MegaRobo Technologies, a Chinese start-up that uses artificial intelligence and robotics in life sciences research, has raised $300 million in a funding round led by Goldman Sachs Asset Management, Asia Investment Capital and GGV Capital.
The six-year-old company is the latest start-up from the pharmaceutical industry to capitalize on a jump in investor interest in the sector after the COVID-19 pandemic.
MegaRobo, whose products include a COVID-19 testing solution, said that it plans to use the fresh funds to fund research and development, increase capacity and expand its presence into new international markets.
Even though market volatility has closed the door on initial public offerings this year, several private companies continue to raise money at high valuations from private equity and venture capital firms.
Market research platform AlphaSense also raised $225 million on Wednesday in a funding round that valued it at $1.7 billion, while biotechnology firm Synthego earlier this year raised $200 million in a fundraise led by hedge fund Perceptive Advisors, with participation from SoftBank Vision Fund 2.