China-based genetic testing services provider Genskey has collected RMB230m ($34.4m) in a series C round backed by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, DealStreetAsia reported yesterday.
Private equity fund Huagai Capital led the round, which was filled out by Apricot Capital and YuanBio Venture Capital.
Genskey provides next-generation sequencing services to detect disease pathogens such as covid-19 on behalf of research labs and healthcare providers. Its services are billed as being sensitive enough to identify any disease-causing microorganism, helping to accelerate testing of potentially-severe infections.
The company runs testing labs and service outlets in more than 20 Chinese provinces and municipalities. It was incubated within Peking University’s School of Life Science and its partners include hospitals aligned to Peking University and Sichuan University.
Legend Capital supplied Genskey with ‘millions of dollars’ in series A funding in April 2019 before it raised $14m in a November 2019 series B round featuring SB China Capital, a unit owned by telecommunications and internet group SoftBank, as well as Shanghai Lin Chong Investment Management and Juyuan Capital.
The company subsequently added $7.2m in a February 2020 series B-plus round led by an affiliate of VC firm Fortune Capital and backed by Legend Capital and additional investors which, it has now been revealed, included Prosnav Capital.
Photo courtesy of GensKey.