Japan-based medical software producer Hacarus has increased its series B round to ¥1.3bn ($12.4m) with funding from investors including brand development firm MTG and pharmaceutical company Ohara Pharmaceutical.
The corporates joined Miyako Capital, Resona Capital and Chushin Venture Capital, respective subsidiaries of Kyoto University and banking groups Resona and Kyoto Chuo Shinkin Bank, as well as Parkinson Laboratories, a Parkinson’s disease-focused research firm formed by Ohara and industrial plating provider Shin-Etsu Riken.
Financial services firms Bank of Kyoto and Japan Finance Corporation supplied debt financing, and MTG took part in the equity portion through its MTG Ventures unit.
Founded in 2014, Hacarus has developed artificial intelligence software platform for use in the healthcare industry. It uses sparse modelling technology, which extracts features and information from a small amount of data.
The latest tranche came after a first close of undisclosed size for the round in April this year featuring gas utility Osaka Gas, animal drug producer DS Pharma Animal Health and Bank of Kyoto’s Kyogin Lease & Capital unit.
Ohara and Miyako Capital had previously backed a $2.4m series A round closed by the company in late 2018, investing alongside electronics manufacturers Paltek and Kaga Electronics, healthcare provider Capital Medica’s corporate venturing subsidiary, Capital Medica Ventures, and Innovation Engine.
