The company described the over-subscribed funding round as record-setting. It was also participated by new investors, including China Investment Corporation and Singapore-based global investor EDBI.
Esco provides technologies, products, and services to the life sciences and healthcare industries, supporting academic research and scientific discoveries, clinical practice, and biopharmaceutical R&D and manufacturing.
The company has a sales network in over 100 countries, direct sales and service offices in 20 countries, 8 manufacturing and R&D hubs in the US, Europe, the UK, China, and Singapore, and over 1,300 employees worldwide.
“As a Singapore-headquartered company, Esco is a nexus of East and West, bridging technologies, products, and talent across the world, with global operations spanning the US, Europe, and Asia,” the company said.
Esco embarks on 3.0 transformation
The Series A round is a significant milestone for the company as it embarks on its Esco 3.0 transformation, according to chairman and CEO XQ Lin. The transformation involves strategic bolt-on M&A and expedited expansion in China, among others.
“This financing will enable the creation of an innovation hub in Boston, focused on cell and gene therapy tools and technologies. We will increase our R&D and in-licensing efforts to develop and commercialise novel life science research tools in emerging domains,” Lin added.
Vivo Capital, the co-lead investor in the funding round, is a global healthcare investment firm. It has approximately $5.8 billion in assets under management and has invested in over 290 public and private companies worldwide.
“The investor consortium will work together to leverage our healthcare sector resources to accelerate Esco’s next phase of global growth, supporting the company’s business development efforts, and increasing investments in R&D and technology development,” said Shan Fu, managing partner and CEO for Greater China at Vivo Capital.
Fu will join Esco as a board member following the capital infusion.