Singapore-based biomedical firms have raised around $600 million in funding during the first nine months of this year, according to the latest figures from Enterprise Singapore (ESG). A majority of these funds went to biotech firms such as Mirxes and Esco Lifesciences.
According to the ESG, investments have increased more than five times when compared to the $464 million raised in 2020. In 2016, the funds raised stood at $86 million. The increase in investments in biomedical firms in Singapore is mainly due to the increase in demand since the pandemic.
Ms. Audrey Lok, health and biomedical director at ESG told the media, “This success can be attributed to our maturing ecosystem as well as our ability to attract experienced accelerators and venture capital firms to Singapore, and connect local companies to innovation nodes around the world.”
She further revealed that the innovation ecosystem has grown nearly six times over the last decade. To date, Singapore has recorded around 360 biomedical firms and small and medium-sized enterprises.
Earlier this year, Singaporean biotechnology startup Mirxes Pte secured around $77 million in its Series C funding round. The round was led by CR-CP Life Science Fund to deliver early detection tests for cancer and other diseases.
Other investors that participated in the funding round for Mirxes include Rock Springs Capital, EDBI, CCB International Holdings Ltd. and Keytone Ventures.
It was also reported that Mirxes is in early talks to go public via a blank-cheque company. The biotech startup is planning to list its shares in the US and is in talks with Summit Healthcare Acquisition.