Precision cancer diagnosis firm 3D Med Diagnosis has raised 280 million yuan ($40 million) to spruce up its R&D for its growing product pipeline. In a separate development, human resource SaaS provider eRoad Software has secured over $14 million from SIG and Hillhouse Capital, among others.
3D Med Diagnosis raises $40m
3D Medicines Corporation (3D Med), a precision cancer care medicine company, has announced that its affiliate 3D Med Diagnosis has secured 280 million yuan ($40 million) in its debut funding round after spinning off the division in 2018 to accelerate R&D of its product pipeline, per a company statement.
The round was led by China Resources Pharmaceutical Industry Investment Fund with participation from Shandong Transportation Industrial Development Fund and Luxin Venture Capital who jointly invested in the company.
Other investors who participated in the funding round include Shanghai Zhangjiang Technology Venture Capital Co. , Ltd., ChinaEquity Group, Guangzhou Qudao assets, and Guangzhou Guofa Venture Capital, among others.
Cec Capital served as the financial advisor, per the statement.
Established in 2010, the Shanghai-based company provides diagnostics data and develops drugs for oncology treatment. With increased demand in the market, the diagnostic division was churned out into an independent company. As an arm of 3D Med, 3D Med Diagnosis has devised clinical diagnostic devices such as laboratory-developed test (LDT) and in vitro diagnostic products (IVD).
The parent company 3D Med completed 670 million yuan ($96 million) in its Series E round in 2017. Prior to that, it has closed 6 other rounds of financing.
HR provider eRoad snags over $14m in Series C2 round
China’s human resource (HR) management cloud service platform eRoad Software has raised over 100 million yuan ($14 million) in its Series C2 round led by Eastern Bell Capital, according to a company statement.
Existing investors Hillhouse Capital and SIG also participated in the funding round, while new investors Ivy Capital and GAH infused capital in the company.
The current round of funding comes six months after the company raised 200 million yuan ($28 million) in its Series C round led by Hillhouse.
eRoad, set up in 2004, provides Software-as-a-Service (SaaS) to medium-to-large sized businesses to manage human resource efficiency. With a focus on payroll sector, the company claims to have created a system to maintain rolling data and real-time compensation analysis platform. The company currently offers payroll solutions across over 20 countries.