Synthetic Biology Firm Enovico Completes Nearly RMB 100 Million Pre-A Funding Round and Files IPO Prospectus

Recently,Shanghai InoBiologics Co., Ltd. (hereinafter referred to as “InoBiologics”) Announces Completion of Pre-A Financing Round of Nearly RMB 100 Million. This round of financing was led byFUNG & CHUEN CAPITALLead investor,Xincheng Fund, Furong Investment, Jingsheng Capital, Kaishi Chengxing, Huizhi InvestmentJointly completed, the funds raised will be primarily used for the construction of production bases, the advancement and commercialization of pipeline R&D, and the expansion of the talent team. This round of financing also marks the second fundraising round completed by InnoGeek since its establishment one year ago.

Inokiko, founded in Shanghai, China, in September 2022, is a synthetic biology company dedicated to the research, development, and production of green bioproducts, having completed the layout of its product portfolio. The company’s R&D center is located in Shanghai, its pilot-scale production base is in Deqing, Zhejiang Province, and it has recently established its Phase I production base in Rugao, Jiangsu Province.

Yinuo Keke was founded by renowned industry experts. With over two decades of deep expertise in the field, the team possesses exceptional capabilities and extensive experience in product selection and project initiation, synthetic biology R&D, fermentation industrialization, and scaled manufacturing. Guided by market demand, the company continuously develops new products and achieves their industrial implementation, while sustaining ongoing optimization to maintain its competitive advantage.Co-founder Chu Xiaohe previously served as Chief Engineer and General Manager at industry-leading companies such as Shenghua Biok, accumulating extensive experience in the industrialization of synthetic biology. Co-founder Ye Bangce is a Professor at the School of Biotechnology, East China University of Science and Technology, with profound expertise in the field of synthetic biology.The company also brings together marketing, sales, and production management professionals from renowned chemical and synthetic biology companies both in China and abroad, thereby achievingPipeline R&D, Pilot Scale-up, Commercial-Scale Production, Product SalesFull industry chain coverage.

Leveraging the company’s technology platform and long-term expertise, we have engineered multiple metabolic pathways in chassis cells, establishing a product pipeline across three major categories:Natural Flavors, Biopharmaceuticals, Nutrition and Health. CompanySignificant progress has been made in the field of natural flavors and fragrances, forming a product portfolio that matches the needs of downstream customers,Multiple products have achieved industrialization, and stable sales channels have been established.. Going forward, the company will also establish closer collaborative relationships with upstream and downstream enterprises.

Synthetic biology has witnessed vigorous development in recent years. As early as the 12th Five-Year Plan period, the Ministry of Science and Technology of China launched synthetic biology research projects under the “863” and “973” Programs, thereby promoting the advancement of this discipline. Subsequently, in the “Special Plan for Biotechnology Innovation during the 13th Five-Year Plan Period,” the state listed synthetic biotechnology as one of the key areas for “building a modern industrial technology system with international competitiveness” and “developing disruptive technologies that lead industrial transformation.” Recently, Shanghai released the “Action Plan for Accelerating Synthetic Biology as an Innovation Source and Building a High-End Bio-manufacturing Industry Cluster in Shanghai (2023–2025),” proposing that by 2025,Cultivate more than 10 innovation-driven enterprises with significant influence both domestically and internationally; attract more than five enterprises to establish regional or R&D headquarters; facilitate the listing of three to five companies in the synthetic biology sector; nurture one to two leading enterprises with annual sales revenues exceeding RMB 1 billion; develop approximately three industrial bases with distinctive features and domestic leadership; and build a high-end biomanufacturing industrial cluster with global influence.. As core synthetic biology technologies continue to evolve, their application markets will gradually expand into traditional industries. Leveraging the capability of synthetic biology to rationally design, modify, and even reconstruct biological systems according to specific objectives, the field will continuously push the boundaries of its applications.

Regarding the completion of this round of financing,Chu Xiaohe, Founder of Inokikostated: “Upon the completion of this financing round, InoKiko will proactively align with the five-year development trends in the synthetic biology industry by synergizing with partners across the upstream and downstream segments of the industrial chain, thereby further strengthening our leading position in synthetic biology R&D and manufacturing. Meanwhile, we will continue to prioritize technological innovation and iteration, driving growth through continuous innovation. By enhancing our R&D capabilities and bolstering our industrialization capacity, we aim to establish InoKiko as a leading enterprise in the field of synthetic biology.”

Ye Bangce, Founder of Inokiko“The company stated: ‘We extend our sincere gratitude to all for your recognition and support of Inokiko. This round of financing marks another milestone on our path of rapid development. Within just one year since its establishment, Inokiko has successfully built its R&D and management teams, designed and constructed its R&D center, and achieved the development and industrialization of its core products. Looking ahead, we will continue to develop core technologies with independent intellectual property rights, establish an efficient Design-Build-Test-Learn (DBTL) cycle system for synthetic biology, continuously iterate and upgrade our existing technologies, develop more competitive synthetic biology products, and promote the development of China’s synthetic biology industry.’”

Xiang Duan, Founding Partner and CEO of Fung & Chuen Capitalstated: “Synthetic biology represents the future emerging direction of the traditional chemical industry. As living standards improve and environmental awareness strengthens, end-market demand is rapidly shifting toward the concepts of ‘green, pure natural, and sustainable.’ This shift is driving a rapid transformation in upstream raw material supply and production methods toward synthetic biology approaches. Currently, there is a shortage in China of enterprises capable of covering mainstream flavor and fragrance products at scale through synthetic biology methods. We are highly optimistic about InoKiko’s future development. The company has established a complete integrated R&D, production, and sales system across multiple product fields, including flavors and fragrances, biopharmaceuticals, and nutritional health. Core founders Dr. Chu Xiaohe and Professor Ye Bangce possess extensive exploratory experience and key technological reserves in the industrialization of synthetic biology, including rich industry expertise in process scale-up, fermentation environment optimization, and chassis cell design and screening. Most importantly, InoKiko demonstrates exceptional execution capabilities. Within less than six months of its establishment, the company has built its own complete production system and rapidly advanced its leading product pipelines to the industrialization stage. The company’s R&D and execution efficiency ranks among the top in the entire synthetic biology industry.”

Dr. Peng Xiaoxiao, Investment Director at Xincheng Fundstated: “The synthetic biology sector boasts broad prospects. InoKiko’s founding team comprises top-tier industry experts, and the company has established a complete commercial loop encompassing basic R&D, industrialization, and market sales. It is poised for rapid development in the field of green bio-manufacturing, continuously creating value and achieving swift performance growth.”

Li Zhengxiong, Executive General Manager of Furong Investmentstated, “It is a great honor to participate in this round of financing for the company. We are optimistic about the prospects of fermentation biotechnology applications and the company’s pipeline positioning and strategic layout. The InnoBiologics team has assembled top-tier scientific research and industrialization professionals in China, making it one of the few companies in the industry that truly integrates the entire value chain from R&D to production and sales. We look forward to the company leading industry development in the future.”

Wu Xiaochuan, Chairman of Huizhi InvestmentIt stated: “As one of the most promising industries, synthetic biology can be applied in fields such as energy, food, chemicals, pharmaceuticals, environment, and agriculture. Even amid the current capital winter, it is growing rapidly and holds immense value and potential. As a leading company in the industry, Inokico’s founders, Professor Chu and Professor Ye, not only possess profound expertise in technology and academia but also bring rare industrial experience and mindset within the sector. By actively collaborating with and securing downstream sales channels, they have addressed two major challenges currently facing synthetic biology enterprises: difficulties in commercial-scale production and downstream sales. Therefore, we are highly confident in Inokico’s future development.”

Fung & Chuen Capital, established in 2015, is a private equity investment fund specializing in frontier biopharmaceuticals and the healthcare industry, with cross-border business operations. Leveraging rigorous industry insights, unique business resources, acute sensitivity to regulatory trends, and the capability to seize cross-border opportunities, Fung & Chuen is committed to investing in and supporting the development of life sciences and healthcare companies, assisting them in becoming leaders in their respective fields. By utilizing our extensive industry resources, effective regulatory communication channels, broad international perspective, and rich experience in capital operations, we help enterprises emerge as industry leaders and witness the contributions of modern medicine to human well-being.

Suzhou Xincheng Private Equity Fund Management Co., Ltd. (“Xincheng Fund”) was established in 2021, initiated and led by Innovent Biologics Group, and operates independently. Currently, Xincheng Fund manages one venture capital fund—the Suzhou Xinhe Guoqing Fund. This venture capital fund was jointly initiated by Innovent Biologics and Yuanhe Holdings as general partners and is primarily operated by Innovent Biologics. The fund aims to actively implement the national innovation-driven development strategy, focus on frontier opportunities in the life and health industry, leverage industrial strengths and distinctive advantages, and support the high-quality development of innovative enterprises. The fund specializes in investing in leading companies in innovative drugs, biotechnology, and related segments of the industry chain, with a particular emphasis on empowering next-generation biopharmaceuticals and breakthrough technologies to address unmet clinical needs.

Furong Investment, established in 2014, is a specialized innovation investment and service institution focusing on early- to mid-stage projects in the fields of life and health, semiconductors, new energy, and new materials. Adhering long-term to the principles of “research-driven” and “early-stage, specialized investment,” it is committed to promoting the industrialization of scientific and technological achievements and fostering innovation and entrepreneurship among high-level talents. It actively serves national innovation-driven development strategies, including the integrated development of the Yangtze River Delta region and Shanghai’s initiative to build a globally influential science and technology innovation center.

Huizhi Investment, established in 2015, is currently a member of the China Venture Capital and Private Equity Association (CVCA), an observer member of the Asset Management Association of China (AMAC), a director unit of the Zhejiang Venture Capital Association, a member unit of the Zhejiang Equity Investment Industry Association, and a vice-president unit of the Hangzhou Venture Capital Association. Adhering to the philosophy of “Professionalism, Long-term Commitment, In-depth Engagement, and Collaboration,” Huizhi Investment has focused its investment strategy on the biopharmaceuticals and core raw materials sectors, with long-term investments laid out in sub-sectors such as synthetic biology, gene therapies, innovative drugs, CXO (Contract Research/Development/Manufacturing Organizations), and key technologies. Furthermore, the company leverages its strengths and capabilities to provide comprehensive support in the operational aspects of its portfolio companies, including product R&D, manufacturing, and marketing. By driving the growth of these enterprises and fostering industrial advancement, Huizhi Investment continuously discovers and creates value.