Standigm Inc., a Seoul, South Korea-based Artificial Intelligence (AI) company for drug discovery, closed a $44.5m pre-IPO funding round.
The round was co-led by SKS PE and Daishin Private Equity, joined by new investors SKS PE, Daishin Private Equity, InterVest, KDB Bank, and Asset One and Series B investors Kakao Ventures, LB Investment, Atinum Investment, DSC Investment, and Wonik Investment Partners. SK holdings also participated through acquiring existing shares.
The closing marks the last round of funding before the company goes to its planned initial public offering (IPO) on the Korea Exchange (KRX) later this year.
Standigm intends to use the funds to bolster business-to-business sales through its advanced platform technology.
Founded in 2015 and led by Jinhan Kim, CEO, Standigm is an AI-driven drug discovery company. It provides AI platforms that range from new drug target discovery to novel drug lead generation, enabling pharmaceutical companies to save time and cost. Based on the automated and all-encompassing AI approach, the company currently collaborates with more than ten pharmaceutical or academic partners including Korean pharmaceutical companies such as SK chemicals, Hanmi Pharmaceuticals, HK inno.N, and Samjin Pharmaceutical.
Standigm and its collaborator, SK holdings C&C opened iCLUE&ASK™, an AI-based drug target identification platform, to the public last September. This January, the company announced that it repurposed an FDA-approved drug for rheumatoid arthritis and applied for a patent through a partnership with SK Chemicals. Two patents for its own AI technology were granted by the Korean intellectual property office in 2021.
Standigm has raised total $68M.