China’s gene-sequencing equipment MGI Tech raises $200m from investors

MGI Tech Co Ltd, a gene-sequencing equipment unit of Chinese genome giant BGI Group, has raised $200 million in a new funding round from investors including Chinese investment bank CITIC Securities, according to an announcement.

CITIC Securities invested in the round through an investment fund management subsidiary, Goldstone Investment Limited, said MGI Tech in a statement released on its WeChat official account, China Money Network reported.

Chinese venture capital company Green Pine Capital Partners, and Shanghai-based private equity firm Orient Securities Capital Investment also participated in the round.

The investment came as the global next-generation sequencing (NGS) market was valued at $8.49 billion in 2018.

MGI Tech is committed to enabling effective and affordable healthcare solutions for all. Based on its proprietary technology, MGI produces sequencing devices, equipment, consumables and reagents to support life science research, medicine and healthcare.

In recent years, with the rapid development of gene sequencing technology, the global market for gene sequencing is shifting from scientific research to clinical and market size has entered an increasing phase.

Some studies estimate that the global sequential industrial market is expected to reach $ 12.45 billion by 2022, of which the Asia-Pacific region reach $ 2.39 billion. By 2020, China’s market for genome sequencing industry will reach 9.8 billion yuan.

So far, MGI Tech has invested more than 5 billion yuan in research and development funds, the company said in the announcement.

Goldstone Investment Limited is the private investment fund management subsidiary of CITIC Securities Co.Ltd. It was incorporated in October 2007 and aims at conducting an experiment to allow selected securities houses engaging in direct investment operations. Goldstone’s registered capital is RMB 3 billion.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.