Biotech company ABclonal has co-led a RMB200m ($31m) series A round for China-based life sciences research equipment maker Monad, DealStreetAsia reported on Wednesday, citing a company statement.
The round was co-led by investment firm Lucion and also featured venture capital fund Wuxi Capital.
Co-founded by Zhuhai Nanshan Investment, Monad provides biological instruments and antibody research technology in addition to reagents and in-vitro diagnostics tools. It is headquartered in the city of Suzhou but has facilities in Shanghai and Wuhan.
The funding will be allocated to medical equipment development as well as additional research and development activities, expanding the company’s operational resources and growing its sales and manufacturing teams.
