Modulus Discovery, a Japanese drug discovery company, raised $7.2 million (¥800 million) in series A funds that will be used to bolster its R&D platform efforts.
Modulus said the financing round will help accelerate plans for its computational platform as well as collaborative drug discovery research programs with Japanese biopharma PeptiDream.
The funding was led by Fast Track Initiative. PeptiDream and DBJ Capital, the venture capital subsidiary of Development Bank of Japan, also participated. Fast Track’s Dr. Tomohiro Anzai and Hisashi Mitsuguchi of DBJ will continue to serve on the Modulus board, the company said.
“Modulus’ internal drug discovery programs and its collaboration with PeptiDream have been progressing at a greater rate than originally anticipated, the latter resulting in the identification of several promising hit peptides as well as lay the foundation for more global collaborations,” S. Roy Kimura, Modulus chief executive, said in a statement. “With this additional capital, we look forward to expanding and enhancing our discovery platform.”
Late last year, Modulus formed a U.S. subsidiary and opened new R&D offices in Cambridge, Massachusetts, as part of its efforts to establish a global reach.