PCR-based disease detection firm Targeting One has secured 150 million yuan ($23 million) in its Series B round of financing led by life sciences-focused investment firm Lilly Asia Ventures (LAV), the lead investor said on a WeChat post on Friday.
New investors Hillhouse Capital’s venture unit GL Ventures and China Growth Capital and return backers Jufeng S&T Venture Investment’s joint fund Qingdao Yufeng Investment, Chongyuan Huichen Ventures, joined the round.
Beijing-based investment bank Potential Capital facilitated the transaction.
With the proceeds, Targeting One seeks to further revamp its molecular diagnostic reagents research and product commercialisation.
Targeting One, set up in 2015, uses molecular diagnostics to deliver disease screening products. Its offerings cover medical instruments, chips, raw materials, reagents, and software.
Its early-stage investors also include Lotus Lake Capital, Wonder Group, Beijing LF Capital Management, among others.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on January 7-8, 2021.
