Panlin Capital, a Shanghai, China-based venture capital firm focusing on innovative biopharmaceuticals, innovative medical device and biotechnology, held the second closing of Hangzhou Panlin Xukang Fund.
This is the first fund that Panlin Capital has established in Hangzhou and is the second fund raised this year. In March this year, the firm announced the closing of its Chengdu Panlin Xiangxu Fund. In the past two years, Panlin Capital has raised over RMB 1.5 billion in total.
Healthcare focused Panlin Xukang Fund was supported by a wide range of new institutional investors including Hangzhou Science and Technology Innovation Group and Hangzhou Xiaoshan International Venture Capital（Hangzhou industry guidance funds at municipal and district levels), Chengdu Science and Technology Innovation Investment Group (a state-owned funder), listed companies such as HitGen (688222.SH), LEO Group (002131.SZ), I-Mab (IMAB.US), and market-oriented financial institutions Zhongyuan Trust (self-owned capital), and Chasestone Group etc. So far, the fund has completed investments in near 20 companies.
Based on its previous research on the policy direction and industry cluster of Hangzhou, especially Xiaoshan District, the fund has invested in a number of local companies including:
- Codon, a DNA data storage technology development platform;
- Levinthal, a protein rational design company;
- TinkerBio, a total solution provider focusing on R&D and manufacturing of microfluidic chips;
- DNano MetaBio, a biotechnology development company designing self-assembled nucleic acid nanocarriers;
- Leadbio, a small-caliber regenerative blood vessel R&D company; and
- Innoforce, a CDMO company specializing in cell and gene therapy.
Also, Panlin has contributed to help companies move their headquarters to Hangzhou. In light of Xiaoshan District’s plan to build a biopharmaceutical industry in the local airport industrial park, Dushi Pharmaceutical Supply Chain, a cold-chain intelligent service platform has settled its headquarter in Xiaoshan.
In addition, Panlin Xukang Fund has invested in early- stage companies like Real & Best Biotech, a rAAV gene therapy drug R&D company, and in the subsequent financing rounds of pre-invested star companies, such as Ribo Life Science, a siRNA drug R&D company; GenFleet, a global novel drug developer; Virogin Biotech, a global oncolytic virus company; and Kingstron Bio, a high-end medical device R&D company committed to treating structural heart disease, etc.
Four companies, namely, Ribo Life Science, GenFleet, Virogin Biotech, and Virogin Biotech, will gradually enter into the IPO filing process, and near 10 companies have completed a new round of financing within one year after Panlin’s investment, with the amount of financing exceeding RMB 1 billion.
The firm is led by Mr. Li Yuhui, Founding Managing Partner.