WI Harper and Siemens Venture lead $5m investment in China

WI Harper and Siemens Venture have led a $5 million investment in a Beijing-based diagnostics company in a transaction Softbank China Venture Capital participated in.

Siemens Venture Capital and WI Harper, a US high-tech venture capital firm with operations in China have led a $5 million investment in Chemclin Biotech, a Beijing-based diagnostics company with its own development, manufacturing and distribution.

The first private equity fund raising completed by Chemclin also drew the participation of Softbank China Venture Capital. China eCapital was the financial advisor to Chemclin.

Peter Liu, chairman of WI Harper, said the company enjoys significant first-mover advantages due to its licences in specific critical areas.

Richard Hasumann, president and chief executive of Siemens China, called the investment a “helping hand” for the Chinese government.

He said: “By supporting Chemclin, we want to make sure that cutting edge diagnostics technologies used around the world are available to all Chinese hospitals and laboratories at a reasonable cost.”

This is also Siemens corporate venture unit’s first healthcare funding project in China.

Established in 1999, Chemclin has established marketing and sales network across 30 Chinese provinces which house more than 2000 local districts and 30,000 towns.