Shenzhen GeneMind Biosciences Co., Ltd, a health tech firm that delivers gene sequencing tools for clinical applications, announced on Wednesday that it has garnered 410 million yuan ($64 million) in a Series B+ round of financing.
New investors including biotech firm Sansure Biotech, Shenzhen-based investment player Cowin Capital and China-Europe Joint Fund, participated in the round. Returning backers such as Kexi Capital and Chishi Capital also made follow-on investments, the investee said in a WeChat post.
The new corpus raised will be invested in marketing the gene sequencing platform and also for new product innovations.
With its headquarter in Southeast Shenzhen, GeneMind is active in the R&D of DNA sequencers, an essential instrument of new-generation molecular diagnostic platforms.
Set up in 2012, it has launched single-molecule sequencing platform GenoCare and high-throughput sequencing platform GenoLab, providing full-stop solutions like medical instruments, reagents, chips, and software.
In the statement, it cited statistics that China’s market for gene sequencing will reach over 30 billion yuan ($4.7 billion) by 2030.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on September 15, 2021.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Verticals|
|Keenon||Shanghai||200 million||D||SoftBank Vision Fund 2||CICC Alpha, Prosperity7 Ventures||Robotics & Drones|
|Neocrm||Beijing||70 million||-||-||-||Sales & Marketing Software|
|Shenzhen GeneMind Biosciences||Shenzhen||64 million||B+||-||Sansure Biotech, Cowin Capital, China-Union Joint Fund, Kexi Capital, Chishi Capital||Biotech|
|CanaanTek||Shanghai||30 million||C||China Merchants Securities||Cowin Capital, Yonghua Capital, SBCVC||AI and Machine Learning|
|Pudu Technology||Shenzhen||* 15 million||C2||-||Meituan, Shenzhen Investment Holdings, Sequoia Capital China||Robotics & Drones|
|Extreme Vision||Shenzhen||* 15 million||C2||-||Jingkong Group, Orchid Asia, Qingdao Guoxin Group, Qualcomm Ventures||AI and Machine Learning|
|DTStack||Hangzhou||15 million||C+||-||Kaitai Capital, CITIC Securities, Oriental Fortune Capital||AI and Machine Learning|
|Skieer||Shenzhen||15 million||B||Redpoint China Ventures||Miracle Plus, HuaYiVentures, Viewpoint Capital||Big Data|
|Naixue Education||Beijing||8 million||A1||Plum Ventures||Tanya investment, 58 Industry Fund, Zhongying Ventures||EdTech|
|Sleep White||Shanghai||*1.5 million||A||-||SIG||N/A|
|Huihe Healthcare||Shanghai||-||B+||-||Sherpa Healthcare Partners||HealthTech|
∗ indicates that the company did not provide the specific size of the deal but only a range. So, we adopt the smallest number in the range, which is “10 million yuan ($1.5 million)” in the given example.