MGI Tech, a gene sequencing technology developer spun off by China-based genomics services provider BGI, has completed a $1bn series B round, DealStreetAsia reported today.
Venture capital group IDG Capital and private equity fund CPE Capital co-led the round, which included investment bank China Renaissance’s New Economy Fund and Goldstone Investment which, like CPE, is part of state-owned investment manager Citic.
Brokerage firm Huatai Securities’ private equity arm, Huatai Zijin Investment Fund, filled out the round along with fund manager Sailing Capital, private equity firm Co-Stone Asset Management, VC firm Green Pine Capital Partners and an entity called Shanghai Guofang FoF.
Formed in 2016, MGI Tech is working on high-throughput sequencing technology, reagents and consumables for applications in life sciences, precision medicine and agriculture.
The applications of the company’s systems range from mass spectrometry and medical imaging to laboratory automation.
MGI Tech’s technology has been used for the rapid detection of Covid-19 according to China Money Network, and its equipment has been sold internationally for that purpose.
The spinoff previously raised $200m in series A funding from Green Pine Capital Partners, Goldstone Investment and Orient Securities Capital Investment, a subsidiary of investment bank Orient Securities, in May 2019.
