Indonesian firm bags key backer as biotech blooms

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Startup founders will likely endure some hardships and setbacks, especially in the initial years, when they have to balance living without a paycheck and trying to get their businesses off the ground. To do that without the guarantee of success in this competitive world requires mental toughness and resilience.

That’s why I empathize with founders. Most startups don’t get to see the light of day, let alone bag funding and make the news. It’s even harder for a firm trying to make a name for itself in the biotech space, where it is commonplace for companies to have zero revenue and survive on grants for several years.

In fact, a US-based entrepreneur once told me that he lived without a regular stream of income for nearly a decade while working on his biotech firm, which eventually emerged from stealth after securing US$30 million in series A funding last year.

So, why do investors put their money into firms that are not likely to generate revenue for several years? I believe that they are sold on the promise of the biotech product, with every fresh regulatory approval serving to solidify their convictions. Further, patents protect these startups from larger, deep-pocketed rivals making knock-offs.

Moderna, makers of one of the first groundbreaking Covid-19 vaccines through the revolutionary mRNA technology, is a notable example of how things can quickly switch into top gear for biotech companies.

However, luckily for backers of Nusantics, the centerpiece of today’s featured story, the Indonesia-based biotech startup is already generating revenue and has just bagged an undisclosed amount of funding from Illumina Accelerator, a global business accelerator focusing on the genomics industry.

Today we look at:

• Nusantics’ funding from a global accelerator
• Layoffs at India-based ride-sharing unicorn Ola
• Other newsy highlights such as Carro expanding to Japan, and a SG consumer electronics brand bagging massive fundraise

Also, if you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.

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Banking on biotech

Image credit: Timmy Loen

I’m a proponent of the biotech industry simply because of its benefits to human society. From revolutionizing the way we treat cancer to producing genetically modified seeds, biotech has changed many aspects of our lives in more ways than one.

Ola says adios

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