Relic Enters Secondary Deal with On-Chip Biotechnologies

Relic Inc., a business co-creation company, has acquired shares in On-Chip Biotechnologies Inc., which possesses innovative screening (selection) technology for live microorganisms and cells, through a secondary transaction, with the aim of promoting open innovation in the deep tech field and strengthening its support system.

This transaction was carried out in the form of a share transfer from existing shareholders following the expiration of the partnership period of a deep tech fund funded by a major IT manufacturer, a banking group, and a national institution. Relic sees this as more than just capital participation; it is a strategic investment with a view to providing mid- to long-term support to the challenges of next-generation deep tech startups.

In the deep tech field, it can take a long time for products and technologies to be implemented in society, and the difficulty of raising funds that comes with it is considered one of the major obstacles to commercialization. Particularly in the growth stage and beyond, issues such as exit issues for existing shareholders and a lack of follow-on capital tend to become apparent, and in many cases this becomes an obstacle to business continuity.

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OnChip possesses the technology to analyze large volumes of samples quickly and with high precision by screening live microorganisms and cells using water-in-oil droplets as micro-cultivation and reaction compartments. The useful microorganisms and genes discovered through this process are expected to contribute to solving social issues toward achieving the SDGs.

However, in the process of growth, the company faces a common social issue in the deep tech field: the difficulty of raising funds due to the long time it takes to commercialize. This secondary transaction will help to resolve this issue.

Relic has been actively supporting commercialization in the deep tech field, primarily through its Deep Tech Innovation Center. Through this latest initiative, the company will unlock new possibilities for cutting-edge technology and further accelerate business creation.

SOURCE: PRTimes