KPCB invests $15 mln in Chinese biotech firm-source

BEIJING May 20 (Reuters) - The Chinese arm of the U.S. venture capital fund Kleiner Perkins Caufield & Byers, has invested in a biotechnology firm in eastern China for $15 million, a source with direct knowledge of the matter said on Wednesday.

The fund, also know as KPCB, struck a deal with Jinsite Science and Technology (Nanjing) Co Ltd, a subsidiary of U.S.-based GenScript Corporation, which offers outsourcing services on biological and pharmaceutical research, the source said.

It is the first deal for the Silicon Valley-based fund in China this year, and the fund is expected to make six to seven deals in total this year, said the source, who declined to be identified before a public announcement is made.

Founded in 2004, Jinsite, which is located in the capital city of eastern Jiangsu Province, has a registered capital of $18 million, according to its website.

KPCB, one of the biggest U.S. venture capital funds, started business in China in early 2007. It has previously financed companies such as Google Inc (GOOG.O) and Amazon.com Inc (AMZN.O).

It now manages around $500 million in China fund, the source said.

Officials at KPCB in Shanghai did not return calls seeking comments. Jinsite could not be immediately reached. (Reporting by Michael Wei and Judy Wu; Editing by Lincoln Feast)