Metcela, a Japan-based heart failure treatment developer spun out of Keio University, closed a $12.7m series B round yesterday with a second tranche featuring pharmaceutical firm Alfresa and insurer Dai-ichi Life.
The round was led by University of Tokyo Edge Capital (Utec) Partners, the institution’s venture capital arm, and the second close included science park operator KSP and Makoto Capital, a vehicle for company builder Makoto.
The $4m first tranche closed in April 2020 and featured electronics maker Sony’s Innovation Fund, cardiovascular equipment provider Japan Lifeline, Tsukuba Exceed Fund, and Joyo Bank and Joyo Industrial Research – both part of financial services holding company Mebuki Financial Group.
Metcela is working on cell therapies for chronic diseases such as heart failure. Its lead asset, MTC001, is intended to help repair heart function by delivering material derived from cardiac fibroblasts, the cell type that produces collagen to strengthen cardiac tissues.
The additional capital will help Metcela commence phase 1 studies of MTC001 in Japan later this year, and streamline its manufacturing process as it looks to address new indications with its research with support from strategic partnership agreements.
Hiroaki Kobayashi, principal at Utec, will join the company’s board of directors alongside Utec partner Atsushi Usami.
Beyond Next Ventures led Metcela’s $4.6m series A round in 2018 with participation from Sony Innovation Fund, Dai-ichi Life, Japan Lifeline, KSP, Eight Road Ventures Japan and F-Prime Capital – both vehicles for investment and financial services group Fidelity – taking its total financing to $8.2m.
The original version of this article appeared on our sister site, Global University Venturing.