CAMBRIDGE, Mass.--(BUSINESS WIRE)--The Japan Agency for Medical Research and Development (AMED) announced that Saisei Ventures LLC was selected as one of nine registered venture capital firms in AMED’s Strengthening Program for Pharmaceutical Startup Ecosystem initiative. Through this initiative, AMED subsidizes the development of therapeutic assets by providing additional grant funding to ventures that have received investments from certified VC firms.
Under the Strengthening Program for Pharmaceutical Startup Ecosystem initiative, AMED certifies VC firms and fund managers that have a demonstrated track record of therapeutic investment and can provide specialized hands-on commercialization support for preclinical to clinical stage drug development. A total of JPY 350 billion (USD 2.6 billion) has been allocated to this initiative by the Ministry of Economy, Trade and Industry (METI). Companies that are successfully selected for funding by AMED will receive a minimum of JPY 3 billion, with certified VC firms providing investment capital of JPY 1+ billion and AMED providing a two times matching grant of JPY 2+ billion per company’s therapeutic program.
“We are pleased to be selected as a certified VC by AMED, enabling us to bolster our investments by leveraging these development funds,” says Jonathan Yeh, Managing Partner at Saisei Ventures. “This progressive government initiative will act to increase the competitiveness of Japan’s domestic drug development ecosystem. We anticipate that this support will help to accelerate Japanese therapeutic companies as well as attract international companies to seek development in Japan.”
AMED selected nine VC firms as part of this initiative. In addition to Saisei Ventures, the other selected firms include:
- D3 LLC
- Eight Roads Capital Advisors Hong Kong Limited
- Impresa Management LLC
- JIC Venture Growth Investments Co., Ltd.
- MP Healthcare Venture Management, Inc.
- Osaka University Venture Capital Co., Ltd.
- JAFCO Group Co., Ltd.
- The University of Tokyo Edge Capital Partners Co., Ltd.
A total of 19 companies applied to AMED for this accreditation of which the above nine VC firms were selected for certification. Following the announcement for start-ups to apply for funding under this initiative, Saisei Ventures anticipates the submission of several of its portfolio companies, both existing companies and new venture creations, to benefit from this strong government commitment to bolster Japan’s drug development ecosystem.
For further information, please see the public disclosure on AMED’s web site (Japanese only).
About Saisei Ventures
Saisei Ventures is a leading venture capital firm dedicated to building next-generation companies in the healthcare sector. It aims to partner with passionate bio-entrepreneurs to develop and implement business strategies that will generate strong proof of concept, clinical validation, and market value. With operations in Japan and the United States, Saisei aims to enhance the value of its portfolio companies by leveraging its unique networks and the institutional advantages of both countries. Saisei’s first fund, Saisei Bioventures L.P., is focused on building revolutionary cell and gene therapy and regenerative medicine companies from foundational technologies originating from Japan. For more information, visit https://www.saiseiventures.com/