VAXDIGM, a Korean company possessing core technologies for rapid vaccine development, announced today that it has successfully secured 2.7 billion KRW (approximately 2 million USD) in Series A funding. 

Participating in this investment round were existing investors such as New Paradigm Investment, along with new investors including Korea Alternative Investment Corporation, Infobank, The Invention Lab, FIND US, and LITALCO.

With this investment, VAXDIGM’s total accumulated funding has reached 9.8 billion KRW. The secured funds will be used for preclinical and clinical trials of major vaccine pipelines based on VAXDIGM’s core technologies.

Since securing seed funding in May 2022 and a 500 million KRW pre-Series A round in August 2023, VAXDIGM has successfully closed this Series A round within a year. Additionally, the company has secured government funding through the TIPS (Tech Incubator Program for Startup) and the Ministry of Health and Welfare’s R&D national project. As a result, the total accumulated funding currently stands at 9.8 billion KRW.

Sang-seung Bae, co-CEO of New Paradigm Investment, stated, “We actively support innovative early-stage startups and help them achieve their goals. VAXDIGM possesses the capability to rapidly develop vaccines for future pandemics based on its proprietary technology platform, and we expect the company to establish a new paradigm in vaccine development and create high value.”

VAXDIGM is currently working on government-supported projects including the development of a vaccine for highly pathogenic avian influenza H5N1, which has a mortality rate of 52%, as well as the development of a universal influenza vaccine and a Japanese encephalitis vaccine through the VITAL-Korea(Vaccine Innovative Technology Alliance) under the Ministry of Health and Welfare. The company is also leading a national project on “Vaccine Development for Future Pandemics” under the Global Vaccine Technology Leading Project.

Sung-jae Kim, CEO of VAXDIGM, commented on the successful fundraising, saying, “With the recent increase in human infections of avian influenza H5N1 worldwide, concerns about the next pandemic have grown. Despite the freezing investment climate in the domestic bio industry, this investment is significant as it recognizes VAXDIGM’s proprietary platform technology by professional investors. We plan to use the investment funds to enhance the completeness and expand the scalability of VAXDIGM’s platform technology.” He added, “In the future Series B stage, we aim to secure additional investments from VCs operating specialized vaccine funds to secure Korea’s vaccine sovereignty and contribute to the national economy.”