Genetic Sequencer MGI Closes $1B Series B Round

According to VCBeat, MGI Tech Co., Ltd. ("MGI"), a subsidiary of global genomics leader BGI Group, has raised more than US$1 billion in its Series B funding round, led by IDG Capital and CPE, with participation from Huaxing Growth Capital, Guofang Capital, Huatai Zijin Investment, Taixin Capital, Sailing Capital, Co-Stone Capital, Dingfeng Asset, and Guotai Junan Venture Capital. Existing investors Goldstone and Green Pine Capital also participated in the latest round.

This financing set the record of the largest private financing amount in the Chinese genetic industry in recent years, and Huaxing Capital acted as the exclusive financial adviser.

Founded in 2016, MGI is committed to building core tools and technology to lead life science through intelligent innovation. The company focuses on R&D, production and sales of DNA sequencing instruments, reagents, and related products to support life science research, agriculture, precision medicine and healthcare. 

MGI is a leading producer of clinical high-throughput gene sequencers, and its multi-omics platforms include genetic sequencing, mass spectrometry, medical imaging, and laboratory automation. It has more than 1000 employees, nearly half of whom are R&D personnel. MGI operates in 39 countries and regions and has established multiple research and production bases around the world.

In the future, MGI will always focus on building an ecosystem in the genetic sequencing industry, reducing the cost of sequencing and making the technology more accessible. As more and more companies are developing and expanding their own platforms based on domestic sequencers, the whole industrial chain will be completed. MGI will also accelerate the R&D and production to provide a complete set of digital equipment OF Life Science.

Founded in 1992, IDG Capital is a leading investment firm, focused on developing extraordinary companies through our expertise in private equity and venture capital, as well as real estate. The company works with private equity and venture capital fund managers, investment advisors and business entities around the world. 

Huaxing Growth Capital is a private equity investment platform of Huaxing Capital, focusing on the field of the Internet and the new economy. Currently, it manages two RMB funds, two USD funds and several special funds, with AUM of more than 10 billion yuan.