Tian Yuan, Global on COVID-19 testing equipment maker MGI Tech’s $1 bln funding
Global Law Office has advised China DNA sequencing instrument maker MGI Tech on its $1 billion series B funding, with Tian Yuan Law Firm advising lead investor IDG Capital and one of the existing investors, Citic Securities’ private equity unit Gold Stone Investment.
Citic Private Equity Funds Management also took a lead on the investment. Other investors include Huaxing New Economic Fund, Co-Stone Asset Management, the equity investment unit of brokerage Guotai Junan Securities and Shenzhen Green Pine Capital Partners.
This is by far the largest fundraising in the DNA sequencing industry in China.
Founded in 2016, MGI Tech focuses on R&D, production and sales of DNA sequencing instruments, reagents, and related products. It is well-known for the manufacturing and selling of test kits and instruments during the COVID-19 pandemic in both China and abroad.
MGI Tech’s first round of financing was completed a year ago. It raised $200 million in that round.
The Global team was led by partners Li Cheng and He Jihong, while partners Zheng Yilei and Shi Lei led the Tian Yuan team
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