Asia-based financial group launches $50M US biotech fund

Mirae Asset Capital Life Science has exited stealth mode with $50 million ready to go for certain U.S. biotechs.  

The VC firm is the only U.S. arm dedicated to biotech within the Mirae Asset Financial Group, a global organization headquartered in Seoul, South Korea.

The newly unveiled firm, which has team members in Boston and San Francisco, will support private biotechs from seed funding to series C, according to a Jan. 18 release. 

The organization’s primary areas of interest are oncology, immunology, cardiovascular and metabolic diseases, CNS and ophthalmology, plus genetic diseases. Mirae touts itself as modality-agnostic, and it's open to AI/machine learning tools for drug discovery and protein engineering.

Alongside its public emergence, Mirae Asset Capital Life Science has already started doling out money, leading a $75 million series C round for an unnamed oncology company that has pioneered the development of novel small molecule precision therapies, according to managing director Naveen Krishnan, M.D.

The first checks from the VC firm are limited to $10 million unless the investment is part of a collaboration with other Mirae affiliates.