Great Bay Bio lands US$15m for Series B funding

20-Sep-2022

The funding led by Tiger Jade and was upsized with participation from one of the world's top life science MNCs, AEF Greater Bay Area Fund

Great Bay Bio lands USm for Series B funding

Hong Kong hi-tech company Great Bay Bio (GBB) has announced the completion of its US$15 million pre-series B funding led by Tiger Jade. 

The Pre-series B round was advised by DL Securities, a boutique investment bank based in Hong Kong. Tiger Jade was seeded by TigerMed, one of the largest CROs of clinical trials in PRC and covers over 300 companies/clients in its ecosystem, all of which may require services from GBB directly or indirectly. The other strategic investor was Fortune 500 life science company MNC, with a capitalisation over US$200 billion.

The funds raised will mainly be used to accelerate the development of AI-empowered bioprocessing platforms, the construction of production facilities; as well as the establishment of a global commercial development team. Looking ahead, GBB will strive to develop and provide an "end-to-end" AI-enabled bioprocessing platform to satisfy the R&D and commercial demands of global customers.

We are excited to have GBB in our portfolio, an excellent locally built AI-driven bioprocessing startup in the Greater Bay Area of Guangdong, Hong Kong and Macao

Kingsley Leung, Chairman of GBB, said: "We are pleased to know that GBB's disruptive innovations in the bioprocessing field are recognized by the market and our robust forward tested data and promising commercial success are accepted by investors. With the support from Tiger Jade and one of the world leading MNC, GBB can quickly integrate into the global biopharmaceutical ecosystem, and accelerate the realisation of our vision of "Global Bioprocessing Made Simpler and More Efficient". In turn, GBB will help customers accelerate developmental timelines, reduce the cost and risk of biomanufacturing, ultimately, allow affordable biological drugs to patients in need."

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Jasper Jiang, the partner of Tiger Jade, said: "We are excited to have GBB in our portfolio, an excellent locally built AI-driven bioprocessing startup in the Greater Bay Area of Guangdong, Hong Kong and Macao. The fact that GBB stands out in a relatively tough market environment, and receive favour from a top multinational company and other well-known venture capital speak volumes about the company's technological achievements and development prospects. There are several distinctive Hong Kong based funds also joining the funding of GBB, including the Pentepebble, a local medical incubation investment institution that we are exploring to establish an incubator together. We believe that this investment will also better meet the national strategy of vigorously developing the Greater Bay Area and bring confidence to future capital entering the biomedical industry in this area."

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