Decheng managing director Min Cui will join the company’s board of directors as part of the deal.
The Chinese firm focuses its investments in life sciences companies it can use to build successful businesses in China.
Cui said, “Decheng Capital led the latest venture round for GeneWeave Biosciences because we see the tremendous application for the technology both here in the United States and in China where there is fast growing demand for innovative molecular diagnostics products.”
The company said it plans to use the funding to complete development and testing on its molecular diagnostic technology for detecting life-threatening bacteria and viruses.
Claremont is also an investor in Alphabet Energy, a developer of thermoelectric materials for waste heat recovery.
Copyright © 2012 AltAssets