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.