# MBD

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mbd

- Industry: Biotechnology
- Headquarters: Suwon, South Korea
- Website: www.mbdbiotech.com/
- Total disclosed funding: $31M
- Latest round: Series C (Aug 14, 2025)
- Investors on record: 19

## About

Based in Suwon-si, South Korea, and founded in 2015, MBD is a biotechnology company that uses 3D cell culture platform technology to develop drug efficacy and toxicity for anti-cancer drugs. In 2018, MBD developed a treatment platform for liver cancer patients in Singapore. In 2019, MBD's products such as ASFA Spotter and ASFA Scanner were approved by the FDA. In August 2025, MBD raised KRW 16.5 billion in series C funding from new investors Korea Technology Finance Corporation, Horizon Investment, LSK Investment, K2 Investment Partners, Medici Investment, and Hillspring Investment. Returning investors Shinhan Venture Investment, AJU IB Investment, E&Venture Partners, Hana Securities, and Square Ventures also participated in the round.


The company's team of researchers and engineers have developed 3D cell cultivation platform for cell biology research and drug screening such as Cellvitro, ASFA Spotter, and ASFA Scanner. MBD uses 3D cell culture technology to extract cancer cell samples to develop anti-cancer treatments. The company plans to develop different types of medical devices for detecting ovarian cancer and breast cancer. The company has collaborated with research institutes to begin clinical trials for European patients.

## Funding rounds

- Series C, Aug 14, 2025, $12M — AJU IB Investment, Shinhan Venture Investment, Hana Securities, Korea Technology Finance Corporation, Medici Investment, K2 Investment Partners, LSK Investment, E&Venture Partners, Square Ventures, Hillspring Investment, Horizon Investment
- Series B, Feb 27, 2021, $10M — AJU IB Investment, Shinhan Venture Investment, G.N.TECH Venture Capital, Daedeok Investment, Hana Securities, BSK Investment, Giltedge Partners
- Series A, Jan 26, 2019, $8.9M — Shinhan Venture Investment, Bokwang Venture Capital, E&Investment, G.N.TECH Venture Capital, Mirae Asset Venture Investment, Daedeok Investment, BSK Investment, Pathfinder H

## Investors

- Shinhan Venture Investment (https://capitalatlas.ai/funds/shinhan-venture-investment) — Series A, Series B, Series C
- Bokwang Venture Capital (https://capitalatlas.ai/funds/bokwang-venture-capital) — Series A
- E&Investment (https://capitalatlas.ai/funds/e-investment) — Series A
- G.N.TECH Venture Capital (https://capitalatlas.ai/funds/g-n-tech-venture-capital) — Series A, Series B
- Mirae Asset Venture Investment (https://capitalatlas.ai/funds/mirae-asset-venture-investment) — Series A
- Daedeok Investment (https://capitalatlas.ai/funds/daedeok-investment) — Series A, Series B
- BSK Investment (https://capitalatlas.ai/funds/bsk-investment) — Series A, Series B
- Pathfinder H (https://capitalatlas.ai/funds/pathfinder-h) — Series A
- AJU IB Investment (https://capitalatlas.ai/funds/aju-ib-investment) — Series B, Series C
- Hana Securities (https://capitalatlas.ai/funds/hana-securities) — Series B, Series C
- Giltedge Partners — Series B
- Korea Technology Finance Corporation — Series C
- Medici Investment (https://capitalatlas.ai/funds/medici-investment) — Series C
- K2 Investment Partners (https://capitalatlas.ai/funds/k2-investment-partners) — Series C
- LSK Investment (https://capitalatlas.ai/funds/lsk-investment) — Series C
- E&Venture Partners (https://capitalatlas.ai/funds/e-venture-partners) — Series C
- Square Ventures (https://capitalatlas.ai/funds/square-ventures) — Series C
- Hillspring Investment (https://capitalatlas.ai/funds/hillspring-investment) — Series C
- Horizon Investment (https://capitalatlas.ai/funds/horizon-investment) — Series C