SHANGHAI May 2 Jack Ma's private equity firm
Yunfeng Capital and Singapore's Temasek have led a $75 million
fund-raising round into genomics company WuXi NextCODE, the firm
said in a statement on Tuesday, underlining a race for medical
data in China.
WuXi NextCODE, a contract genomics organization with offices
in Shanghai, Iceland and the United States, said it would use
the funds to commercialize its products for China, and boost its
capabilities in artificial intelligence and deep learning.
Chinese firms are increasingly looking to boost capabilities
in genomics amid a drive into higher-tech medicines, where
understanding and mapping DNA-related data can help develop
targeted medicines and treatments.
"We are building the world's leading genomics data platform,
applying genome sequencing data at a scale to improve human
health and wellness around the world," Hannes Smarason, WuXi
NextCODE's chief executive, said in the statement.
He added their data would support a drive to develop
precision medicines, which China plans to focus on in its latest
five-year plan, as well as genome-driven diagnostics.
The series B financing round also included Amgen Inc's
venture capital fund Amgen Ventures and private equity
firm 3W Partners, WuXi NextCODE said.
(Reporting by Adam Jourdan; Editing by Sherry Jacob-Phillips)