Temasek’s Pavilion Capital invests US$10M in AI drug discovery player Standigm

U.S. five dollar currency note; taken September 2018.

Pavilion Capital, a subsidiary of Singapore state-owned investment company Temasek Holdings, has invested US$10 million in a series C round for Standigm, a workflow artificial intelligence (AI) drug discovery company, the company said in a press release Tuesday.

South Korea-based Standigm, founded in 2015, said it would use the investment for the clinical research of AI-driven drug compounds.

An official at NH Investment & Securities, which has been directing Standigm’s IPO, said Pavilion’s investment means the company is being recognized globally for its unique AI technology.

“With this investment, we will make the best efforts to achieve a successful IPO of Standigm,” the official said in the statement.

Standigm has also completed a series of investments from SK Chemicals and Pavilion Capital after a pre-IPO funding in March, when it closed a US$44.5 million round led by SKS PE and Daishin Private Equity, which were new investors, the statement said.

The March investors included new investors InterVest, KDB Bank, and Asset One, with follow-on investments from Kakao Ventures, LB Investment, Atinum Investment, DSC Investment, and Wonik Investment Partners; SK Holdings, Standigm’s second-largest shareholder, also participated in the March round by buying existing shares, the company said at the time.

The company is expected to list on the Korea Exchange (KRX) later this year.

Standigm’s AI platforms include new drug target discovery to novel drug lead generation, with the company collaborating with around 10 pharmaceutical or academic partners, including leading South Korean companies SK Chemicals, Hanmi Pharmaceuticals, HK inno.N and Samjin Pharmaceutical, the company said in March.

Standigm has raised US$80 million across eight funding rounds, according to Crunchbase data.

Pavilion Capital invests in private equity and venture capital funds and makes direct investments in companies which play on the growth in North Asian and Southeast Asian economies; its investments primarily focus on innovative technology and healthcare.