Chinese biotech company Burning Rock closed another round of funding to the tune of RMB 850 million ($125.5 million), with Singapore’s GIC leading the financing.
Additional investors include LYFE Capital, CMB International Capital, Lilly Asia Ventures, Sequoia Capital China and T&Brothers Capital. It follows the series B fundraising round, which was held in 2016 and raised RMB 300 million.
The funds will be mainly directed towards early cancer detection product development and sales and marketing force expansion for the companion diagnostics business, Burning Rock said in a statement. The Guangzhou-based firm has three core businesses that include cancer patient companion diagnostics, early cancer detection and cancer genome big data ecosystem.
"As a long-term investor, we believe in the adoption of precision medicine in the future of cancer treatment and seek to work with leading players in the field to provide better treatment for cancer patients,” said Choo Yong Cheen, chief investment officer of private equity at GIC.
“Since its inception, Burning Rock has built a strong team with extensive experiences in R&D, sales and marketing. We hope Burning Rock to continue to uphold its standards and achieve more breakthroughs in cancer screening and diagnostics,” he added.
The size of GIC’s investment in the latest round of funding has not been disclosed.
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