Goldman backs China's MegaRobo in $300m funding round
Summary
It also aims to explore new business lines and to step up efforts in serving global clients.MegaRobo did not disclose its post-money valuation. But founder and CEO Daniel Huang told Bloomberg that the company has reached the unicorn valuation of over $1 billion.Founded in 2016, MegaRobo develops a suite of robotic automation solutions that integrate AI software, analytical instruments, laboratory hardware and consumables to help clients in the life science sector achieve more stable and efficient experimental results. It targets industry issues such as a growing lack of biotech talents in areas ranging from new drug R&D to genetic engineering and clinical diagnosis. "MegaRobo will continue to strengthen our R&D and technological capabilities, while actively exploring the adoption of intelligent automation solutions across industries such as energy, food safety, applied chemistry and semiconductors to bring upgrades and innovations to more areas," said Huang in the statement.The company employs close to 1,000 people, of which about 60% are R&D professionals, across offices and labs in Beijing, Suzhou, Shanghai and Shenzhen in China, as well as in the U.K. and U.S.Its official website shows that MegaRobo has raised a total of 1 billion yuan ($150 million) in seven venture rounds prior to the latest investment. Its earlier backers include the venture unit of German conglomerate Robert Bosch, Chinese medical tech platform WuXi AppTec, Matrix Partners China and Joy Capital.Prior to the Series C round, the company started raising capital for its Series B round in November 2020 and closed the previous deal after about six months with $125 million of funding from investors.For the original story from DealStreetAsia, click here.DealStreetAsia is a financial news site based in Singapore that focuses on private equity, venture capital and corporate investment activity in Asia, especially Southeast Asia, India and greater China.