Genecast Biotechnology Nabs over 1 Billion Yuan Series E

According to news from caixinglobal, Genecast Biotechnology, a Chinese biotech startup that specializes in second-generation sequencing technology and bioinformatics, has closed its 1 billion yuan ($149 million) series E funding round led by China Structural Reform Fund, the company said in a statement on Monday.

Other investors include Taikang Asset Management, CCB Private Equity Investment Management, Hillhouse Capital’s venture capital unit GL Ventures and China Renaissance, according to the statement.

Genecast Biotechnology will use the proceeds from the financing round to develop new diagnostics products for tumors, accelerate the registration and application of its in vitro diagnostic devices and expand its marketing channels, according to the statement.

Founded in 2014, the Wuxi, Jiangsu province-based company has regional sales and services branches across 12 major cities in China. It has also built ties with nearly 500 top hospitals in China and more than 20 drug makers globally, according the company’s website.

About China Structural Reform Fund

China Structural Reform Fund is a state-owned private equity fund that provides state-owned enterprises with support in development, industrial consolidation, professional reorganization, capacity adjustment, and international mergers & acquisitions by establishing sub-funds as well as direct investment.