China: Biotech company iCarbonX valued at $1b after Series A round

China-based artificial intelligence platform for health data company iCarbonX is now valued at approximately $1 billion after completing a Series A round of financing recently, according to a report on Netease’s tech news site.

Netease also reported that iCarbonX’s Series A round was closed at CNY 1 billion (around $155 million). The round was led by Chinese Internet company Tencent, and saw participation from an existing investor Vcanbio Cell & Gene Engineering Corporation, Ltd.

The funds will be used to produce and collect data, analyse the data collected, and improve its artificial intelligence model for further data analysis.

Earlier in January 2016, an article on China Money Network said that the company was raising $106 million at a valuation of CNY 5 billion. It added that Vcanbio intends to work with iCarbonX to further improve its “genome sequencing resources and storage services”.

The startup, which was established last October, has surprised many with the speed that it is working with. Led by Jun Wang, the former CEO of Beijing Genomics Institute, iCarbonX intends to use data and artificial intelligence to assist users with managing their own health. Its main challenge now would be to collect enough data in order to make predictions that are useful for its users.

With the consent of the person whose data will be collected, iCarbonX gathers all sorts of data, including genomic, phenotypic, behavioural, social,and environmental data, and opens it to relevant parties, according to China Daily, which likened the company to ‘the next Google’ in the biotechnology field.

Wang revealed that a few of the products are being tested in one or two cities, and that he would share more information at a later stage.

In an earlier interaction with Fierce Biotech, Wang said that the company intends to give drug manufacturers, hospitals and healthcare providers access to its data, and go global.

Other Chinese tech companies that have secured more than $1 billion in valuation include handset manufacturer Xiaomi ($41.3 billion); Internet finance lending company Dianrong ($1 billion); and food delivery company Ele.me ($4.5 billion).

Also Read:

Grant-funded biotech startup Pandorum develops India’s first artificial liver tissue using 3D printing

S Korean biotech firm Sillajen raises $12m from Medivate Partners

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.