Wuxi NextCode raises funds to develop precision medicine
May 8, 2017 Category Health, Weekly
China’s bid to become a superpower in the nascent field of precision medicine took another step forward last week after genomics information specialist WuXi NextCode closed a USD75 million Series B funding round. Yunfeng Capital, a Chinese private equity firm co-founded by Alibaba Group Executive Chairman Jack Ma, and Singapore investment company Temasek, led the new financing. The proceeds will be used to commercialize its products, strengthen its global leadership in informatics, and expand its capabilities in artificial intelligence and deep learning technologies. Precision medicine is customized health care based on the genetic make-up, medical history and lifestyle of a patient. In March last year, the central government launched the China Precision Medicine Initiative, a 15-year project with USD9.2 billion in funding that aims to build up the country’s credentials as a global leader in precision medicine. “Genomics is the crossroad where data and biology meet,” said Ge Li, Chairman of WuXi NextCode as well as Founder and Chairman of parent WuXi AppTec. WuXi NextCode – with offices in Shanghai, Cambridge (Massachusetts, U.S.) and Reykjavik (Iceland) – represents a new wave of Chinese companies looking to follow the lead of Shenzhen-based BGI and Novogene in Beijing to become major global services providers in the study and sequencing of genes and their functions, the South China Morning Post reports.
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