US-based diabetes therapy developer Fractyl Laboratories has received $55m in a series E round featuring YJ Capital and GV, respective subsidiaries of internet company Yahoo Japan and internet technology conglomerate Alphabet.
Venture capital firm Taiwania Capital Management led the round, which included Bessemer Venture Partners (BVP), General Catalyst, Domain Associates, Mithril Capital Management, Emergent Medical Partners, True Ventures, Catalio Capital Management and CDIB Venture Capital, part of financial services provider China Development Financial.
Founded in 2010, Fractyl is working on treatments and potential cures for metabolic diseases. It is the creator of Revita DMR, a minimally invasive out-patient procedure to treat conditions resulting from insulin resistance, including type 2 diabetes and non-alcoholic fatty liver disease.
The series E financing will go to a clinical trial of Revita intended to confirm its ability for blood glucose control and for reducing or potentially eliminating the need for insulin injections for patients with advanced type 2 diabetes.
Michael Huang, managing partner at Taiwania Capital Management, will join Fractyl’s board of directors in conjunction with the round.
GV had previously taken part in a $44m series D round for the company in 2017. It was led by an unnamed investor and included True Ventures, General Catalyst, BVP, Domain Associates, Mithril Capital Management, Emergent Medical Partners, Deerfield Management and IDO Fund.
Fractyl had completed a $57m series C round in 2015 featuring Mithril, Deerfield and existing backers General Catalyst, BVP and Domain Associates, following $14.3m from undisclosed investors in 2013, according to a securities filing.
