Taiwania Capital Management Corporation has led a $55 million Series E financing round in Fractyl Laboratories Inc., a life sciences company focused on tackling metabolic diseases, according to an announcement.
The round was joined by existing investors including Bessemer Venture Partners, General Catalyst, Domain Associates, Mithril Capital Management, Emergent Medical Partners, True Ventures, and GV. New backers Catalio Capital Management, CDIB Venture Capital Corp., and YJ Capital also participated in the financing.
Taiwania managing partner Michael Huang will join Fractyl’s board in conjunction with the funding round.
Fractyl is developing Revita DMR, a same-day, minimally invasive procedure to treat highly prevalent metabolic diseases resulting from insulin resistance, including type 2 diabetes and nonalcoholic fatty liver disease.
The company said that the proceeds from the financing will be used to support the clinical trial of Revita DMR for the treatment of patients with type 2 diabetes.
Established in 2017, Taiwania Capital Management Corporation operates as a venture capital firm. It currently manages two funds including an NT$4.65 billion IoT fund (Fund I) and an NT$5.9 billion biotech fund (Fund II).
The funds invest in firms at home and abroad that have new technologies, and have successfully facilitated cooperation between Taiwan and overseas partners in cutting-edge research.
In March, Taiwania Capital Management co-led a $30 million Series A round in US-based Regenacy Pharmaceuticals along with US private investment firm Cobro Ventures.
In a recent announcement, the VC firm said that it plans to launch two new funds by the end of this year to support accelerated development of early-stage startups and makers of innovative medical devices. One of these funds will focus on early-stage IoT startups, while the other will focus on innovative biotech and medical device companies.