MegaRobo Technologies, a Chinese firm that applies robotics and artificial intelligence (AI) in life sciences research, has pocketed $300 million in a Series C round of financing.
Goldman Sachs’ private investment arm, venture capital (VC) company GGV Capital, and Asia Investment Capital led the round, with participation from Sinovation Ventures, Pavilion Capital, and Starr Capital, MegaRobo announced in a statement on Wednesday. China-focused investment companies Yumeng Capital, Redview Capital, and Harvest Capital, as well as investment bank Taihecap also injected capital into the deal.
Beijing-based MegaRobo plans to increase R&D investment, expand production, and deepen forays into fields from stem cell therapy and genetics to traditional Chinese medicine. It also aims to actively explore new business lines and to step up efforts in serving global clients.
MegaRobo did not disclose its post-money valuation. But founder and chief executive officer Daniel Huang told Bloomberg that the firm 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 more efficient experimental results. Its solutions target to address industry pain points, 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 semiconductor to bring upgrades and innovations to more areas,” said Huang in the statement.
The firm 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 UK and the US.
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 GmbH, Chinese medical tech platform WuXi AppTec, Matrix Partners China, and Joy Capital.
Prior to the Series C round, the firm 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.