# Refine

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/refine

- Industry: Biotechnology
- Headquarters: Beijing, China
- Website: www.refinebiology.com
- Total disclosed funding: $30M
- Latest round: Series C (Dec 29, 2025)
- Investors on record: 6

## About

Founded in 2007 and based in Beijing, China, Beijing Refine Biology Co., Ltd., trading as Refine, is a national high-tech enterprise specializing in the extraction and technological development of active plant ingredients. The company is headquartered in Beijing and has 3 production bases and 2 research and development center in Shanghai and Beijing. Refine is also the sugar substitute supplier of Yuanqi Forest. In recent years, with improvements in product quality and specifications, its customer base has expanded from a single market to include Europe, Australia, and Southeast Asia.  The company has also diversified from simple crude processing and trading of traditional Chinese medicinal materials to the research and processing of extracts and formulations, focusing on providing high-quality products and services to customers in the food and beverage, health products, cosmetics, personal care, and animal feed industries. In December 2025, Refine raised CNY 100 million in Series C funding led by new investor Hunan Xingxiang Investment Holding Group, with participation from new investor Xi'an Royal-Power Asset Management.


It boasts a GMP-standard production facility and offers standardized extracts of magnolia bark, epimedium, marigold, rhodiola, ginkgo, and other plants. These extracts are primarily used in the food and beverage, health supplement, cosmetics, personal care, and animal feed industries.  The company also provides product testing services including species identification, active ingredient testing, pesticide residue testing, and heavy metal testing.

The company generates revenue by doing R&D, and providing plant active ingredient extraction and other related services.

The Series C funding raised in December 2025 will be used for commercial expansion and the construction of new production capacity. In the future, the company will continue to strengthen its technological foundation and empower the global food industry, providing consumers with healthier, more nutritious, and greener compound flavor solutions.

## Funding rounds

- Series C, Dec 29, 2025, $14M — Hunan Xingxiang Investment Holding Group, Xi'an Royal-Power Asset Management
- Series B, Oct 25, 2021, $16M — Cowin Capital, Datou Capital, Focustar Capital
- Series A, Apr 27, 2021 — Challenjers Venture

## Investors

- Challenjers Venture (https://capitalatlas.ai/funds/challenjers-venture) — Series A
- Cowin Capital (https://capitalatlas.ai/funds/cowin-capital) — Series B
- Datou Capital (https://capitalatlas.ai/funds/datou-capital) — Series B
- Focustar Capital (https://capitalatlas.ai/funds/focustar-capital) — Series B
- Hunan Xingxiang Investment Holding Group (https://capitalatlas.ai/funds/hunan-xingxiang-investment-holding-group) — Series C
- Xi'an Royal-Power Asset Management (https://capitalatlas.ai/funds/xi-an-royal-power-asset-management) — Series C