Seoul-based Standigm, a drug discovery and development platform that uses artificial intelligence, has raised $11.5 million in a Series B financing round led by Mirae Asset Venture Investment and Mirae Asset Capital.
This round takes the total financing raised by the company to $15 million.
DSC Investment, Wonik Investment Partners and existing investors Atinum Investment, LB Investment and Kakao Ventures, an early stage venture capital arm of Daum Kakao Corp, also joined the round.
Standigm covers a range of drug discovery processes from pre-clinical research to FDA review and safety monitoring with the help of AI technology.
The company will deploy the proceeds to scale the AI technology platforms and advance its drug discovery pipelines.
“We demonstrated in vitro and in vivo data of our repurposing drug candidates,” said Jinhan Kim, CEO and co-founder in Standigm.
“We will create partnerships with leading healthcare organisations to accelerate this mission and bolster our pipelines.”
Founded in 2015, Standigm offers lead optimisation, novel target analysis, and new indication prediction services to pharma companies. Its pre-clinical pipeline covers NASH, Parkinsons, autism, and mitochondrial diseases.
Standigm raised its seed stage investment from Korea Tech Incubator Program in 2015 and followed it by a seed stage round a year later from Kakao Ventures (previously known as K-Cube Ventures).
The round was followed by $3 million investment raised in 2016 from Kakao Ventures, LB Investment and Atinum Investment.