Mygene Closes on $14M Series B Financing, Led by Shenzhen Capital Group and CASH Capital

According to VCBeat, Guangzhou Mygene Diagnostics Co., Ltd. ("Mygene") has completed its Series B funding of about 100 million yuan (US$14 million), led by Shenzhen Capital Group Co., Ltd. and CASH Capital, with participation from Fujian-based Zhanglong Sanjun Venture Capital Investment Co., Ltd. and GreatWall Fund. Proceeds of this financing will mainly be used for the R&D, registration, and commercialization of new products.

Previously, Mygene had got tens of millions of yuan (US$1.4 million) in Series A financing.

MyGene provides comprehensive diagnostics services to improve quality of life, lower cost for patients and hospitals. Established in 2015 at Guangzhou International Biotech Island, with branches in East China, Central China and North China, and a cutting-edge R&D center in Silicon Valley, San Francisco, USA, MyGene is quickly rising as the top-ranked clinical laboratory providing early and companion cancer diagnostics services with cutting-edge technologies including digital PCR and NGS, 

Based on various platforms such as high-throughput sequencing, MyGene strives to provide professional individualized precision treatment guidance for cancer patients, including genetic risk assessment, early screening, individualized medication guidance, prognosis monitoring and so on. 

SCGC is a limited venture capital company established by Shenzhen Government in 1999. SCGC has a registered capital of 5.42 billion RMB. It primarily invests in SMEs, innovative high-tech enterprises, enterprises in emerging industries, and enterprises in start-up period, growth period and in transformation, covering industries supported by national policies, including IT, internet, new media, biopharma, new energy, environmental protection, chemical engineering, new material, high-end equipment manufacturing, consumption goods, modern service, etc. 

By the end of August 2019, SCGC has 1028 portfolio companies with investments of totaling 45.8 billion yuan.

CASH Capital mainly invests in emerging industries such as six major areas, including smart manufacturing, mobile Internet and services, big data and artificial intelligence, financial technology, medical services, medical devices, and pharmaceuticals. The company focuses on fast-growing businesses in the start-up and growth stages.