Samsung C&T, along with its subsidiaries Samsung Biologics and Samsung Bioepis, announced that they are investing in Flagship Pioneering's eighth fund through their jointly established Life Sciences Fund II, valued at 72 billion won ($52.1 million).

Founded in 2000, Flagship Pioneering is one of the top three venture capital firms globally, specializing in life sciences with approximately 19 trillion won in assets under management. The firm is renowned for its unique approach of directly creating and nurturing new biotech companies through its internal research organization.

To date, Flagship Pioneering has founded over 100 companies, with around 30 successfully going public, including the notable Moderna, known for its mRNA Covid-19 vaccine.

The newly established Flagship Pioneering Fund VIII, which has a total scale of $2.6 billion, will focus on investments in AI-based drug development platforms and other cutting-edge technologies. However, Samsung C&T did not disclose the exact amount of its investment in the Flagship Pioneering Fund.

Through this investment, Samsung will receive priority information about emerging life sciences companies identified by Flagship Pioneering and evaluate further investment opportunities on a case-by-case basis, leveraging this collaboration to discover new ventures in the biotech and healthcare sectors.

The newest investment comes after Samsung's Life Sciences Fund I made a $15 million investment in a Flagship Pioneering portfolio company in August 2022. Additionally, in January, Samsung C&T and its biotech subsidiaries signed a strategic cooperation MOU with Flagship Pioneering through Samsung Venture Investment to reinforce their future collaboration.

"Samsung C&T is actively pursuing future growth engines centered on eco-friendly energy and biotechnology,” Samsung C&T Executive Vice President Kim Jay-woon said. “This investment in Flagship Pioneering Fund VIII is part of our effort to discover next-generation technologies in the biotech field.”

The company looks forward to expanding our investment opportunities in innovative technologies that surpass the limitations of existing diagnostic and treatment methods, and that can potentially change the world, Kim added.

Flagship Pioneering Chair of Asia Pacific and Senior Advisor André Andonian also said, "The successful fundraising for this fund, despite the current sluggish investment environment, demonstrates the market's confidence in Flagship's fund management capabilities.”

The Flagship Pioneering Fund VIII will be utilized to leverage Flagship's strengths in founding and nurturing new technology companies, Andonian added.