The Chinese arm of
The firm invested $15 million in Jinsite Science and Technology Co Ltd., a subsidiary of U.S.-based GenScript Corp., which offers outsourcing services on biological and pharmaceutical research, said the source.
Officials at Kleiner Perkins in Shanghai did not return calls seeking comments. Jinsite could not be immediately reached.
It is the first deal for the firm in China this year. Overall, Kleiner Perkins is expected to invest in six to seven deals in China this year, said the source, who declined to be identified.
Founded in 2004, Jinsite is located in the capital city of eastern Jiangsu Province.
Kleiner Perkins manages a $360 million China fund, which was launched in April 2007. Before Jinsite, the firm has completed at least nine China deals in sectors ranging from technology to retail. —Reuters