Utec has made its largest initial commitment to date by backing Keio-founded Metcela, a developer of cell therapies for heart disease.

Metcela, a Japan-based heart failure treatment developer spun out of Keio University, has closed a $12.7m series B round led by University of Tokyo Edge Capital (Utec) Partners, the institution’s venture capital arm.
Utec invested as part of Metcela’s second series B tranche together with pharmaceutical firm Alfresa, insurer Dai-ichi Life Insurance, science park operator KSP and Makoto Capital, a division of business creation company Makoto.
The initial $4m close in April 2020 featured electronics maker Sony’s Innovation Fund and cardiovascular equipment supplier Japan Lifeline, as well as Joyo  Bank and Joyo Industrial Research – both part of financial services holding company Mebuki Financial Group.
Tsukuba Exceed Fund – set up by Joyo Bank and Joyo Industrial to invest in the University of Tsukuba ecosystem – also took part in the first tranche.
Founded in 2016, Metcela is working on cell therapies for chronic diseases such as heart failure. Its lead asset, MTC001, would 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 enable Metcela to commence phase 1 studies of MTC001 in Japan in the coming months.
Proceeds will also help streamline its manufacturing process as it looks to address new indications with its research, with support from strategic partnership agreements. Metcela already has a partnership with University of Tsukuba and Japan Lifeline.
Hiroaki Kobayashi, principal at Utec, will join the board of directors alongside Utec partner Atsushi Usami. Utec’s commitment marks its largest initial investment to date.
Beyond Next Ventures led Metcela’s $4.6m series A round in 2018 with participation from Japan Lifeline, Sony Innovation Fund, Dai-ichi Life and KSP. The round also included Eight Road Ventures Japan and F-Prime Capital, two vehicles for financial services group Fidelity.
Hiroaki Kobayashi said: “As a physician, I saw [first-hand] the impact that myocardial infarction and heart failure has on patients, their families and the society. Though heart failure affects a huge number of patients globally, there are very-little-to-no fundamental therapeutic options available.”