Sequoia Capital China backs $16m round for biotech company Cullgen

Photo by Louis Reed on Unsplash

Sequoia Capital China has participated in a $16-million Series A round for US-based drug discovery company Cullgen Inc, according to a statement.

Chinese healthcare-focused investment firm HighLight Capital also participated in the funding round. Following the investment, Sequoia will get a seat on Cullgen’s board.

Cullgen’s technology focuses on selective degradation of disease-causing proteins, including targets previously considered undruggable. It uses this technology to develop novel therapeutic treatments for various diseases, including cancer, inflammatory, and autoimmune diseases.

The company said it will use the fresh funding to support its internal product pipeline for oncology and other diseases.

“Since our founding in early 2018 we have made significant advancement of our targeted protein degradation platform which has directly led to the identification of several pre-clinical assets that we are rapidly advancing towards the clinic,” said Cullgen chairman and president Dr Ying Luo.

Sequoia China, founded in 2005 by Neil Shen, has been diversifying its focus to include pre-IPO funding while retaining its traditional focus on early-stage investments. The firm focuses on four sectors: TMT, healthcare, consumer/service, and industrial technology.

Launched in 2014 by CDH Venture partner Wang Hui and former SB China Capital (SBCVC) partner Zhao Gang, Highlight Capital currently manages both RMB and USD funds with total assets under management of nearly $1.5 billion. Since its inception, the firm has invested in over 40 deals.

Also Read:

Sequoia China-backed Korean online grocer Market Kurly raises $88m Series D

Warburg Pincus completes buyout of DKSH’s China healthcare biz for $99.45m

China’s HighLight Capital achieves first close of third RMB fund

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.