The Series C round was led by Goldman Sachs Asset Management, Asia Investment Capital, and GGV Capital
Chinese start-up MegaRobo Technologies secures $300m in a Series C round. (Credit: Adam Radosavljevic from Pixabay)
MegaRobo Technologies, a Chinese start-up that provides artificial intelligence (AI) powered automation solutions for the life sciences industry, has raised nearly $300m in a Series C financing round.
The funding round was led by Goldman Sachs Asset Management, GGV Capital, and Asia Investment Capital.
It also saw the participation of existing shareholder Sinovation Ventures along with Pavilion Capital, U-Member Capital, Starr Capital, Harvest Capital, RedView Capital, and Taihe Capital.
The proceeds from the funding round are expected to help MegaRobo Technologies continue its investment in research and development (R&D), increase its capacity, and expand globally.
Goldman Sachs Asset Management executive director Kevin Ding said: “The global life sciences automation industry has significant growth potential. We expect the rapid penetration of automation solutions to continue amid challenges in scaling up manufacturing and increasing hiring of R&D talent.
“MegaRobo has demonstrated continuous innovation in its technology and product offerings for clients. We look forward to leveraging our global network and resources to support the company’s continued growth and ambitions as a leader in this market segment.”
Since 2016, the Chinese start-up has been serving life sciences firms with a suite of automation solutions ranging from benchtop workflow automation designed for simple work flow to fully automated platform for complex work flow.
The company’s workflow automation is said to integrate various processes and applications by combining analytical instruments, AI software, hardware and consumables into a single system.
MegaRobo Technologies is also said to be providing solutions for Covid-19. These include a sample preparation system, a fully automatic nucleic acid testing system, a fully automated mobile shelter laboratory, and a fully automated antigen reagent preparation solution.
MegaRobo Technologies founder and CEO Daniel Huang said: “MegaRobo will continue to deeply consolidate its R&D and technological capabilities, and broadly explore empowerment opportunities in energy and chemical industry, food safety, applied chemistry, semiconductor and other fields with intelligent and automation technologies, in order to enable the upgrade and transformation of more industries and fulfill the mission to ‘create a more efficient, healthier and better world for everyone’.”