Beijing-headquartered venture capital firm Legend Capital has led the RMB200 million ($29 million) Series A funding of Chinese drug developer Sciwind Biosciences, which is focused on treating metabolic disorders, China Money Network reported.
Existing investors including Chinese healthcare-focused equity investment firm Shenzhen Shiyu Investment Management Co. and bio-engineering products manufacturer Beijing Kawin Technology Share-Holding Co., also participated in the new round.
Established in 2017, Sciwind Biosciences is mainly engaged in the research of drugs related to metabolic diseases such as steatohepatitis, liver fibrosis and cirrhosis, and involves the research and development of new biological drugs with independent intellectual property rights.
Legend Capital, which has total assets under management worth RMB 400 billion, is a venture capital subsidiary of Legend Holdings and targets early-stage and expansion-stage investments. The venture capital firm has raised about seven US dollar-denominated funds and four RMB funds.
It targets investments in innovative medicine, precision treatment, medical devices, diagnostic technologies and medical services, and genetic technologies. It will also consider both early- and later-stage investments.
Last year, the venture capital firm raised $256.64 million investment from SK China, the Chinese holding firm of South Korea’s SK Group.
The investment was made in Legend Capital’s $600-million Information Technology Fund that will focus on IT and healthcare companies in China and China-related firms.