China-based medical testing assay producer Shandong Yingsheng Biotechnology has raised “tens of millions” of dollars in a series B round featuring YuanBio Venture Capital, a subsidiary of insurance provider Sunshine Insurance, DealStreetAsia has reported.
The round was led by GL Ventures, a venture capital vehicle for hedge fund manager Hillhouse Capital, and included Qianhai Fund of Funds and CD Capital, while YuanBio Venture Capital participated as an existing investor.
Shandong Yingsheng provides medical testing tools and services to screen patients for inherited diseases and birth defects, leveraging a combination of gene analysis and mass spectrometry techniques. The series B cash is earmarked for product development.
The company raised an undisclosed amount from Xiamen C&D Corporation, a subsidiary of real estate and logistics firm C&D Group, in May and June 2019, according to DealStreetAsia. Its other backers reportedly include Alwin Capital, Sunz Fund and Source Capital.