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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.

Spun off from genomics services provider BGI Group in 2016, MGI Tech develops gene sequencing systems and other products for use in the life sciences and health care sectors. The company develops, manufactures and sells an array of products, including DNA sequencers as well as sequencing reagents, materials and biochemical reaction systems. It offers digitization equipment and solutions to clients in the medical, agriculture and health care industries.

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