South Korean biotech, Illimis Therapeutics, has closed a 58 billion KRW ($42 million) Series B financing round to accelerate the development of therapies for central nervous system (CNS) and immune-related diseases.
The Series B round attracted robust participation from both existing and new investors. Eight existing backers, including DSC Investment, Woori Venture Partners, Korea Development Bank, and GS Ventures, reaffirmed their support. They were joined by ten new investors such as LB Investment, Shinhan Venture Investment, Hana Ventures, and Industrial Bank of Korea, reflecting broad industry enthusiasm for Illimis’ vision and technological prowess.
A significant aspect of Illimis’ global strategy is its research collaboration with Lilly’s Catalyze360-ExploR&D, initiated in October 2024. Under this collaboration, Illimis and Lilly are co-developing platform constructs aimed at treating neurodegenerative diseases such as Alzheimer’s.
In addition to private investments, Illimis recently secured KRW 2.2 million ($1.6 million) in government funding as part of the “2025 Global Joint Research to Defeat Dementia” initiative led by South Korea’s Ministry of Health and Welfare and the Korean Dementia Research Center. This three-year project aims to develop Alzheimer’s therapeutics through global collaboration, further validating Illimis’ technological capabilities.
Jiwoong Chun, Managing Director at Woori Venture Partners and an active board member since Illimis’ inception, commented, “Illimis is a prime example of a smart Korean biotech unlocking global markets with proprietary innovation and capital efficiency.”
Accelerating GAIA-Based Pipeline Development
The newly raised funds will primarily fuel the development of GAIA-based Alzheimer’s disease therapeutics and broaden the company’s pipeline to target various immune disorders. Illimis’ lead candidate, ILM01 for Alzheimer’s disease, is expected to enter preclinical development in the second half (H2) of 2025, with an Investigational New Drug (IND) application planned by the end of 2027.
The GAIA platform is designed to harness the therapeutic potential of TAM (Tyro3, Axl, Mer) receptor biology—a key pathway involved in regulating inflammation and immune responses. This innovative approach positions Illimis to develop next-generation therapies for CNS and immune diseases where current treatment options remain inadequate.
“In the evolving landscape of new drug development, Illimis’ differentiated platform technology is expected to emerge as a next-generation treatment option for neuro-immune diseases,” said Yohan Kim, Senior Managing Director at DSC Investment. Kim, who led the Series B round, has also been appointed to Illimis’ board of directors.
