NSG BioLabs, a Singapore-based provider of biotech co-working laboratories and office spaces, has raised $14.5 million in a financing round led by private equity firm Celadon Partners, and ClavystBio, a life sciences investor and venture builder set up by Temasek.
The biotech firm also said in a statement that it has forged a strategic alliance with Enterprise Singapore and Merck, aimed at bolstering the biotech landscape by providing support such as funding, expertise, and networks to advance startup research and development (R&D).
The fresh investment is expected to accelerate the company’s growing scale, which will enable it to provide more space and equipment, as well as corporate partnership programmes, community and networking benefits, and supplier discounts to residents, said Daphne Teo, founder and CEO of NSG BioLabs.
“We also plan to open new sites that will provide additional space options to our residents. Furthermore, we have invested in extensive suites of equipment and also proprietary software and tools to serve our residents, and we intend to continue with these investments,” Teo told DealStreetAsia.
On the partnership with EnterpriseSG, Teo said it will focus on supporting startups in the precision medicine field, aligning with Singapore’s focus on advancing precision medicine. The government has already embarked on initiatives such as Precision Health Research (PRECISE), which sequences human genomes to enhance disease understanding and treatment. Therefore, this collaboration aims to further drive growth and innovation in precision medicine.
Dr. Clarice Chen, director of healthcare and biomedical at EnterpriseSG emphasised that Singapore has a booming biotech sector, marked by a surge in global startups and doubled health tech deals in 2023. That said, EnterpriseSG is committed to collaborating with industry leaders like NSG BioLabs to drive innovation in AI platforms and targeted therapies.
“Through the provision of patient capital, infrastructure, and expertise, we aim to bolster Singapore’s leadership in precision medicine,” said Chen in a statement.
NSG BioLabs has been part of EnterpriseSG’s Startup SG Accelerator programme since 2019.
“Meanwhile, the partnership with Merck will provide our residents with access to Merck’s expertise in life sciences for critical inputs for their R&D and valuable insights and mentorship. Our residents will enjoy privileged rates for Merck’s reagents and equipment. This partnership will also assist startups in scaling up production through Merck’s process development expertise,” Teo explained.
Teo envisions these partnerships fostering collaboration among various stakeholders in the biotech ecosystem, benefiting both startups seeking growth and innovation, as well as pharmaceutical giants seeking access to exciting life sciences advancements.
Since its inception in 2019, NSG BioLabs has been supporting biotech startups and multinational companies with BSL-2-certified laboratory spaces, offices, equipment, and community engagement. With three sites covering 35,000 square feet, NSG BioLabs cements its space as a hub for biotech innovation, offering infrastructure, services, and networks to its expanding community.
“As the Southeast Asia biotech sector experiences tremendous growth driven by healthcare needs, we are confident that NSG BioLabs’ innovative co-working model can offer compelling solutions for biotech startups and companies across the region,” said Donald Tang, Managing Partner at Celadon Partners, in a statement.
NSG BioLabs works with over 40 biotech startups and companies within its ecosystem. Going forward, the company will continue to focus on growing the Singapore biotech ecosystem through business expansion and close collaborations with other ecosystem players.
“The biotech sector in the region is growing, propelled by increasing healthcare needs, emerging innovative science, and local research, alongside the evolving international biopharma industry. We aim to tap into these broader trends by leveraging our established and growing platform, thus fulfilling our mission to enable companies to realise their visions and drive impactful innovation,” said Teo.
