Shanghai-Based ProGenTech Draws $21m in VC Funds

Filed in archive Venture Capital on April 2, 2008

ProGenTech, a life science company with offices in Shanghai, Suzhou and Emeryville California, announced last week that it had received US$21 million in venture capital funding from two sources.

According to East Bay Business Times the two funding sources were Bay City Capital of San Francisco and DT Capital of Shanghai.

A press release said that ProGenTech makes "a contamination free, cassette based automated nucleic acid purification systems." I'd probably have to see a picture and take a few biochemistry classes to be able to explain exactly what that means. But the funding is part of a growing trend of venture capital involvement in the medical technologies industry in China.

ProGenTech has been around since 2005 and has about 40 employees.