MGI Tech secures first round of funding

MGI Tech Co Ltd, the manufacturing arm of China's genomics sequencing company Beijing Genomics Institute, announced on Thursday it has secured a first round of funding of more than $200 million.

Major investors include CITIC Goldstone Fund Management Co Ltd, Green Pine Capital Partners Co Ltd and Shanghai Orient Securities Capital Co Ltd.

MGI produces genomic sequencing devices, equipment, consumables and reagents for scientific research, healthcare and medical treatment.

Jiang Hui, chief operation officer of MGI, said the firm plans to use the fund to develop and manufacture new types of genetic sequencers, as well as market promotion of the genomics sequencing industry.

"We aim to apply our technologies to other aspects of the medical ecosystem as well, such as medical imaging facilities and wearable devices," she added.

Established in 2016, the firm has built three factories in China and is planning a new one in Latvia. Its total employees have expanded to about 900 globally.

The compound annual growth rate of revenue for MGI has exceeded 200 percent in the last three years and occupied one-third of the domestic market. Other major players are US-based Illumina and Thermo Fisher.

So far, it has delivered 1,100 genetic sequencers to 16 countries and regions.