Source Code Capital | "Coteya Bio" Announces Oversubscribed Series A Financing of Over 100 Million RMB, Led by Source Code Capital
Addressing a host of global challenges including environmental pollution, carbon emissions, and climate change
#MaKe Key Updates from Source Code Capital and MaHui Members
Cotai Biotechnology Co., Ltd. (Cotai Bio) announced the completion of a Series A funding round exceeding RMB 100 million, led by Source Code Capital, with participation from Bits x Bites and Sherpa Healthcare Partners. Yuanqi Capital served as the exclusive financial advisor.
The proceeds from this round will primarily be used to expand Cotai Bio's team, build out its technology platform, and advance its product pipeline. Efficient R&D requires exceptional talent, and successful product development depends on robust technology platforms. Cotai Bio will enhance its integrated synthetic biology platform built on automation, miniaturization, high-throughput screening, big data, and artificial intelligence to accelerate pipeline development.
Previously, Cotai Bio completed an angel round of tens of millions of RMB in 2021.
Founded in 2021, Cotai Bio is a synthetic biology company dedicated to the R&D, production, and sale of high-value bio-based products. By applying cutting-edge synthetic biology technologies and advanced biomanufacturing, the company provides natural, green, and sustainable innovative ingredients for the personal care, nutrition, and pharmaceutical markets — helping society move away from petroleum dependence and addressing global challenges including environmental pollution, carbon emissions, and climate change.
On completing this funding round, Dr. Lishan Zhao, Founder and CEO of Cotai Bio, said: "We are deeply grateful to our investors for their recognition and strong support. Synthetic biology is an emerging technology with disruptive potential. Its successful application can drive the transformation of traditional chemical manufacturing toward green, efficient biomanufacturing, accelerating the development of the bio-based economy and the achievement of dual carbon goals. I believe that Cotai's team's extensive industrial experience, foundational technological innovation capabilities, and international background will enable us to lead the industrialization of synthetic biology, bringing consumers sustainable, high-quality, low-cost products and generating positive impact for society."
Dr. Zhao previously spent 14 years at Amyris, a pioneer in synthetic biology in the United States, where he served as VP of R&D and President of China operations. At Amyris, he led or contributed to the construction and operation of the world's first synthetic biology technology platform, as well as the lab-to-commercialization development of multiple products including artemisinin, farnesene, and vitamin E. As Amyris's China head, Dr. Zhao successfully established and expanded the company's China business and partnerships.
On the team front, Cotai Bio's leadership includes former executives from leading synthetic biology companies at home and abroad, including Amyris, Meihua Holdings Group Co., Ltd., and Evonik China. Core members average over ten years of industrial experience, with expertise spanning strain engineering, fermentation and extraction processes, scale-up manufacturing, and commercial operations. Collectively, the team brings firsthand experience in the de novo R&D and commercialization of more than 20 synthetic biology products, making it one of the most industrially experienced teams in China's synthetic biology sector.
On leading this round in Cotai Bio, Yungang Huang of Source Code Capital said: "Synthetic biology represents a highly promising macro trend, and biomanufacturing has the potential to fundamentally transform the traditional petroleum-based chemical industry — a direction we take very seriously at Source Code. The Cotai team comprises seasoned industry veterans starting anew, with deep expertise in genetic engineering, enzyme engineering, fermentation engineering, and high-throughput automation technologies, plus profound industry insight. We look forward to Cotai accelerating the 'catalysis' and 'qualitative transformation' of this space."
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