SEOUL, South Korea — Boryung, a South Korean pharmaceutical firm, has determined to speculate $50 million in U.S. business area station developer Axiom Area’s Sequence C funding spherical.
The Seoul-based firm introduced the choice in a Dec. 21 regulatory submitting to the Monetary Supervisory Service, calling the deal a “forward-looking funding” geared toward establishing a enterprise footing in area.
Boryung will take a 2.28% stake in Axiom by Dec. 30 in trade for the funding, in keeping with the submitting. This follows Boryung’s $10 million funding in Axiom, disclosed in a Might 16 regulatory submitting, which gave the Korean firm a 0.4% stake within the area station developer.
“This strategic funding in Axiom will lay the muse for locating numerous enterprise alternatives within the non-public area business,” Boryung stated in a Dec. 21 assertion.
Lee Younger-hyeok, a Boryung spokesperson, informed SpaceNews the corporate has a “sturdy dedication to exploring space-based healthcare options.”
Amir Blachman’ Axiom’s chief funding officer, stated Boryung’s funding is “half of a bigger funding spherical” that the U.S. firm “will shut out towards the start of the brand new 12 months.”
Axiom raised $130 million in Sequence B funds in early 2021 — its most up-to-date funding spherical — from a bunch of traders that included Starbridge Enterprise Capital, which was the only investor in Axiom’s Sequence A financing in 2018.
Based in 1957 as a mom-and-pop pharmacy in Seoul, Boryung is now a serious healthcare firm in South Korea providing a spread of medical and healthcare services. It reported 627.3 billion gained ($488 million) in gross sales in 2021, up 11.6% year-on-year, with working revenue up 3.7% to 41.4 billion gained.
The Boryung spokesperson stated its space-related tasks are all initiated and managed by a job pressure, referred to as the International Funding Heart, which is below the direct management of CEO Jay Kim.
The chief government had a closed one-on-one assembly Might 17 with Axiom founder and CEO Kam Ghaffarian in Seoul.
Boryung, together with Axiom and Starburst Aerospace, hosted the “Care in Area Problem” this 12 months, a collaborative area startup incubation program that awards successful entrepreneurs and their firms an fairness funding of $100,000, and admission into Starburst’s 13-week accelerator program to assist carry their concepts to fruition.
Area Information senior employees author Jeff Foust contributed to this text from Washington.
