Oct 31, 2019 (China Knowledge) - Chinese biotechnology start-up Genecast Biotechnology Co., Ltd has successfully raised RMB 300 mln (USD 43 mln) in its Series D1 financing round.
Founded in 2014, Genecast focuses in the development of precise and non-invasive diagnosis of tumors via second-generation sequencing technology and bioinformatics. The company owns a comprehensive and advanced laboratory, and currently have extensive cooperation with several well-known hospitals and institutions, such as Peking University Cancer Hospital and Chinese Academy of Medical Sciences Cancer Hospital. Genecast Biotechnology hopes to improve the treatment of cancer tumors and provide individualized health guidance for patients.
Following the successful fundraising, Genecast uses the funds to enhance its clinical research and development and technologies. In addition, the company will also improve its marketing and products, as well as increase cooperation with international pharmaceutical companies in clinical trials. Genecast aims to expand its operations into the international market in the near future.
The latest funding round was led by Chinese investment firm CICC Capital, as well as VC firms Chinese TMT, Cowin Venture and Matrix Partners China.
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