Monad Biotech Closes ￥200 Million Series A Financing

(VCBeat) Feb. 10, 2021 -- On February 8, 2021, Monad Biotechnology Co., Ltd. ("Monad Biotech") announced the completion of Series A financing of nearly 200 million RMB, jointly led by Luxin Venture Capital Group and Wuhan ABclonal Technology, with participation from Wuxi Capital. The investment will enable Monad Biotech to develop life science research tools, expand production and the marketing team, and further increase the company's R&D and commercial operation capabilities.

Monad Biotech, formerly known as Wuhan Bio-legend, was founded in 2009. Monad Biotech is a comprehensive scientific service platform provider in Hunan and Hubei Province, and an important partner of Danaher, Illumina, Merck, and many other famous scientific service companies. In October 2017, the company completed the angel round financing of nearly 100 million yuan in Zhuhai Nanshan and started the independent R&D and production of life science tools.

In the past three years, Monad Biotech has built an instrument factory with an area of 4,000 square meters in Suzhou and a reagent factory of 6,000 square meters, with a total investment of more than 200 million yuan. The company is committed to building a well-known brand in the life science tool market. At present, Monad Biotech has listed nearly 200 self-developed SKU products, which have entered the procurement catalog of many well-known domestic IVD companies. The products are sold to all provinces and cities in China as well as Europe, America, and Japan.

Lucion is the largest and most influential venture capital firm in Shandong Province, which is controlled by Shandong Luxin Investment Holding Group Co., Ltd. Its portfolios include well-known medical and health companies such as 3D Medicines, RemeGen, ABclonal, TCR2 Therapeutics, etc.

Wuhan ABclonal Technology is a provider of life science tools, dedicated to the R&D OF antibodies and proteins. Its main business covers antibody R&D, molecular enzyme products, NGS library construction kits, active recombinant proteins, raw materials of diagnostic antigens and antibodies, ELISA kits and CRO services.