek Ventures and X/Seed Capital, in the series A round on Tuesday last week. GeneWeave is a platform for the surveillance and detection of infectious disease.
Decheng is backed by venture firms Bay City Capital and DT Capital Partners. The latter is affiliated to Madrone Capital, the investment entity of the Walton family, which founded Walmart.
Min Cui, a managing director at Decheng Capital, said:"Decheng Capital led the latest venture round for GeneWeave Biosciences because we see the tremendous application for the technology both here in the United States and in China where there is fast growing demand for innovative molecular diagnostics products. GeneWeave has the opportunity to offer simplified workflow, rapid results and truly transformational technology. We believe that GeneWeave will continue to deliver exceptional results, as they have done throughout their early development."