Genomics group gets $75m capital injection

WuXi NextCODE, a contract genomics company headquartered in Shanghai, announced on Tuesday that it received a $75 million capital injection, as China targets precision medicine using gene sequencing as a new focus for improving health and medical standards.

The fresh financing is being led by Yunfeng Capital, a fund backed by billionaire Jack Ma, chairman of Alibaba Group Holding Ltd, and Singaporean investment firm Temasek Holdings Pte, WuXi NextCODE said in a statement.

The company said it will use the proceeds from this round of financing to advance the commercialization of its consumer solutions for the China market, strengthen its global leadership position in informatics, and expand its capabilities in artificial intelligence and deep learning.