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Startups

Chinese DNA sequencing company raises a record $1 billion

MGI Tech races to break foreign players' hold on crucial genomics industry

Scientists at this Wuhan lab have succeeded in significantly reducing the time required for RNA testing for the novel coronavirus. (Photo courtesy of MGI Tech)

BEIJING -- Chinese gene sequencing technology developer MGI Tech has closed a $1 billion series B round backed by IDG Capital and Citic Private Equity Funds Management, a record amount for China's genomics industry, as the company chases its goals of unlocking the doors to a crucial sector and helping to combat the spread of the coronavirus.

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