On its website, Matrix Partners China said the latest round, the fifth for 23Mofang since its inception in 2015, was joined by return backers Hanwang Technology, Yahui Medical Fund and Chengdu Deshang Qidian Equity Investment Fund.
23Mofang provides genetic testing service for individuals and allows them to see reports on its app. It provides six testing services, including health risks, rare genetic diseases, and drug reactions. To date, the company says it has served more than 150,000 users.
23Mofang CEO Zhou Kun said the firm has partnered with Thermo Fisher Scientific Inc., an American multinational biotechnology product development company, in developing biochips that can test over 300 medical conditions.
Zhou said proceeds from the newest round of financing will be used to enlarge its test centre, boost research and development of products, and expand further into the market.
Matrix Partners China, the lead investor, is affiliated with Matrix Partners, a US venture capital firm. The company focuses exclusively on investments in China.
Since its inception in 1977, Matrix Partners has made hundreds of investments, of which 50 have gone on to IPO, and 75 have gone on to profitable M&A events.