Country for PR: China
Contributor: PR Newswire Asia (China)
Monday, May 13 2019 - 22:01
MGI Announces US$200 Million in First Round Fundraising
SHENZHEN, China, May 13, 2019 /PRNewswire-AsiaNet/ --

Continuous R&D investment delivers breakthroughs in upstream sequencing 

MGI, a subsidiary of BGI Group, has disclosed that its first round of 
fundraising exceeded US$200 million, the largest amount of capital raised in 
the genetic field in China in 2018. Investors included well-known institutions 
such as CITIC Goldstone Capital, Green Pine Capital Partners and Orient 
Securities Capital Investment.

MGI also highlighted its rapid progress in sequencing technology innovation.

To date over 1,100 MGI sequencers have been installed globally, covering 16 
countries and regions, with over 300 users. The cumulative output of data has 
reached 20Pb, and more than 300 high-level scientific research papers have been 

Recently, MGI collaborated with the China Academy of Chinese Medical Sciences 
to develop a high-throughput gene sequencing integrated machine for Chinese 
herbal DNA barcodes. The instrument, officially released April 26, is the 
world's first intelligent instrument for Chinese herbal medicine gene 
sequencing, and it can accurately and quickly identify Chinese herbal medicine 

The key to MGI's emergence as an important developer of life science tools is 
its continuous investment and breakthroughs in upstream sequencing technology. 
MGI has invested about 5 billion Yuan in research and development to achieve a 
foundation of patents of sequencing technology, applying for more than 580 
technical patents, including more than 80 PCT patents.

MGI has launched lots of different sequencers since 2015. The main model, the 
MGISEQ-2000 comprehensive gene sequencer, supports two different specifications 
of the chip with its two-chip independent operation platform. It takes only 48 
hours to sequence a PE100 run at full capacity, and less than 48 hours to 
complete the rapid detection of 24 tumor samples on average. The company's 
MGISEQ-T7, released in October 2018, is still the most powerful gene sequencer 
to date. The single-day data output can reach 6Tb, PE150 sequencing takes only 
24 hours, and the cost per Gb sequencing is only US $5 -- the lowest sequencing 
cost in the world.

MGI is gradually breaking the market monopoly in the upstream of the gene 
sequencing industry and building a stable and open industrial ecology based on 
its sequencing platform and independent research and development, changing the 
inherent closed industry model.

The global sequencing industry market is predicted to grow to US$12.45 billion 
in 2022, of which the Asia-Pacific region is expected reach US$2.39 billion. By 
2020, the market size of China's gene sequencing industry is expected to reach 
9.8 billion Yuan (about US$1.43 billion).

As the only company in China and one of only three in the world that can 
independently develop and mass produce clinical high-throughput gene 
sequencers, MGI's completion of its first round of financing shows the 
recognition of its research and development capabilities and 
internationalization. MGI plans to further strengthen research and development 
and production of new gene sequencers, create a comprehensive product lineup, 
and commit to market development and ecological construction of the gene 
sequencing industry.