Oncology-focused medical technology company Shanghai Polaris Biology Co., Ltd has garnered 70 million yuan ($9.9 million) in a Series B round of financing led by new backer Delian Capital, per a company announcement.
State-owned Wuxi Capital and Ascendin Fund joined the round, which saw participation from existing investors Baidu Ventures, Morningside Venture Capital, Volcanics Venture and ETP.
Baidu Ventures had invested ‘millions of US dollars’ in its Series A+ round in September 2019.
Polaris leverages cell-driven precision diagnostic technologies such as mass cytometry to develop novel diagnosis therapies targeting oncology, autoimmune and metabolic diseases.
The company will allocate the proceeds to advance its mass cytometry-based diagnosis platform, expedite the candidate products, and build more partnerships.
Previously in January 2019, Polaris had raised $8.25 million from Morningside Venture Capital, Volcanics Venture and ETP. Volcanics Venture along with Puhua Capital and Shulan Health had made an undisclosed investment in Polaris in 2018.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region from June 22-24, 2020.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|CassTime||Shenzhen||50 million||C2||Greater Bay Area Homeland Investments Limited||-||E-commerce|
|Lupeng Pharmaceutical||Guangzhou||24 million||A+||Lilly Asia Ventures||Fung Chuan Capital, TF Capital||HealthTech|
|Beijing Meilian Tyco Biotechnology||Beijing||14 million||B||Zero2IPO Asset Management||Delian Capital, Anlong Capital, GoldTech Capital, Mingshi Investment, ETP||HealthTech|
|DPI||Beijing||11 million||A||China Merchants Venture, Sinovation Ventures||Yunqi Capital||AI and Machine Learning|
|JF Chuxing||Shanghai||10 million||Pre-A||KIP||Porsche Venture, NIO Capital||Saas|
|Polaris Biology||Shanghai||9.9 million||B||Delian Capital||Wuxi Capital, Baidu Ventures, ETP, Volcanics Venture, Ascendin Fund, Morningside Venture Capital||HealthTech|
|Merico||Beijing||* 1.4 million||Pre-A||GGV Capital||Polychain Capital, Legend Star||Big Data|
|ZDEER||Wuhan||* 1.4 million||A||Tiantu Capital||-||Fitness & Wellness|
|Adaps Photonics||Shenzhen||* 1.4 million||A1||Lightspeed China Partners||O-film||N/A|
|Sinogene||Beijing||* 1.4 million||B1||Beijing Shunqi Health Equity Fund Management||Xinuo Hengtong||HealthTech|
|Yunjing (Narwal) Intelligence Technology (Dongguan)||Dongguan||-||C||Sequoia Capital China||Hillhouse Capital,GGV Capital, ByteDance||Robotics & Drones|
∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “10 million yuan ($1.4 million)” in the given example.