China-based Novogene Technology Co Ltd, a provider of genomic services, has closed $75 million in Series B financing. The investors were China Merchants Bank Co. Ltd.’s CMB International, SDIC Innovation and Sigma Square Capital.
SAN DIEGO and BEIJING, Nov. 30, 2016 /PRNewswire/ — Novogene Technology Co., Ltd., a leading commercial provider of genomic services and solutions with cutting edge next-generation sequencing (NGS) and bioinformatics expertise, announced today that it has completed a USD $75 Million [515 Million RMB] B round financing with China Merchants Bank Co., Ltd.’s CMB International Capital Management (Shenzhen) Co., Ltd. (“CMB International”), SDIC Innovation Investment Management Co., Ltd. (“SDIC Innovation”) and Shanghai Sigma Square Investment Center LP (“Sigma Square Capital”).
Novogene, headquartered in Beijing with the largest genomic sequencing center in the Asia-Pacific region, has labs in Tianjin and the U.S., and subsidiaries or joint ventures in Hong Kong, the U.S. (Novogene Corporation headquartered in San Diego), U.K. and Singapore. In addition to its industry-leading NGS service capabilities, Novogene has established a clinical lab in China that meets US CLIA and CAP standards, where it provides tumor gene detection and genetic testing services to patients, hospitals and pharmaceutical companies in China.
The Series B financing will support strategic growth in Novogene’s global NGS service market and in clinical sequencing R&D and services. Additionally, funds from the financing will be used to enhance operating efficiency to further strengthen the company’s leadership position in the NGS industry.
“We welcome the participation of our valued investors and are honored by their support and confidence in the future of our company,” stated Novogene CEO Dr. Ruiqiang Li. “Since being founded in 2011, Novogene has rapidly emerged as a global leader in genomics and bioinformatics, pioneering the application of biology, computer science and information technology in animal and plant research as well as human health. This financing will enable us to continue to build on that momentum.”
About CMB International
CMB International, a wholly-owned subsidiary of China Merchants Bank (“CMB”), provides comprehensive high-quality financial services to institutional and corporate clients as well as individual investors. CMB International acts as the only direct investment platform of CMB, responsible for leveraging the domestic large emerging financial market with domestic and overseas capital. CMB International specializes in private equity investment, investment fund management, mezzanine fund management, cross-border capital operations and other financial services.
About SDIC Innovation
SDIC Innovation is an independent professional private equity management institution managing 50 billion RMB in assets. SDIC Innovation, which manages financial institution funds, social security funds and state-owned and private capital, is one of the largest professional private equity management institutions [in China]. SDIC innovation, focuses on discovering and creating enterprise value, striving to unify the interests of invested enterprises, existing shareholders and investors.
About Sigma Square Capital
Founded in 2016, Sigma Square Capital is an investment institution focused on high-growth emerging industries. Sigma Square Capital is an early stage investor in the emerging fields of healthcare, technology, finance and consumer products. The two founding partners, Kun Ouyang and Dai Zhang, have led media, medical and health field investments for many years for IDG Capital.
About Novogene Corporation
Novogene is a leading provider of genomic services and solutions with cutting edge NGS and bioinformatics expertise and one of the largest sequencing capacities in the world. Novogene utilizes scientific excellence, a commitment to customer service and unsurpassed data quality to help our clients realize their research goals in the rapidly evolving world of genomics. With 1,300 employees, multiple locations around the world, 43 NGS related patents, and over 200 publications in top tier journal such as Nature and Science, the company has rapidly become a world-leader in NGS services. For more information, visit http://en.novogene.com/.