Biotech startup SoVarGen has raised about 10 billion won ($8.4 million) from healthcare investment firm Medivate Partners during its series B funding, industry sources said on August 31.

SoVarGen has reportedly secured a total of 35 billion won through the funding round, which valued the startup at 120 billion won. This represents a significant jump from a 48 billion-won valuation from its series A funding round in 2018.

Apart from Medivate Partners, IBK Capital and AJU Capital contributed to the round while existing investors, including Atinum Investment, also participated.

SoVarGen will use the proceeds to develop its pipeline of drugs. Founded in May 2018, the Daejeon-based startup has a pipeline of product candidates in the area of brain diseases including brain tumors, intractable epilepsy and Alzheimer’s disease. None have reached clinical trials yet. Dr. Jeong-ho Lee, a professor at the Graduate School of Medical Science and Engineering in Korea Advanced Institute of Science and Technology, serves as chief technology officer.

Medivate Partners, founded in 2015, specializes in healthcare and biotech investments. It is led by Paul H. Kim, who served as head of POSCO BioVentures before founding the firm, and Roger Kang, who was one of the founding members of TissueGene. The firm’s other portfolio companies include Cognate BioServices, Genopis and WCCT Global. (Reporting by Ar-rum Rho)