Modulus Discovery raises $25.5m Series B from Mizuho Capital, SBI Investments, others

Modulus Discovery has closed a Series B funding round after raising 2.71 billion yen ($25.5 million), the preclinical-stage drug discovery company said in a statement Wednesday.

Modulus Discovery is a preclinical-stage, technology-driven drug discovery firm with offices in Tokyo and Boston.

The investors in the latest round included SBI Investments, Mizuho Capital, JAFCO, Keio Innovation Initiative, SMBC Venture Capital, The Dai-ichi Life Insurance Co., UTokyo Innovation Platform, Mobile Internet Capital, Medifuture, Essential Pharma and existing shareholder FastTrack Initiative, the statement said.

The proceeds are earmarked to work on its small-molecule lead programs in oncology and inflammatory and immune disorders, and to expand its portfolio of early programs and tie-ups, which include one with strategic partner PeptiDream, Modulus Discovery said.

“To date, we have successfully identified and characterized several of our own unique lead molecules in our oncology and inflammation/immune disorder programs and we are excited to now be in a position to bring these a step closer to clinical testing through partnerships with major players in the industry,” S. Roy Kimura, co-founder and CEO of Modulus Discovery, said in the statement.

Yoshiaki Kodoi, from Mizuho Capital, said the Modulus Discovery was the first investment from his company’s new fund specializing in life sciences.

“Modulus is developing a promising business with the potential to continuously and sustainably produce multiple breakthrough drug candidates through a revolutionary approach based in part on its world-class computational drug discovery platform,” Kodoi said, citing the potential for shorter delivery times to licensing markets.

The company has raised a total of 3.51 billion yen ($33.1 million) across its Series A and B rounds, the statement said.

Modulus Discovery has previously raised 800 million yen from Peptidream, DBJ Capital and Fast Track Initiative, according to data from Crunchbase.

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.