Syntekabio said Monday that it has acquired a Series B funding of 12 billion won ($11.1 million) from five investors.
The company informed the five Investors -- Smilegate Investment, Korea Development Bank, Korea Fixed-Income Investment Advisory, Altos Ventures and Korea Yozma Group – of completing registration on May 3.
Syntekabio is a company that utilizes genomic big data to usher in a tailored medical service era. It uses bioinformatics, which includes its in-silico platform, a virtual clinical trial system using computer simulation techniques for the development of new drugs.
The system can also algorithmically identify disease-related and mutational potentials in genes, as well as recommending a tailored medication to patients.
The company has signed agreements with various pharmaceutical companies, including Yuhan, JW Pharmaceutical and CJ Healthcare, on integrating a genome and big data-based artificial intelligence drug development platform technology into traditional drug development process.
“After developing a big data-based genomic artificial intelligence analysis platform, we have been working hard to obtain the necessary funds to participate in government-run projects and clinical trials since February,” Syntekabio CEO Tyson Kim said. “We managed to attract funding in only two months.”
In line with the global market needs for the development of precision medical products, the company plans to use the funding to verify its genome big data artificial intelligence analysis platform, Kim added.
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