MGI Tech Co., a major provider of Covid-19 testing equipment in China, completed a $1 billion series B funding round led by IDG Capital and Citic Private Equity Funds Management, reported Caixin.
The second round of financing was much bigger than the first round of $200 million completed a year ago when the company originally expected to raise $1 billion.
The Covid-19 pandemic has created favorable conditions for the medical equipment maker to raise funds as its business has been bolstered by huge demand for its nucleic acid extraction kits used in detecting virus infection.
MGI said it has been providing more than 100,000 sample extractions a day in more than 30 cities in China. After the epidemic was largely controlled in China, MGI also exported nucleic acid extraction kits to countries including India, Australia, Canada and France.