China-based genome services provider Novogene Technology collected RMB515m ($75m) in a series B round on Wednesday featuring state-owned holding firm State Development and Investment Corporation (SDIC).
SDIC’s subsidiary, private equity fund manager SDIC Innovation Investment Management, participated in the round alongside commercial lender China Merchants Bank’s direct investment platform CMB International Capital Management and VC firm Sigma Square Capital.
Founded in 2011, Novogene has developed a software package called Soap – an aconym for Short Oligonucleotide Analysis Package – that offers fast genetic sequence mapping, variation detection, data processing and genome assembly.
Novogene also offers technology known as next-generation sequencing, used to speed up the process of analysing human, plant, animal and microbial DNA and RNA. It can be used, for example, to detect tumour genes. The company claims to have served 6,000 clients to sequence more than 140,000 genome samples.
The series B funds will be used to expand Novogene’s global next generation sequencing business, support research and development in clinical sequencing of whole genomes and strengthen operating efficiency.
The company has not disclosed the amount raised in previous funding rounds.