WXXWY - Week In Review: Shenzhen's MGI Tech Raises $1 Billion To Develop Gene Sequencing Machines
Deals and Financings
MGI Tech of Shenzhen, a company making gene-sequencing machines and related equipment, completed a $1 billion Series B round led by IDG Capital and CPE. The company is a subsidiary of Shenzhen's BGI, China's largest provider of sequencing services. MGI, which wants to offer a China alternative to Illumina (ILMN) products, makes clinical high-throughput gene sequencers, and its multi-omics platforms include genetic sequencing, mass spectrometry, medical imaging and laboratory automation devices. Founded in 2016, MGI announced a $200 million Series A round one year ago.
Suzhou Kintor Pharma completed a $240 million