GENFINE Secures ￥150 Million in Series A Funding

(VCBeat) Feb. 10, 2021 -- GENFINE Biotech (Beijing) Co., Ltd. ("GENFINE") has announced closing a Series A round of 150 million yuan co-led by Sequoia Capital China and Legend Capital. Chana Capital acted as the sole financial advisor. The funds raised will be mainly used for the R&D of GENFINE's sample preprocessing products, sale channel construction and overseas market expansion.

Founded in 2016, GENFINE is a national renowned high-tech biotech company focusing on nucleic acid extraction, with a diverse array of business, including R&D, manufacturing, sales and technical services. The company has four core technology platforms: Medical sample preservation platform; Column-membrane nucleic acids extraction reagent platform; Magnetic beads & high-throughput instrument integration platform; Direct qPCR/qRT-PCR detection platform. Besides, GENFINE has launched more than 300 kinds of products, providing clients with personalized and customized sample preprocessing solution from collection and preservation to detection.

In 2017, GENFINE was awarded as Zhongguancun high-tech enterprises. In 2019, it was awarded as National high-tech enterprises. GENFINE has a number of invention patents, including more than ten utility model patents and six software copyrights. At the same time, GENFINE made remarkable contributions to epidemic prevention and control with our independently developed products during ASF and COVID-19 outbreak, including virus preservation products, viral nucleic acid extraction products and automated nucleic acid extraction instruments.

At present, GENFINE has set up an R&D center of reagents in Beijing, an R&D center of instruments in Nanjing, a manufacturing base which is as large as 1000 m2 in Changzhou What's more, the company has also established sales departments in Shanghai and other cities. GENFINE is going to invest at least tens of millions in the molecular biology platform technology this year.

Sequoia Capital China is a VC firm focused on seed-stage, mid-stage, late-stage, and growth investments in the fintech sector.

Formed in September 2005, Sequoia Capital China has an impressive and diverse portfolio comprising about 300 dynamic companies that deliver high returns on investment using differentiated technologies and innovative business models, including Alibaba, VIPshop.com, Sina.com, Didi, JD.com, Ourpalm, Qihoo 360, Jumei, Momo, and so on.

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.