China-based based biotechnology developer Duoning Biotechnology has collected RMB100m ($14.9m) in a series A-plus round that included pharmaceutical company WuXi Biologics.
The corporate took part through an undisclosed corporate venturing fund, investing alongside private equity firm Ally Bridge Group. It came after an undisclosed amount of series A funding from Shanghai Hongjia Asset Management Company in September 2018.
Founded in 2005, Duoning Biotechnology is developing a serum-free version of cell culture medium, a liquid or gel that supports the growth of microorganisms and cells.
The company has formed a partnership with WuXi Biologics to jointly establish a serum-free medium development platform. The funding will be used to develop its industrial integration capabilities and to expand its upstream supply of biopharmaceuticals.