Lilly Asia Ventures, an investment vehicle for pharmaceutical firm Eli Lilly, has led a $30m series A round for China-based molecular diagnostics researcher Singleron Biotechnologies, DealStreetAsia reported yesterday, citing a company statement.
Internet group Tencent also participated in the round, as did venture capital firms China Growth Capital and Arch Venture Partners, private equity fund manager Sherpa Healthcare Partners and Chenling Asset Management, a joint venture for China Reform Investment and Puissance Capital.
Founded in 2018, Singleron is developing molecular diagnostics technology intended to enhance the study of single cells that will be used in areas such as drug discovery.
The company launched its lead product, an automated single-cell sequencing system, earlier this year, and also provides single-cell library preparation kits. It plans to channel the series A funding into technology development and international expansion.
China Growth Capital and Sherpa Healthcare Partners had joined Oriza Holdings and Frees Fund to supply approximately $14.1m in pre-series A funding for Singleron in June 2019, following “millions of dollars” from Oriza and Frees Fund the previous year.
