In March 2023, Cygnus Bio secured another round of Series C+ financing totaling several hundred million yuan. The round was led by Source Code Capital, with participation from CCB Equity, E-Town Capital, Founder Heshang Capital, and Hetao Capital. This followed a previous Series C+ investment led by China Reform Fund in August 2022.
Upon completion of this financing, Cygnus Bio will continue to strengthen its research and development, build a sustainable team capable of original innovation, and accelerate the launch of medium‑ and high‑throughput sequencing platforms. The company will also enhance its market and commercialization capabilities, actively exploring and expanding broader application scenarios together with partners across the industry chain.
Founded in 2015, Cygnus Bio is a sequencing system company built on a proprietary technology pathway. Leveraging its core technologies, the company has improved sequencing accuracy to Q40 while significantly reducing sequencing costs. Its first benchtop system, the GS100 Sequencing System, has received widespread recognition from users across various application fields.
Dr. Zitian Chen, CEO of Cygnus Bio, stated: "On behalf of Cygnus Bio, I would like to express our gratitude to the professional investment institutions in this round for their recognition and support. We firmly believe in the value of NGS technology, whose comprehensive advantages in cost, accuracy, speed, and other dimensions cover the vast majority of current sequencing market demands. Cygnus Bio is committed to revolutionizing the field from the ground up through our original core technologies in biochemistry and algorithms. By dramatically improving performance metrics by orders of magnitude, we aim to significantly expand new and uncharted application spaces, helping scientists make more valuable discoveries and push the boundaries of human knowledge. With the support of this capital, Cygnus Bio will stay true to its mission, leverage the team's strength in original research, actively refine its product portfolio, and vigorously advance its commercialization strategy."
Zhang Yuhao from Source Code Capital commented: "As a sequencing system company with mastery of foundational technologies, Cygnus Bio possesses two core patented technologies — fluorogenic sequencing chemistry and error‑correcting code (ECC)‑based sequencing — both with wholly independent intellectual property rights. Combined with strong system engineering capabilities, the company has developed next‑generation sequencers with industry‑leading specifications. We believe that with continuous iteration, Cygnus Bio will provide even better‑performing and more cost‑effective instrument and chip reagent solutions, laying a solid foundation for the integration of IT and BT in the life sciences industry."
CCB Equity remarked: "We are very optimistic about Cygnus Bio's innovation capability. By taking a different path and innovating from the foundational technology level, the company has fundamentally broken through technical barriers. As its technology transfer achievements continue to materialize, Cygnus Bio will become a key force driving the development of the gene sequencing industry."
The investment负责人 from E-Town Capital said: "In industrial investment, we have always adhered to long‑term strategic investment, focusing on innovation‑driven sectors such as biotechnology and healthcare. Since establishing its presence in the Beijing Economic‑Technological Development Area, Cygnus Bio has been dedicated to innovation and breakthroughs in gene sequencing technology, continuously advancing the translation of its proprietary research. The first benchtop GS100 Sequencing System and the product series under development will drive technological transformation in the sequencing industry."
Wo Feiyu, Managing Director of Founder Heshang Capital, noted: "Innovation in core domestic technologies and fully independent intellectual property rights are critical drivers for the entire industry. We continue to have strong confidence in Cygnus Bio's innovation capability and its ability to commercialize technologies. We also hope to empower the company through our resources."
Qiu Qing from Hetao Capital commented: "We have long focused on the systemic opportunities brought by technological iteration in the medical field and have consistently invested in companies with original innovation capabilities. As a company with core foundational technologies protected by independent IP and proven ability to translate research into products, Cygnus Bio is poised to become a sequencing system brand that cannot be ignored."
Looking ahead, while continuously optimizing its benchtop product series, Cygnus Bio will launch new sequencing system product lines designed for centralized clinical testing needs and even simpler, more intelligent operation, meeting the demands of increasingly complex research and clinical scenarios. Cygnus Bio remains committed to an open and collaborative approach, looking forward to extensive exchanges and cooperation with industry peers to jointly create a brighter future for the gene industry.
Cygnus Bio was founded by the team of Professor Sunney Xie, Professor Yanyi Huang, and Dr. Zitian Chen from Peking University. The company is a national high‑tech enterprise integrating R&D, translation, production, and marketing of gene technologies. It is dedicated to providing core equipment for life science research and genetic diagnosis, delivering more accurate, convenient, and rapid solutions for fields such as pathogenic microorganisms, oncology, and reproductive health.
About Source Code Capital
Founded in 2014, Source Code Capital has consistently invested in technology‑driven innovation and the creation of lasting, real value. The firm has backed over 300 startups across seed, early, and growth stages, covering industrial digitalization, intelligent manufacturing, consumer technology, life sciences, green development, and cross‑border expansion.
About CCB Equity
CCB Equity is a professional private equity subsidiary of China Construction Bank, directly managed by the bank's head office. It serves as CCB's private equity investment platform and a bridge for loan‑equity linkage, primarily managing the National Strategic Emerging Industry Development Fund and other private equity funds.
About E‑Town Capital
Beijing E‑Town International Investment & Development Co., Ltd. (E‑Town Capital) was established in February 2009. It is a state‑owned investment company dedicated to supporting technological innovation and industrial development in the Beijing Economic‑Technological Development Area. As of December 2022, the company had total assets exceeding RMB 106 billion and total owners' equity exceeding RMB 78 billion. Its subsidiaries include E‑Town Industry Investment, E‑Town Auto, E‑Town Hong Kong, E‑Town Guarantee, E‑Town Leasing, and Tongming Lake Information City.
About Founder Heshang Capital
Founded in 2010, Founder Heshang Capital is a wholly owned subsidiary of Founder Securities Co., Ltd. (601901.SH). It is a professional securities firm subsidiary registered with the Asset Management Association of China to engage in private equity fund management and related businesses (registration No. PT2600011619), with strong co‑investment capabilities, deep product development expertise, excellent market service capabilities, and extensive business channels.
About Hetao Capital
Hetao Capital was restructured in 2014 under the strategic framework of Tsinghua University to promote the translation of scientific and technological achievements. The firm has long focused on investing in innovative enterprises with core hard technologies. It currently manages over RMB 3 billion across multiple funds and has invested in more than 70 projects, two‑thirds of which hold leading positions in their market segments, and more than half are the first of their kind in China or even globally.
