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Burning Rock Lands $126M in Series C Financing Round

NEW YORK (GenomeWeb) – Chinese molecular diagnostics firm Burning Rock said today that it has closed a Series C financing totaling RMB 850 million (US$126 million). The round was led by GIC, followed by LYFE Capital, CMB International Capital, Lilly Asia Ventures, Sequoia Capital China, and T&Brothers Capital.

The new funding adds to RMB 300 million that Burning Rock said it raised in a Series B round in 2016, RMB 150 million it netted in a Series A+ in 2015, and RMB 43 million in a Series A in 2014.

According to the company, proceeds will primarily be used to support its development of early cancer detection products and to expand its sales and marketing force for its companion diagnostics business.

Founded in 2014, Burning Rock offers NGS diagnostics solutions for precision medicine in oncology, currently focused on three areas: companion diagnostics, early cancer detection, and cancer genome data management. The firm said it has developed 32 products for different cancer types and clinical applications thus far.

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