MegaRobo Technologies, a Chinese startup using AI and robotics in life science research, has raised $300 million in a funding round led by Goldman Sachs Asset Management, Asia Investment Capital and GGV Capital.

The six-year-old company is the latest startup in the pharmaceutical industry to capitalise on a surge in investor interest in the sector in the wake of the COVID-19 pandemic.

MegaRobo, whose products include COVID-19 testing solutions, said Wednesday that it plans to use the new funding to fund research and development, increase production capacity and expand its operations into new international markets.

While market volatility has closed the door on IPO this year, some private companies continue to raise money from private equity and venture capital firms at high valuations.

Market research platform AlphaSense also raised $225 million in a funding round on Wednesday at a valuation of $1.7 billion. In comparison, biotech firm Synthego raised $200 million earlier this year, led by hedge fund Perceptive Advisors and SoftBank Vision Fund 2.