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INCJ joins $33m Series C for Japan's Megakaryon

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Innovation Network Corporation of Japan (INCJ) has joined a JPY3.7 billion ($33 million) Series C funding round for Megakaryon, a domestic medical research company.

According to a statement, INCJ will contribute JPY1.1 billion to the round. Additional investors include Otsuka Pharmaceutical, Otsuka Pharmaceutical Factory, Shinsei Corporate Investment and Shiga Bank Growth Fund.

The capital will support the commercialization of stem cell technology aimed at revolutionizing blood transfusions. INCJ said its participation was more broadly aimed at revitalizing Japan's life sciences industry, which is considered to be a global leader in regenerative medicine.

Established in 2011, Megakaryon develops processes around the artificial production of red blood cells and platelets that could reduce reliance on blood donations. In Japan, there is expected to be a shortage of 850,000 blood donors by 2027 due to the aging and declining population.

The company received JPY2.5 billion in 2015 from a consortium of investors including INCJ, Mitsubishi UFJ Capital, SMBC Venture Capital and Mizuho Capital as well as Japan Asia Investment, DBJ Capital, Nissay Capital, KSP, and Miyako Capital. This followed a JPY1.2 billion round in 2013 backed by INCJ, SMBC, Mizuho and Mitsubishi UFJ.

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