WuXi NextCODE Completes $240M Series B Financing

September 7, 2017
WuXi NextCODE Completes $240M Series B Financing
WuXi NextCODE has successfully completed a $240 million Series B financing, planning in part to further extend its platform infrastructure and further commercializing its consumer genomics-based healthcare solutions for the China market. [Source: iStock/lvcandy]

WuXi NextCODE said today it has successfully completed a $240 million Series B financing, extending the round for which it previously announced raising $75 million.

The contract genomics organization received investment from a consortium led by venture capital firm Sequoia China and including Temasek Holdings, a Singapore state-owned investment firm; Yunfeng Capital, a Chinese private equity firm co-founded by billionaire Alibaba Group Chairman Jack Ma, and 3W Partners, a Greater China/cross-border focused private equity firm.

All three also participated in the initial $75 million Series B round in May along with Amgen Ventures, the corporate venture capital fund of Amgen; and other existing long-term investors and partners.  

“The success of this financing round, which includes some of the top technology and healthcare investors worldwide, underscores the breadth and depth of confidence in our vision: to serve as the global platform for using genome data to advance global health,” Hannes Smarason, CEO of WuXi NextCODE, said in a statement.

“We have the unique expertise and now the resources to execute on this strategy,” Smarason added. “We plan to continue to push the leading edge of technology for digitizing, managing and analyzing genomic big data, including through our pathbreaking AI, and to put it at the service of ever more enterprises, institutions, and individuals around the world.”

WuXi NextCODE said it will use proceeds from the completed Series B financing in part to accelerate the extension of its platform infrastructure by attracting new users and data through precision medicine and diagnostics partnerships.

The company’s platform is designed to enable its partners to correlate genome and phenotype data at scale and speed, in population genomics projects, clinical diagnostics and applications, as well as scientific wellness.

The company also plans to use proceeds toward further commercializing its consumer genomics-based healthcare solutions for the China market; and ultimately by enabling individuals to take charge of their own genomic data and deploy it to advance health and healthcare.

WuXi NextCODE operates from offices in Shanghai; Cambridge, MA; and Reykjavik, Iceland. The company says its capabilities span study design, sequencing, secondary analysis, storage, and interpretation and scalable analytics.

China Renaissance Group was the sole financial advisor to WuXi NextCODE in the latest financing round.

×

Oops! Please type your email in the following format: [email protected]

You’re all set!
Thank you for subscribing to
Clinical OMICs Weekly
.