GL Ventures, the investment arm of Asia-focused PE firm Hillhouse Capital, has led ‘tens of millions of US dollars’ in the Series B round for Chinese biomedical engineering player Shandong Yingsheng Biotechnology Co., Ltd, per a company statement on Thursday.
Shenzhen-headquartered Qianhai FOF, Sunshine Insurance Group’s Riverhead Capital Investment Management and healthcare-oriented CD Capital joined as new investors while long-term backer YuanBio Venture Capital re-upped in the round.
Prior to the current round, YuanBio partnered Xiamen C&D Corporation to invest in Yingsheng in May and June 2019, respectively.
Shanghai-based investment bank Haoyue Capital facilitated the transaction.
Yingsheng will use the fresh funding to develop its clinical mass spectrometry technology. Located at East China’s Jinan city, the 11-year-old Yingsheng leverages its gene detection and mass spectrometry detection platform to produce genealogy-based medical testing tools and services.
The solutions are widely used across birth defect screening and disease prevention.
Its early-stage investors also include Sunz Fund, Alwin Capital, and Source Capital.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on November 11-12, 2020.