Japan-based radiotherapy technology developer Fukushima SiC Applied Engineering secured $30m yesterday in a series C round featuring investment vehicles for postal service Japan Post and pharmaceutical firm Astellas.
Japan Post Investment Corporation and Astellas Venture Management joined investment firm C:iz Investment and SMBC Venture Capital, the VC arm of financial services firm Sumitomo Mitsui Banking Corporation, in the round.
SiC Applied is the creator of a compact radiation therapy system equipped with silicon carbide semiconductor technology that uses a form of multi-port neutron radiation known as boron-neutron capture therapy (BNCT) to treat cancer.
The system is being targeted at metastatic microtumours and deep-seated cancers, particularly those linked to the 2011 Fukushima Daiichi nuclear accident. The series C cash will support preclinical and clinical trials of a pilot BNCT system SiC has finished developing.
The company raised $3.1m from its management team as well as Angel Bridge and Future Venture Capital in February 2018, before adding $8.9m from Angel Bridge and SBI Investment, a subsidiary of financial services provider SBI, in December the same year.
Financial services firm 77 Bank subsequently provided an undisclosed amount of funding for SiC in February 2019 through its 77 Capital unit’s 77 New Business Fund.
