Innoforce Closes ￥625M Series A Financing To Accelerate the Construction of GMP Compliant Facilities

(VCBeat) Mar. 22, 2021 -- Innoforce Pharmaceuticals Co., Ltd. ("Innoforce"), an innovative biopharmaceutical company on the basis of cooperation with partners, today announced that it has successfully closed on a ￥625 million (about $96 million) Series A financing. This is another milestone after the completion of Innoforce’s Series Pre-A financing of ￥170 million (about $24 million) in June 2020.

The latest round was co-led by South China Venture Capital and Yanchuang Capital. The existing investor Quan Capital also contributed to the round. China Renaissance acted as the exclusive financial adviser for the transaction.

Mr. Cai Jiongming from South China Venture Capital and Ms. Liu Zeng from Yanchuang Capital joined the board of directors of Innoforce.

Proceeds from this round will accelerate the construction of Innoforce's facility construction in Hangzhou and provide global GMP compliant manufacturing capacity, including the production of cell and gene therapeutic drugs and the monoclonal antibodies in a joint venture with ThermoFisher. Innoforce will facilitate the development and commercialization of innovative drugs in China, the United States, Europe and other parts of the world for global customers and partners. It will continue to build a biopharmaceutical ecosystem, providing partners with customized drug development, operational management and other services, as well as extensive support for startups.

SCVC was founded in March 2008. It is a private equity investment fund manager with the main business of professional investment management. SCVC mainly invests in the Chinese economy in the rapid growth and expansion stage or the Pre-IPO stage of the outstanding potential of the enterprise, the key investment areas for medical care, consumer upgrades, high-end equipment, energy saving and environmental protection industry and other industries.

Founded in June 2010, Yanchuang Capital is an investment platform engaged in venture capital and the transformation of university technological achievements under the advocacy and support of the Department of Science and Technology Development of Peking University. At present, Yanchuang Capital has three business segments, namely equity investment, securities investment, and cooperation with listed companies in merger and reorganization, with an AUM of more than 6 billion yuan. Yanchuang Capital mainly invests in biomedical and other major sectors in healthcare.