Posco Capital was among the participants as Cytovant, an Asia-focused spinoff from Roivant Sciences, secured $23.5m a year after it was launched.

China-based cellular medicine developer Cytovant secured $23.5m in funding on Friday from investors including steelmaker Posco’s corporate venture capital arm, Posco Capital.

VC firm BNH Investment led the round, which also featured VC firm Smilegate Investment and Mirae Asset Venture Investment, a subsidiary of investment manager Mirae Asset Global Investments.

Launched in April 2019 by biotech company builder Roivant Sciences and its Sinovant Sciences offshoot, Cytovant is developing cellular therapies that are focused on the Asian market.

The startup will…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.