21 July 2021 | News
The accumulated fund raised since inception becomes ¥1.4 billion
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Japan-based startup OriCiro Genomics has announced that it has raised ¥800 million in Series B financing led by The University of Tokyo Edge Capital Partners (UTEC) with participation of ITOCHU Technology Ventures (ITV). OriCiro has also received a ¥200 million long-term loan from Japan Finance Corporation (JFC), a government-affiliated financial institution, totaling ¥1 billion in this round of financing. The accumulated fund raised since inception becomes ¥1.4 billion.
OriCiro has advanced its business since inception in December 2018 based on company's proprietary, world's first cell-free cloning technology for large circular DNA for which conventional PCR methods are not applicable.
Major milestones include the launch of its first product, OriCiro Cell-Free Cloning System, that enables cell-free amplification of large circular DNA which eliminates the reliance on E. coli cloning.
In addition to the current business of research reagents, OriCiro strives for rapid growth by launching new businesses including plasmid DNA supply for pharmaceutical use and drug discovery services.
The proceeds from this financing will be used for strategic purposes including expanding manufacturing capabilities; advancing R&D further; establishing a US subsidiary aimed for business growth in the US; accelerating patent filing; and recruiting talents required for these activities.