IDG Capital leads $67m Series C in biotech firm HiFiBio Therapeutics

Photo from HiFiBio's website.

HiFiBio Therapeutics, an emerging multinational biotherapeutics company based in France, has raised $67 million in its Series C funding round led by new investor IDG Capital with participation from existing shareholder Sequoia Capital China.

Other investors – both new and existing – who joined the funding round include VI Ventures, Legend Stars Capital, LYFE Capital, Delian Capital, Hanne Capital, and Kite, the company said in a statement.

It was completed 15 months after HiFiBio raised $37.5 million in a Series B financing co-led by Sequoia China and LYFE Capital. As part of the latest investment round, IDG Capital will be represented on the company’s Board of Directors by Tiger Hu.

Founded in 2013, HiFiBio seeks to combat diseases by mobilising the human immune system. It operates a drug discovery platform, CelliGO, which seeks to develop therapeutic antibodies and immune system modulators through single-B-cell screening, phenotyping, and analysis.

Liang Schweizer, the company’s president and CEO, said the fresh funding will be used to further advance HiFiBio’s unique single-cell platform and to develop its pipeline of antibody drugs.

“The Series C funding is another strong validation of our ability to attract the attention from top investors such as IDG Capital, as well as a leading global biopharmaceutical strategic partner,” Schweizer said.

Last year, the company announced that it has entered into multiple antibody discovery collaborations with leading pharmaceutical companies. It currently has more than 50 full-time employees operating out of three facilities in the USA, France, and China.

IDG Capital’s lead investment in HiFiBio underscores the venture capital firm’s penchant for pioneering technologies that have the potential to produce breakthroughs in healthcare, telecommunications, media, consumer & entertainment, advanced manufacturing, and clean energy.

In June, IDG Capital led the $100 million funding round in Chinese online healthcare platform Weimai. The platform offers appointment, distribution, maternal and child disease management, grading diagnosis and treatment as well as remote diagnosis, and medical records management services.

It also co-anchored the $44.64 million Series B round in Creative Biosciences, a Chinese biotechnology start-up focusing on colorectal cancer detection, in April.