Chinese life sciences firm HC Scientific bags over $41m in extended Series B round

China’s HC Scientific has bagged 300 million yuan ($41.2 million) in an extended Series B financing round co-led by Lake Bleu Capital, a Hong Kong-based investment firm that specialises in healthcare investing primarily in the Greater China region.

Guotai Junan Innovation Investment, the investment platform of Chinese brokerage Guotai Junan Securities was the other co-lead investor in the financing, according to a company announcement today.

Local investment firms including Dalton Venture, Eightfold Venture Partners, and Chengdu Biological City Equity Investment, participated in the round; while existing investors including Legend Capital and LYFE Capital re-upped, per the release.

Founded in 2016, the Chengdu-headquartered firm engages in the R&D of biological breeding equipment for use across agriculture and animal husbandry.

The proceeds will help the firm in developing new products, as well as expanding its business and teams overseas. The latest capital injection has brought its total Series B fundraising sum to 500 million yuan ($68.6 million), after its 200-million-yuan Series B financing round in September 2021.

Previously, it had raised “several tens of millions of yuan” in an extended Series A round led by Northern Light Venture Capital in 2020.