California-based Cytek Biosciences Inc. has pocketed $120 million in a Series D round funding co-led by the US investment manager RA Capital and the Asia focused private equity firm Hillhouse Capital, per a company statement on Friday.
RA Capital and Hillhouse Capital have joined Cytek’s board of directors.
The fresh fundraising was joined by new investors OrbiMed, a US healthcare fund manager, and Sino-China market-focused firm LYFE Capital. Existing investors Beijing-based 3E Bioventures, Northern Light Venture Capital, and Sherpa Healthcare Partners re-upped in the funding round.
Proceeds from the fundraising will be used for expanding global presence and technology platform advancement.
Cytek has been engaged in manufacturing and distributing novel flow cytometry instruments and services for scientists and clinicians. It helps in monitoring immune systems in fighting cancer, diagnosing leukemia and lymphoma, and detecting minimal residual disease in organ transplant patients.
It also delivers reagents. The newly-launched proprietary reagent cFluor can help to advance its one-stop solution for cell analysis such as clinical diagnostics. The new funding provides financial support to expedite the transition and other segments such as immunotherapy, immune-oncology, and infectious diseases.
“The investments we make are evidence-based, and we are particularly focused on finding novel capabilities that address unsolved challenges. Cytek is ushering in flow cytometry’s next chapter with its proven, unique combination of innovative technologies. We are excited to join them on their mission to advance cancer and cell biology research,” said Andrew Levin, managing director of RA Capital, in the statement.
Prior to that, Cytek had completed an undisclosed Series C round funding co-led by Northern Light Venture Capital and 3E Bioventures in September 2018, in a bid to level up international extension.