NeoSci Ventures, a biotech investor and venture builder with operations in Singapore, Taiwan, and the US, said it had reached a first close of S$70 million (US$54.7 million) for its first institutional venture fund.

It plans to back up to 12 biotech companies globally.

Backers include Singapore’s EDBI, Taiwan’s National Development Fund, Taiwan-listed Catcher Technology, Singapore property firm Crescendas Group, family offices, and entrepreneurs.

Founding managing partner Daphne Teo said NeoSci Ventures plans to work closely with portfolio companies by identifying scientific opportunities and building management and scientific teams.

The firm may also take founder, board, or executive roles at portfolio companies in their early years.

Founding chief scientist Timothy Lu said this hands-on approach reflects the uncertainty of drug development, where a company can execute well but still fail if the underlying science is flawed.

The first close comes as biotech has faced headwinds in venture capital and initial public offering markets globally.

🔗 Source: NSV