Japan biotech player raises $25m Series B
Japanese biotech developer Modulus Discovery has raised $25.5 million in Series B funding from a group of local VCs including SBI Investment.
Mizuho Capital, Jafco, SMBC Venture Capital, Keio Innovation Initiative, UTokyo Innovation Platform, Mobile Internet Capital, and Fast Track Initiative also participated. Strategic investors included Dai-ichi Life Insurance, Medifuture, and Essential Pharma.
This is the first investment by Mizuho’s Life Science First Investment Fund, which was set up in January with JPY5 billion ($47 million). Modulus raised JPY400 million in a Series A round in 2017 that featured Fast Track and DBJ Capital, a VC unit of the Development Bank of Japan.
Modulus is a preclinical-stage drug developer targeting unmet needs in cancer, chronic inflammation, immune disorders, and rare genetic conditions, with operations spanning bases in Tokyo and Boston. It claims to have identified several unique molecules in its oncology and inflammation-immune disorder programs nearing the clinical testing phase through partnerships with major players in the industry.
“Although drug discovery is an area traditionally dominated by American and European biotechnology ventures, we decided to invest into Modulus based on our evaluation of the company’s management that integrates its strong scientific approach, spearheaded by its computational technology with potential for global success, with a logical business strategy,” Kotaro Yamagishi, CEO of Keio Innovation Initiative, said in a statement.
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