ICarbonx announced that it expects to receive CNY 700 million in funding from Zhongyuan Union Cell & Gene Engineering Corp., Ltd and other investors.

iCarbonx announced that it will receive CNY 700 million in its series A round of equity funding on January 18, 2016. The transaction will include participation from an existing investor Zhongyuan Union Cell & Gene Engineering Corp., Ltd for CNY 100 million along with other investors. The round will be raised at a post-money valuation of CNY 5 billion.

The company reported total assets of CNY 10 million, zero revenue, and a net loss of CNY 43.33 as of the end of 2015.