Chinese biotech firm Vazyme snags $78m in Series C round

Nanjing-headquartered biotech company Vazyme Biotech Co., Ltd on Friday said it has raised 550 million yuan ($78 million) in a Series C round of financing led by state-owned China Life Insurance Group’s healthcare fund. 

Healthcare-focused investment firm Sherpa Capital also participated in the latest round, according to a company statement. 

Founded in 2012, Vazyme focuses on the development and production of enzymes and antibodies for clinical diagnosis, molecular diagnostics, high-throughput sequencing and life science research and other related fields.

The company claims to have developed more than 30 enzymes. China’s National Medical Products Administration recently approved its COVID-19 detection kit for mass production and exports.

“With the fresh round, we will continue to further facilitate the commercialization of biotech raw materials and reagents and ramp up efforts to deliver proprietary materials, products and solutions to those research and testing organisations that rely heavily on imports,” said Lin Cao, the founder and CEO of Vazyme, in a statement. 

Vazyme had previously closed four rounds of funding. Everest Venture Capital and Huatai Group’s healthcare fund had invested in its Series B round in 2019.

In 2016, it had closed its pre-Series A and Series A rounds from investors including GF Xinde Investment, Shenzhen-based Share Capital, Shangrong Asset Management and Xinyuan Asset Management. In addition, Danen Capital had also injected capital in its angel round in 2013. 

Established in 2016, China Life Insurance Group had teamed up with its subsidiaries to launch a healthcare fund with a size of 12 billion yuan ($1.7 billion). China Life Private Equity Investment is its fund manager. The fund has invested in the companies including Hong Kong and Shanghai-listed WuXi AppTec, Hong Kong-based Town Health, medical equipment provider Mindray, and Hong Kong-listed Innovent, among others. 

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).   

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  • 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. 
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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.