China Deal Monitor: Sinovation co-leads $32m funding in Hugo and more updates

Microbial testing services provider Hugo Biotech has raised 218 million yuan ($32 million) in its Series A round jointly led by Kai-Fu Lee’s Sinovation Ventures and Beijing-based private equity firm Lapam Capital. 

New investor CD Capital, a $587-million life sciences-focused fund, joined the round. Northern Light Venture Capital re-upped in the round, per a WeChat post. 

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