MGI Tech Company, a Shenzhen maker of gene sequencing machines, announced it closed its first funding round with more than $200 million. MGI is a subsidiary of BGI, China’s largest sequencing services provider. Founded in 2016, MGI is dedicated to offering a China alternative to international gene sequencing makers. The funding included CITIC, Jinshi Capital, Songhe Capital and Dongzheng Capital. According to unconfirmed media reports, the financing was much less than the $1 billion MGI was seeking in a pre-IPO round for a 20% stake of the company.
Source: China Biotoday
