China’s Geneplus Technology nets $116m Series C funding led by CCB International

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China’s Geneplus Technology, also known as Gene+, has secured 750 million yuan ($116 million) in a Series C round of financing led by China Construction Bank’s venture unit CCB International, the company said in a statement on Thursday.

Geneplus roped in a slew of investors including CCB International’s joint asset manager CCB Capital, GGV Capital, conglomerate China Jinmao Holdings’ investment arm Jinmao Capital, Fortunate Capital, Alibaba’s AliHealth, and Baidu Ventures in the latest round.

Investment bank China Renaissance served as the exclusive financial advisor for the deal.

Geneplus will invest the new proceeds to spruce up its gene testing capacity, for oncology diagnostics R&D, and to forge in-depth partnerships with pharmaceuticals.

Six-year-old Geneplus is a precision medicine startup based on high-throughput sequencing. The startup has been engaged in clinical detection, medical equipment production, technology cooperation and services, as well as the treatment and prevention of tumors. 

Geneplus had closed a 250 million yuan ($39 million) Series B+ round funding from private equity firm Huaigai Capital, Sharewin Capital, healthcare-led Highlight Capital, and Aier Eye Hospital Group’s Aier Health Investment in November 2020. 

Its early-stage investors also include Chinese global life science and genomics specialist BGI, PE firm Co-Stone Asset Management, Volcanics Venture, and Green Pine Capital Partners. 

In another deal in the sector, QitanTech had pocketed over 400 million yuan ($63 million) in a Series B round funding co-led by Hillhouse Capital’s venture unit GL Ventures and CDH Venture and Growth Capital in June this year. 

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.