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.