Chitose Bio Evolution, a biotech company based in Singapore and part of Chitose Group, has raised JPY 7.3 billion ($49 million) by issuing new shares to support its growth.
In addition to the earlier JPY 3.1 billion ($21 million) raised, the company has secured more funding through a third-party allotment with investors like Sumitomo Mitsui Banking Corporation, Mizuho Bank, and others.
The funds will be used to advance a fermentation project using artificial intelligence (AI) technology and to support the development of a new cell line that will improve global biopharmaceutical manufacturing.
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The company plans to raise more funds starting in fiscal 2025 to strengthen its capital before its initial public offering (IPO). These funds will also help develop a 100-hectare microalgae production facility.
“In order to create a new industry called bioeconomy, we need not only the technological capabilities that it has cultivated since its founding, but also support from various industries and financial institutions,
Tomohiro Fujita, Founder and Chief Executive Officer of Chitose Group said, “With the funding secured this time, we will further accelerate the practical application of microalgae production and the implementation of circular solutions, further expanding our efforts to realize a sustainable society, Chitose Group remains committed to taking on new challenges alongside our partners, striving to create lasting value that will contribute to a prosperous future beyond the next millennium,”.
About CHITOSE Group
CHITOSE Group is a group of biotechnology companies leading the global bioeconomy. They aim to create a sustainable future by exploring the potential of biotechnology, working with business partners worldwide to drive technological and business growth.
