China-based molecular diagnostics company Qiagen Suzhou Translational Medicine has raised RMB175m ($25.7m) in series A funding from investors including medical equipment manufacturer Shanghai Anjue Medical Equipment, China Money Network has reported.
The round was led by venture capital firm Qiming Venture Partners and included private equity fund New Horizon Capital as well as Quanchuang Capital.
Qiagen Suzhou was established in 2013 by US-based molecular diagnostics technology producer Qiagen and BioBay, a science and technology park located in Suzhou. To date, it has focused on services centred on lab testing and molecular diagnostics, such as DNA sequencing technology.
The funding will enable Qiagen Suzhou to transition to a fully commercialised company, with the aim of offering molecular diagnostics products based on artificial intelligence that can be used for immunotherapy and other cancer treatments.
To that end, the proceeds from the series A round will support the construction of a production facility and the recruitment of additional R&D staff.