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MGI Tech, a BGI Subsidiary, Raises $1 Billion to Make Gene Sequencing Machines

publication date: May 28, 2020

MGI Tech of Shenzhen, a company making gene-sequencing machines and related equipment, completed a $1 billion Series B round led by IDG Capital and CPE. The company is a subsidiary of Shenzhen's BGI, China's largest provider of sequencing services. MGI, which wants to offer a China alternative to Illumina (NSDQ: ILMN) products, makes clinical high-throughput gene sequencers, and its multi-omics platforms include genetic sequencing, mass spectrometry, medical imaging and laboratory automation devices. Founded in 2016, MGI announced a $200 million Series A round one year ago. More details....

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