South Korean bio startup ArtBlood, specializing in blood production for transfusion, announced on Tuesday that it successfully secured an investment of 6.5 billion won ($4.8 million).
Partners Investment, Korea Development Bank, Korea Investment Accelerator, One & Partners Law Firm, Heungkuk Securities, among others, participated in this investment round.
The cumulative investment and government support for ArtBlood, founded in 2022, amount to about 13.7 billion won ($10.1 million). They plan to conclude their series A funding through additional investment in the first half of the year.
ArtBlood, founded by Prof. Baek Eun Jung of Hanyang University's School of Medicine, is a startup with expertise in extracorporeal blood production. The company produces BioBlood, equivalent to actual blood cells and capable of functional expansion, using proprietary technology that implements the bone marrow's blood production process outside the body.
According to the company, BioBlood serves as an alternative solution to blood shortages, with advantages such as transfusion compatibility regardless of blood type, prevention of infection risks associated with direct blood transfusion and longer viability in vitro than donated blood.
BioBlood, based on ArtBlood's highly proliferative cell lines, is also characterized by its potential for use in reagents and therapeutic agents. ArtBlood has succeeded in developing cell lines capable of mass-producing precursor red blood cells with normal chromosomes, a crucial component of clinically applicable blood. It possesses the technological processes for clinical specimen production, as well as patents and know-how.
Last year, ArtBlood was selected as the sole recipient of the Ministry of Health and Welfare's "Development Project for Cell-based Artificial Blood," securing a government grant of 4.7 billion won ($3.5 million) and establishing itself as a technology company in the artificial blood field.
It was also selected for the "Next-generation Promising Seed Technology Commercialization Project" for the development of blood for companion animal transfusions. Its technical capabilities have been recognized not only in humans but also in the artificial blood field for animals.
"ArtBlood's cell-based blood development technology is at the forefront not only domestically but also globally," said Lee Seung-ho, an analyst at Partners Investment. "Its strong team of professionals, not only in research but also in production, patents and commercialization, was a deciding factor in this investment."
"BioBlood is a cell-based blood product of the highest quality with diverse applications. Through commercialization, it will contribute to the health and welfare of humanity," commented Baek Eun Jung, CEO of ArtBlood.
Write to Joo-Wan Kim at
kjwan@hankyung.com
