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.