All Bio-HealthCare Funding Startup News in Korea (Korean Startup News)

ArtBlood Secures KRW 6.5 Billion in Series A for Synthetic Blood Production

2024-04-09 2 min read


ArtBlood Secures KRW 6.5 Billion in Series A for Synthetic Blood Production

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ArtBlood, a Korean biotech startup specializing in the production of transfusion-grade blood, has successfully secured KRW 6.5 billion in its Series A funding round.

This investment round featured contributions from Partners Investment, Korea Development Bank (KDB), Korea Investment Accelerator, WON&PARTNERS, and HEUNGKUK SECURITIES. ArtBlood is aiming to wrap up its Series A round with additional investments within the first half of the year. Since its inception in 2022, the startup has amassed around KRW 13.7 billion in investments and government grants.

Led by Professor Baek Eun-jung, an expert in diagnostic laboratory medicine, ArtBlood has developed a proprietary technology to produce ‘BioBlood.’ This product mimics real blood cells and can be expanded upon, produced outside the human body in a controlled environment.

ArtBlood touts several key benefits of BioBlood, such as compatibility across blood types for transfusions, a reduction in the risk of transmission of infections commonly associated with human blood transfusions, and a longer lifespan once transfused, compared to conventional donated blood. These features establish it as a potential standalone solution to the global shortage of blood supplies. The company’s successful fundraising is a testament to its leading position in the production of synthetic blood and its promise for widespread application in the field of biotechnology.

Seung-ho Lee, an analyst at Partners Investment, commented, “ArtBlood’s cell-based blood development technology is unparalleled, setting a global benchmark. The comprehensive expertise of the team, spanning research, production, and patenting to commercialization, played a key role in our investment decision.”

CEO Baek Eun-jung of ArtBlood remarked, “BioBlood represents the pinnacle of cell-based blood products, offering exceptional quality and versatility. Its commercialization is set to make significant contributions to human health and welfare.”

[Korean bioHealth Startups News]

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