Goldman Backs Biotech Firm in Volatile Year for China Deals
- MegaRobo also secured backing from Pavilion, Starr Capital
- Deep tech remains hot while global venture funding cools down
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Six-year-old biotech startup MegaRobo Technologies has raised about $300 million from investors including an arm of Goldman Sachs Group Inc., securing one of the year’s largest Chinese venture capital investments despite a global tech sector rout.
Goldman’s private investing arm, venture capital firm GGV Capital and Asia Investment Capital led the Series C round, joined by existing backers Sinovation Ventures, Pavilion Capital and Starr Capital, the firm said in a statement. MegaRobo, which applies robotics and artificial intelligence toward life sciences research, aims to deepen forays into fields from stem cell therapy and genetics to traditional Chinese medicine.