MGI Tech, a major provider of COVID-19 testing equipment in China, completed a $1 billion series B round led by IDG Capital and Citic Private Equity Funds Management.
The second round was much bigger than the first, which brought in $200 million a year ago, though the company had expected to raise $1 billion. MGI declined to disclose the company’s new valuation after the latest round.
The COVID-19 pandemic has created a favorable fundraising environment for the maker, as business rises on huge demand for its nucleic acid extraction kits used for detecting the disease.
MGI said it has been