Chitose Bio Evolution, a biotech company based in Singapore, has announced that it has Secured around $6.2 million in new shares to Sumitomo Mitsui Banking Corporation through a third party.
Chitose Bio Evolution stated that SMBC has long supported the bank’s commercial expansion of CHITOSE Group.
Additionally, from September 2023, SMBC has bolstered its backing by becoming a member of MATSURI, the initiative to develop a microalgae-based sector to displace the petroleum business.
The statement claims that the money raised would go towards increasing the manufacturing capacity of microorganisms and cells and producing a variety of bioproducts.
Furthermore, the proceeds will fortify the organisation in anticipation of its 2027 NASDAQ initial public offering (IPO).
Read also- India-Based ByteXL Secures $5.9 Million in Series A Round Funding
The New Energy and Industrial Technology Development Organisation (NEDO) designated Chitose Laboratory Corp. (CHITOSE) as the implementing agency for a research and development (R&D) project with a JPY 58 billion ($364.3 million) budget. As a cooperating institution, SMBC is taking part in this project.
Chitose Bio Evolution reinforced its financial base last year by raising a total of JPY 3.1 billion ($19.4 million) through the third-party issuance of additional shares, in order to support CHITOSE’s business expansion.
Read also- China-Based Rona Therapeutics Secures $35 Million in Series A+ Funding
The bioeconomy is predicted to reach a $30 trillion market size by 2032, and It will remain at the forefront thanks to this investment from Sumitomo Mitsui Banking Corporation.
“This investment has been made utilizing SMBC Group’s ‘Social Value Creation Investment Fund’,” said Tomohiro Fujita, Founder and Chief Executive Officer of CHITOSE Group. We are honored to have been chosen as one of the partners by the SMBC Group, which is advancing initiatives for creating social value through its support for building the bioeconomy industry，We have also received words of expectation from the SMBC Group’s executive members, which further strengthens our resolve,” he added.
Far exceeding its initial aim, Chitose Bio Evolution has raised a total of JPY 4.1 billion ($25.7 million) including the capital increase in September 2023, thanks to increased expectations for its decarbonisation efforts and our endeavours to simultaneously promote sustainable manufacturing.
The company declared that it will keep up its fundraising efforts with the goal of raising over JPY 15 billion ($94.2 million) by 2025.
It’s need both the financial and cutting-edge technological capabilities that company has been cultivating since its founding in order to create a new industry called bioeconomy.”
About Chitose Group
CHITOSE Group biotechnology companies lead the global bioeconomy. To live abundantly into the next millennium using living things, studies biotechnology through technological and business development with its global partners.
