China-based genome sequencing platform developer Geneplus Technology has picked up RMB750m ($116m) in a series C round featuring internet group Baidu and e-commerce group Alibaba, DealStreetAsia reported yesterday.
Financial services firm China Construction Bank’s CCB International unit led the round, which included fellow China Construction Bank subsidiary CCB Capital and Jinmao Capital, an investment arm of state-owned real estate developer China Jinmao Holding, as well as GGV Capital and Fortunate Capital.
Alibaba was represented in the round by its healthcare services subsidiary, AliHealth, while Baidu invested through corporate venturing unit Baidu Ventures.
Founded in 2015, Geneplus has developed a next-generation sequencing (NGS) platform and a big data software platform for cancer genomics that informs gene testing, medical device manufacturing and cancer treatment.
The capital injection will go to the expansion of the company’s gene testing capacity for cancer diagnostics, in addition to helping it foster partnerships with pharmaceutical companies.
Geneplus raised $38.9m to close a series B-plus round in November 2020 backed by healthcare provider Aier Eye Hospital Group’s Aier Health Investment subsidiary in addition to Huaigai Capital, Sharewin Capital and Highlight Capital.
The company had secured $28m in a September 2019 series B round led by Co-Stone Asset Management. It came after genome sequencing firm BGI led a $30m series A round in 2016, and its other investors include Volcanics Venture and Green Pine Capital Partners.