The Tsinghua-backed DNA and RNA sequencing equipment manufacturer has added $63m to its coffers.
QitanTech, a China-based genomics technology developer backed by Tsinghua University, received RMB400m ($63m) in series B funding yesterday co-led by GL Ventures, the venture capital arm of private equity group Hillhouse Capital.
CDH Venture and Growth Capital, a fund owned by asset manager CDH Investments, co-led the round, which also included internet company Baidu’s investment unit Baidu Ventures and insurance provider Sunshine Insurance Group’s asset management vehicle Riverhead Capital.
Alwin Capital, BioTrack Capital, Gaorong Capital, Huagai Capital, Yinxinggu Capital and ZGC Co-Innovation Fund filled out the line-up.
QitanTech is working on devices leveraging nanopore array technology, which helps sequence nucleic acids including DNA and RNA directly from biological samples.
It will use the funding to accelerate product innovation and commercialisation efforts and release a new model of equipment later this year.
The company raised in excess of $16m from Alwin Capital, Gaorong Capital, Yinxinggu Capital and ZGC Co-Innovation Fund in a May 2020 series A round.
Baidu Ventures, Alwin Capital and ZGC Co-Innovation Fund backed a $5.7m round for QitanTech in 2019.
The company secured roughly $3m from Tsinghua Technology Transfer Fund – a vehicle for Tsinghua University’s asset management arm Tsinghua Holdings – and Baidu Ventures the year before.
Tsinghua Technology Transfer Fund had previously joined QM Angel Investment and Empower Investment for a 2017 round sized at over $400,000.
– A version of this article first appeared on our sister site, Global Corporate Venturing.