Hummingbird Bioscience secures $19m in Mirae Asset-backed Series B

Antibody visual sourced from Hummingbird's website

Hummingbird Bioscience, focused on precision antibody therapeutics, announced that it has raised $19 million in a Series B funding round co-anchored by Mirae Asset Venture Investment and GNTech Venture Capital.

Existing and new investors including Heritas Capital, Seeds Capital, Delian Capital, Mirae Asset Capital, DAValue-GiltEdge, HB Investment, Wooshin Venture Investment, and Kiwoom Investment-Shinhan Capital, also participated in the funding round that brings Hummingbird’s total funding to more than $60 million.

The successful close of its Series B round comes barely five months after Hummingbird Bioscience, which is located in Singapore, Houston in Texas, and South San Francisco in California secured an undisclosed amount in its extended Series A funding round.

In February, the company received a $13.1-million product development grant from the Cancer Prevention and Research Institute of Texas. The grant will support clinical trials of its anti-VISTA antibody for the treatment of solid tumours and lymphomas unresponsive to existing therapies.

Established by Jerome Boyd-Kirkup and Piers Ingram, Hummingbird focuses on the discovery and development of novel antibody-based therapeutics. It uses its rational antibody discovery platform to identify novel disease targets enabling it to engineer and generate antibodies that hit these difficult diseases.

In a statement, the company said it will use the proceeds to support the discovery of new disease targets, expand its pipeline of antibody therapeutics, and fuel co-discovery projects with biopharmaceutical firm Amgen.

“We will continue to execute on rapidly building our pipeline of potential medicines across different disease modalities to help treat and inspire hope for people living with cancer and other conditions,” said Piers Ingram, the company’s co-founder and CEO.

For the South Korea-based Mirae Asset Venture Investment, the co-anchor in this funding round, Hummingbird has the potential to create “breakthrough therapies” that impact the lives of patients living with serious illness.

“Hummingbird Bioscience has invented a differentiated rational antibody discovery platform that designs and generates candidate therapeutic antibodies against difficult yet desirable targets,” said Jae Joon Kim, the investment firm’s managing director.

The funding comes as cancer cases in Asia continue to rise. According to Cancer.org, South, East, and Southeast Asia posted 8.2 million new cancer cases in 2018, with an estimated 5.2 million cancer deaths. China accounts for 52 per cent of the new cancer cases and 55 per cent of cancer deaths in the region.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.