Qitan Technology, a China-based gene sequencing device developer backed by internet group Baidu, raised more than RMB100m ($14.1m) in series A funding yesterday.
The round was led by venture capital firm Gaorong Capital and also featured Yinxinggu Capital and Alwin Capital.
Founded in 2016, Qitan is working on pathogen detection systems for use in drug development, cancer diagnosis and pathology. The series A cash will be used for research and development and the expansion of its manufacturing capabilities as it prepares for mass production of its devices.
The company secured $420,000 from Baidu unit Baidu Ventures, Tsinghua University’s Technology Transfer Fund, Empower Investment and QM Capital in 2017. It added a total of $8.5m from investors including Alwin Capital and ZGC Co-Innovation Fund across two rounds in 2018 and 2019.