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.