{"id":489264,"date":"2024-01-18T12:06:00","date_gmt":"2024-01-18T17:06:00","guid":{"rendered":"https:\/\/platohealth.ai\/a-south-korean-investment-firm-starts-first-us-biotech-fund\/"},"modified":"2024-01-18T12:30:48","modified_gmt":"2024-01-18T17:30:48","slug":"a-south-korean-investment-firm-starts-first-us-biotech-fund","status":"publish","type":"post","link":"https:\/\/platohealth.ai\/a-south-korean-investment-firm-starts-first-us-biotech-fund\/","title":{"rendered":"A South Korean investment firm starts first US biotech fund","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Mirae Asset Capital Life Science, a new venture capital fund, launched on Thursday, joining several other new firms that have recently emerged with plans to invest in drug startups.<\/p>\n

The fund is a spinout of Mirae Asset Financial Group, a global investment firm headquartered in South Korea that has previously backed young biotechnology companies such as Septerna<\/a> and Crossbow Therapeutics<\/a>.<\/p>\n

Mirae is starting with $50 million and intends to primarily invest in biotech startups developing new medicines. However, it will also be \u201copportunistic\u201d in backing diagnostics developers and the makers of high-powered computing tools for drug discovery. The firm plans to invest in companies looking for seed to Series C rounds, and will support startups through to an \u201cexit,\u201d such as an initial public offering or acquisition.<\/p>\n

Mirae said its focus will be on cancer, immunology, metabolic diseases, eye disorders and inherited conditions.<\/p>\n

The firm is led by Naveen Krishnan, a biotech veteran who previously oversaw Bayer\u2019s venture arm. With offices in Boston and San Francisco, the firm is managing Mirae\u2019s first U.S. fund focused on life science companies.<\/p>\n

Mirae is beginning with at least one investment already made. The company is leading a $75 million Series C round for a developer of targeted cancer drugs, with an announcement expected \u201cin the coming weeks.\u201d In a statement, Krishnan said the fund will \u201cremain committed to finding the best companies that can bring therapies to patients who need them most.\u201d<\/p>\n

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Naveen M. Krishnan is the managing director of Mirae Asset Capital Life Science.<\/p>\n

Permission granted by Mirae Asset Financial Group<\/p>\n<\/figcaption><\/figure>\n

Mirae joins a handful of new biotech venture funds, among them Cure Ventures, Bioluminescence Ventures<\/a> and Dimension<\/a>. Mirae\u2019s fund, while on the smaller size, adds to the sizable totals recently raised by healthcare-focused venture funds in the U.S. A report released this week by Silicon Valley Bank<\/a> noted that such firms raised $19 billion in 2023, the third-best year on record.<\/p>\n

Much of that cash hasn\u2019t been put to use yet. SVB\u2019s data shows the number of venture deals closed by drugmakers fell by a quarter between 2022 and 2023. Those that have been the most successful have \u201cstrong clinical assets,\u201d SVB wrote.<\/p>\n