Hugo Biotech Raises ￥218M in Series A Financing

According to VCBeat, Yuguo Biotechnology Co., Ltd. ("Hugo Biotech") recently announced the completion of a Series A financing of 218 million yuan, which is the largest financing scale in the industry and the highest amount literally received. 

The fresh round was jointly led by Longpan Investment and Sinovation Ventures, with additional support from CD Capital and the existing investor Northern Light Venture Capital. Proceeds will be used for Hugo Biotech's commercialization of core products and technology development in the next year.

This is reportedly the third round that Hugo Biotech has raised publicly this year. The first two rounds were completed in February and June of the same year respectively, with an average interval of shorter than four months.

Hugo Biotech focuses on microbial sequencing and big data analysis in the microbial genome. Adhering to independent innovation, the company cooperated with well-known microbial genomics experts in the United States in 2017 and took the lead in completing the clinical transformation of metagenomic NGS (mNGS) screening for pathogenic microorganisms. Hugo Biotech has conducted the sequencing of nearly 20,000 clinical samples for over 300 first-class hospitals in China.

Sinovation Ventures is a leading Chinese technology venture capital, started in 2009 by a team led by Dr. Kai-Fu Lee, with presences in Beijing, Shanghai, Nanjing, Guangzhou, and Shenzhen. It currently manages over $2B AUM between seven USD and RMB funds in total, and over 350 portfolio companies across the technology spectrum in China. The company invests in start-ups at the seed, Series A, and Series B stages.

CD Capital is a venture capital firm specialized in life sciences and medical technology. It is currently managing both RMB and USD funds with a total size of $600 million. The company has made over 40 investments with high growth potential and earned a reputation as a premier venture capital firm with the main focus on the Chinese healthcare industry.