Six-year-old biotech startup MegaRobo Technologies has raised about $300 million from investors including an arm of Goldman Sachs, securing one of the year’s largest Chinese venture capital investments despite a global tech sector rout, reports Bloomberg.
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.
The investment highlights how cutting-edge firms can still attract capital, after a global selloff in names from Amazon.com to Tesla and Beijing’s crackdown on its own internet sector spooked startup financiers. China—once envisioned as challenging Silicon Valley’s place in the technology sphere—is now leading a global decline in venture capital investments and investors don’t foresee a quick recovery.
