Singapore’s sovereign wealth fund GIC has led an 850 million yuan ($125.5 million) Series C funding round for Chinese biotech firm Burning Rock, according to a release.
The round was joined by LYFE Capital, CMB International Capital, Lilly Asia Ventures (LAV), Sequoia Capital China and T&Brothers Capital.
Burning Rock has three core businesses — cancer patient companion diagnostics, early cancer detection, and cancer genome big data ecosystem. It claims to have developed 32 products for different cancer types and clinical applications. It had raised 300 million yuan in a Series B financing round in 2016 from Sequoia, LYFE Capital, CMB International Capital and Legend Star.
The company plans to use the latest capital infusion for further development of its early cancer detection offering and to expand the sales and marketing team for its diagnostics business. It seeks to build an international leading tumour precision medicine brand and lead the cancer genetic testing industry in China, it said in a statement.
“As a long-term investor, we believe in the adoption of precision medicine in the future of cancer treatment and seek to work with leading players in the field to provide better treatment for cancer patients,” said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.
GIC, which is a global investment firm established in 1981 to manage Singapore’s foreign reserves, has investments in over 40 countries and has been investing in emerging markets for more than two decades.