ABclonal Biotechnology, a global life science tools and services provider, recently completed its $92.9 million Series C financing led by Sequoia Capital China and healthcare-focused investor LYFE Capital. Other new and existing shareholders, such as Sigma Square Capital, Kinghall Ventures, and Lucion Capital, participated in the new round.
ABclonal Biotechnology, parent company of Massachusetts-based life science research and diagnostic reagents manufacturer, ABclonal Technology, will use the additional funding to accelerate the company's research and development pipeline for in vitro diagnostic raw materials and rapidly expand production capabilities of its research reagent products and services.
"At ABclonal, it has always been our goal to provide high-quality, innovative products for researchers worldwide," said Zack Wu, chief executive officer at ABclonal. "Reagent quality determines the effectiveness of downstream therapeutic and diagnostic applications. Similarly, innovations in reagents and raw materials provide the foundation for technological breakthroughs in the life science industry. The new funding allows us to continue to expand and innovate biology reagent products at a faster pace."
ABclonal is also currently in talks to acquire a contract research organization focused on single-cell-based monoclonal antibody development. This will be the company's first step toward using the $92.9 million funding to expand research and production pipelines globally.
About ABclonal Technology
Based in Massachusetts, ABclonal Technology is a rapidly growing life science research and diagnostic reagents provider. With scientists from world-class universities, the company thrives on improving the quality of life science research by providing high-quality antibodies, proteins, ELISA kits, NGS library preparation kits and molecular enzymes. For more information, visit ABclonal.com.