A consortium of investors led by CITIC, with participation from CICC Capital, a private equity fund management platform, Tsing Song Capital, Spinnotec, Ruiyi Investment, LanShang Capital, Chinese investment companies, Jemincare, a pharmaceutical firm, and Haier Biomedical, which develops low-temperature storage equipment for biomedical samples, completed the $224m investment in 3DMed Diagnostic, a molecular diagnostics firm. Existing shareholders Luxin Venture Capital, Shandong Transportation Industrial Development Fund, and life science-dedicated VC firm Sangel Capital re-upped in the investment round. "Proceeds from the new round will be primarily used for the R&D of precision diagnosis equipment and reagents, including fully-automated, next-generation sequencing flow-line equipment, in vitro diagnostic medical devices, and the expansion of the firm’s overseas business expansion, and commercialisation team," Xiong Lei, 3DMed Diagnostic Chairman and CEO.