Biotech startups with promising technologies attract investors
By Team Startupcity | Tuesday, 15 November 2022, 09:17 IST
Biotech and healthcare fortunes have soured amid a tech winter, some fundraising goes off without a hitch, suggesting investors have not lost their appetite for some startups with viable and profitable solutions. According to industry sources, NKGEN, a company dedicated to NK immune cell technology, succeeded in raising 4 billion won ($3 million) from investors during a recent funding round.
Last month, AI-based drug development company AIGEN Sciences attracted 4.2 billion won in pre-series A funding. The startup is expected to secure more than three lead compounds or molecules as potential drug candidates by 2023.
In August, Oncosoft, which develops AI-based cancer treatment software, attracted a fresh investment of 3 billion won, while in February, DeepCardio, which has technology to predict paroxysmal atrial fibrillation using deep learning, raised 4 billion won from SoftBank and Daily Partners in a series A financing round.
Earlier in June, Doctor Now, a telemedicine platform company, completed a series B raise of 40 billion won. In May, Onegene Biotechnology, which developed UniStac, a platform technology to enable rapid expansion of promising target combinations into a single multi-target molecule, completed a series B funding round worth 40.7 billion won.
Investors are exercising more prudence amid a market slump and leaning toward biotech startups with a viable path to commercialization and profitability, an official from the venture capital industry explained.
The Korean biotech and healthcare sector attracted 878.7 billion won from VC investors in the first three quarters of this year, down by 27.4 percent from the same period a year earlier, government data showed.
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