As venture funding in the U.S. declines, some biotechnology startups are turning to investors from Saudi Arabia. Middle Eastern countries, including Saudi Arabia, are looking to boost their life-sciences industries by investing in innovative companies.
Flashpoint Therapeutics, based in Chicago, recently secured seed financing led by Beta Lab, a new venture firm in Riyadh. In addition, biomedical startups like Insilico Medicine have received funding from Prosperity7 Ventures, the venture fund of Aramco Ventures, a subsidiary of Saudi Arabia’s national oil company.
This trend highlights the shift in investment opportunities for startups as they explore new avenues for funding in a changing market.
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