Readline Bio Raises Over 100 Million Yuan in Series A

Readline Bio, a leading company in the field of synthetic biology, announced that it has completed a series A financing of more than 100 million yuan. This round of financing was jointly led by OFC and Leaguer Group, followed by Hongfu Ruiying Fund and Qingdao Dezhen, and the company's management team and angel round institution Horizon Investment made additional investments.

This round of financing is mainly used for continuous investment in R&D platforms, rapid expansion of product pipelines, and construction of commercial production lines.

"Synthetic biology" is currently the leading biological field that the developed countries are focusing on, and it is also the commanding height of the future competition in the biomedicine and health industries; it has been listed by the Ministry of Science and Technology as a scientific and technological project of the national key research and development plan in 2020, and Shenzhen has invested more than tens of billions to promote Basic scientific research and applied research of synthetic biology.

According to CB Insights analysis data, the global synthetic biology market reached 5.3 billion US dollars in 2019, with a compound annual growth rate (CAGR) of 28.8% in the next five years, and is expected to reach 18.9 billion US dollars in 2024. In June 2020, McKinsey’s "Biological Revolution: Innovation Will Change the Economy, Society and Our Life" report summed up the synthetic biology industry with "the economic value of US$4 trillion in the next 10-20 years will be dominated by synthetic biology." Future value.

Liu Jian, Co-founder & CEO of Readline, expressed his gratitude to OFC, Leaguer Group, Hongfu Ruiying Fund and Qingdao Dezhen. The company will focus on the long-term commercial application of new-generation biotechnology in the fields of specialty materials such as peptides, sugars and nucleic acids, give full play to the organizational advantages of the "double-length system" innovative model, and continue to consolidate its leading advantages in existing fields.