ExoCoBio Inc. raises $26.7M in Series B Funding
- The 4th largest funded exosome startup in the world
- To help advance its exosome pharmaceutical R&D and cosmeceutical business
SEOUL, South Korea, Sept. 12, 2018 /PRNewswire/ -- ExoCoBio Inc. announced that it recently raised about $27 million in its series B funding. Top tier Korean investors participated in this round, including Seven Tree Equity Partners, CSQUARED Global Asset Management, TS Investment Partners, K2 Investment, Intervest, KDB Capital, Atinum Investment, GU Equity Partners, QUANTUM Ventures Korea, Platinum technology Investment.
Since it was established in January 2017, ExoCoBio has raised about $46 million accumulatively including series A round in April 2017 of $11 million.
Series B money will be used to set up GMP-compliant exosome manufacturing facilities to produce exosome pharmaceuticals, to attract high quality talents, and to secure additional business opportunities for commercialization in cosmetics industry.
"We are very delighted by the level of enthusiasm and financial support from our investors," said Byong Cho, CEO of ExoCoBio, "and we are going to step up our R&D and business so that ExoCoBio will be one of the leaders in the global exosome industry."
Recently, ExoCoBio published a scientific paper in the journal of Stem Cell Research and Therapy that stem cell-derived exosomes can dramatically improve atopic dermatitis and inhibit a variety of inflammatory targets, which is the world's first.
In cosmeceutical business, ExoCoBio has been launching its own exosome-based brands and products, such as EXOMAGETM, CelltweetTM and ASCE+TM.
Mr. Hwa Seop Jin, CEO of Seven Tree Equity Partners, said, "ExoCoBio is a globally promising company targeting various unmet medical & cosmeceutical needs in skin regeneration, tissue repair, inflammatory diseases, and anti-aging, with its own strategy to seize both R&D and commercialization."
Mr. Jong Hyeok Choi, CEO of CSQUARED Global Asset Management, said, "Since ExoCoBio has brilliant business strategy and is competent in management in the exosome industry, it's exciting to participate this financing."
Exosomes are nano-vesicles between 30 and 200 nm, secreted by cells for intercellular signaling. They contain a variety of physiologically active substances and play key roles in important cellular processes. In particular, exosomes secreted by stem cells have been found to stimulate cellular or tissue regeneration and can be used for a wide range of applications such as skin and hair.