South Korean drug developer Oncocross has raised 16.5 billion won ($14 million) in a Series B funding round led by Smilegate Investment and GNTech Venture Capital.
Other investors including KDB Capital, Hana Financial Investment, Wooshin Venture Investment, Hanvit Investment, NAU IB Captial, Magna Investment, ID Ventures, KB Securities, SM Sino Technology Investment, Vision Creator, and eBest Investment & Securities participated in the round.
Both Oncocross and Smilegate Investment confirmed the development to DealStreetAsia.
Founded in 2015, Oncocross is an artificial intelligence-based pharmaceutical company specialising in drug discovery and cancer drug development. Its ONCO AI platform helps pharmaceutical companies increase the success rate of drug development at lower costs and in shorter time periods.
The company is now in discussions with domestic and Chinese strategic investors regarding a 10-20 billion won ($8.4-17 million) pre-IPO round, AVCJ website reported on Thursday.
Smilegate Investment is the corporate venture capital arm of South Korean game developer Smilegate, the creator of Crossfire — an online first-person shooter (FPS) available in 80 countries with 650 million registered players.
Established in 1999 as MVP Venture Capital, Smilegate Investment has operated 50 funds and invested in about 400 companies. The firm specialises in M&As, buyouts, and early- and mezzanine-stage investments. In May, DealStreetAsia reported that Smilegate Investment is planning to launch a second, country-focused fund in Vietnam this year after backing four Vietnamese startups through its $10-million debut vehicle.
GN Tech Venture, the other lead investor, is a corporate investment company based in South Korea. The firm seeks to invest in the healthcare and biotechnology sectors, with a focus on South Korea.
In South Korea, drugmaker SK Biopharmaceuticals priced its IPO in June at the top of its indicative range, aiming to raise 959 billion won ($794 million) in South Korea’s biggest IPO in three years.
Last August, South Korean clinical-stage biotech company D&D Pharmatech announced that it has raised $137 million in a Series B round led by US-based investment firm Octave Life Sciences.