Genskey Bags $34M in a Series C Round

Chinese genetic testing and diagnostics startup Genskey on Monday said that it has garnered 230 million yuan ($34 million) in a Series C round of financing led by Huagai Capital, a 150 million yuan PE fund that invests in healthcare, TMT (technology, media, telecom), and culture.

Healthcare-focused investment firms Apricot Capital and YuanBio Venture Capital also participated in the fundraising. Chinese Lenovo Holdings’ Legend Capital also re-upped in the round, as per a company statement on Monday.

Legend Capital had invested “millions of US dollars” in Genskey in April 2019. Subsequently, in February 2020, the investor had, along with Fortune Capital and Prosnav Capital, seeded 50 million yuan ($7.5 million) in Gensky’s Series B+ round.

Genskey, set up in 2017, utilises next-generation sequencing technology for pathogen diagnosis, which ensures a high detection rate. Its flagship product is GenseqPM, which can detect any pathogenic micro-organism. It is among a cluster of companies seeking to help China reduce the spread of COVID-19 through effective diagnosis.

It has co-worked with leading research institutes and hospitals in China, including the China-Japan Friendship Hospital, Peking University People’s Hospital, and West China Hospital of Sichuan University, among others.

Its early-stage investors also consist of SoftBank China Venture Capital (SBCVC), Shanghai-based Juyuan Capital, and China-based Shanghai Lin Gong Investment Management.

Established in April 2001, Legend Capital is an independent professional Venture Capital firm under Legend Holdings. Legend Capital focuses on early-stage venture capital and expansion-stage growth capital investment. The company is now managing several USD funds and RMB funds with a total AUM of 45 billion yuan.

By 2017, Legend Capital has invested in about 450 companies, nearly 70 among which are successfully listed on the domestic or overseas stock markets, besides.