MGI Tech closes USD1b Series B round led by IDG Capital

MGI Tech announced the completion of one billion US dollars Series B financing round led by IDG Capital. This was China’s largest-ever funding round in the field of gene sequencing. CPE, Shanghai Guofang FoFs, Huaxing New Economic Fund, Huatai Zijin Investment, as well as existing investors CITIC Securities, Green Pine Capital Partners and other venture capital firms also participated in the roun

MGI Tech announced the completion of one billion US dollars Series B financing round led by IDG Capital. This was China’s largest-ever funding round in the field of gene sequencing. CPE, Shanghai Guofang FoFs, Huaxing New Economic Fund, Huatai Zijin Investment, as well as existing investors CITIC Securities, Green Pine Capital Partners and other venture capital firms also participated in the round.

MGI Tech, founded in 2016, focuses on providing healthcare solutions, genetic sequencing devices, consumables and reagents to support life science research, medicine, and healthcare. The company’s multi-omics platforms include genetic sequencing, mass spectrometry, and medical imaging.

Since February this year, MGI Tech’s equipment has played an important role in the battle against the Covid-19 epidemic: its “Huoyan” (eye of fire) laboratory has rapidly increased the speed of large-scale nucleic acid testing. After the epidemic situation was effectively controlled in China, the company continues to export its equipment, experience and scientific research technicians to other parts of the world.

MGI Tech has more than 1,000 employees and over 40% are R&D personnel; it has so far invested about 5 billion yuan in the research and development, with over 740 applications filed for technical patents. After completing this round of financing, the company’s R&D capabilities will be further strengthened.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/30/mgi-tech-closes-usd1b-series-b-round-led-by-idg-capital/.

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