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MegaRobo Technologies Raised USD 300 Mn from Series C Round Led by GGV Capital

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Founded in 2016, MegaRobo develops a suite of robotic automation solutions that integrate AI software, analytical instruments, laboratory hardware and consumables to help clients in the life science sector achieve more stable and efficient experimental results.

MegaRobo Technologies, a Chinese company that provides robotics and AI for life sciences research, has pocketed USD 300 million in a Series C round of financing. Goldman Sachs’ private investment arm, venture capital company GGV Capital and Asia Investment Capital led the round, with participation from Sinovation Ventures, Pavilion Capital and Starr Capital, MegaRobo announced in a statement on June 15. China-focused investment companies Yumeng Capital, Redview Capital and Harvest Capital, as well as investment bank Taihecap, also were involved in the deal. MegaRobo plans to increase investment in research and development, expand production, and deepen forays into fields from stem cell therapy and genetics to traditional Chinese medicine. It also aims to explore new business lines and to step up efforts in serving global clients.

Founded in 2016, MegaRobo develops a suite of robotic automation solutions that integrate AI software, analytical instruments, laboratory hardware and consumables to help clients in the life science sector achieve more stable and efficient experimental results. It targets industry issues such as a growing lack of biotech talents in areas ranging from new drug R&D to genetic engineering and clinical diagnosis. The company employs close to 1,000 people, of which about 60% are research professionals, across offices and labs in Beijing, Suzhou, Shanghai and Shenzhen in China, as well as in the U.K. and U.S.

Its official website shows that MegaRobo has raised a total of CNY 1 billion (USD 150 million) in seven venture rounds prior to the latest investment. Its earlier backers include the venture unit of German conglomerate Robert Bosch, Chinese medical tech platform WuXi AppTec, Matrix Partners China and Joy Capital. Prior to the Series C round, the company started raising capital for its Series B round in November 2020 and closed the previous deal after about six months with USD 125 million of funding from investors. It is estimated that the company has reached a unicorn valuation of over USD 1 billion.

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