Genetic data and analysis-focused biotech company Cipher Gene LLC has closed ‘millions of US dollars’ in a pre-B round of funding led by new investor CS Capital.
The fresh round was joined by another new backer Shanghai Sova Investment and existing investor Everest Venture Capital. Everest together with Envision (Beijing) Investment and Jiangmen Ventures had invested 10 million yuan ($1.4 million) in Cipher in 2016.
The proceeds will be allocated towards new product research, market expansion, business development and beefing up team, it said in a statement.
Cipher delivers precision medical solutions mainly for children with genetic diseases. The company uses AI technologies to develop a genetic data interpretation platform to develop approachable therapies. It has forged partnerships with nearly 300 hospitals and clinics.
Additionally, Cipher has also raised capital from state-owned Shenzhen Guozhong Venture Capital Management and King Capital in 2018.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on July 20, 2020.