Nuevocor, a Singapore-headquartered preclinical-stage biotech startup, has announced raising $24 million in an oversubscribed Series A funding round co-anchored by EVX Ventures and Boehringer Ingelheim Venture Fund (BIVF).
EVX Ventures is a global VC that builds, incubates, and invests in biotech companies, while BIFV invests in therapeutics-focused biotechnology companies.
EDBI, the corporate investment arm of the Singapore Economic Development Board; Zora Innovations; and SEEDS Capital also participated in the funding round.
Nuevocor said it will use the funds to accelerate the preclinical development of its lead programme, a gene therapy for cardiomyopathies. Cardiomyopathy is a medical term for several genetic and non-genetic diseases that make it harder for a heart to pump blood to the rest of the body.
The company also plans to address other untreatable cardiomyopathies using its novel target discovery platform.
“The current standard of care for dilated cardiomyopathy only serves to delay disease progression, and the only cure is to have a heart transplant. At Nuevocor, we hope to give patients a new lease of life through our technology,” said the company’s founding CEO Yann Chong Tan.
Weiyi Zhang, managing director of BIVF Asia, said Nuevocor is trying to apply a “very innovative and challenging approach” using gene therapy for the treatment of genetically-driven, dilated cardiomyopathies.
The investment comes as Singapore has made long-term R&D investments to drive health outcomes and economic growth and to build the local biotech ecosystem.
Recently, Hummingbird Bioscience, another Singapore-based biotech startup, raised $125 million in a Series C funding round led by life science investor Novo Holdings. Engine Biosciences, a Singapore and Silicon Valley-based biotech firm, also secured $43 million in a Series A round led by Polaris Partners.