Chinese Academy of Sciences' Cash Holdings invested with its affiliate fund Guoke Ruihua to aid Shanghai Topgen's biotech development.

China-based precision medicine and diagnostics company Shanghai Topgen Pharmaceuticals has raised RMB120m ($17.1m) of series C funding from investors including Cash Holdings, an investment arm of Chinese Academy of Sciences (CAS), DealStreetAsia has reported.
Guoke Ruihua, an equity fund  backed by CAS investment affiliate Shanghai Hantai Venture Capital, also took part in the series C round.
Shanghai Topgen is a precision medicine and in-vitro diagnostics supplier with 50 service outlets, five medical laboratories and a 1,500 square-metre drug manufacturing plant.
The funding will be invested in its lab and production capacity with the aim of fulfilling third-party development contracts. Shanghai Topgen also hopes to complete an unspecified diagnostics reagent product.
Shanghai Topgen secured an undisclosed series A sum from unnamed investors in 2015, however its series B round seemingly has not been announced.
The company has strategic partnerships with research institute Virchow Laboratories, genomic technology supplier Illumina, diagnostic product supplier Wondfo, lab testing services provider Histomed and biotech equipment producer Zhuhai Hokai Medical Instruments.