Riyadh – Mubasher: Saudi Arabia-based biotech start-ups that are sponsored by Badir Biotechnology Incubator obtained about SAR 10 million ($2.666 million) in funding in 2017.
The funding was secured by government bodies, individual investors, and capital companies, according to Badir Programme For Technology Incubator's statement on Wednesday.
“The share of government investment in these projects reached SR 3.5 million, equivalent to 35% of the total investment and SR 5 million for venture capital companies, which is equal to 50 % of the total amount of financing and investment,” the statement showed.
Badir Biotech Incubator, which is under the Badir program belonging to King Abdul Aziz City for Science and Technology (KACST), received more than 400 applications since its launching, Badir Programme for Technology Incubators’ CEO, Nawaf Al Sahhaf, said, adding that it currently sponsors around 26 technical projects.
“The Incubator hosts pioneering projects for researchers, technicians, and doctors in the fields of biotechnology and life sciences, such projects that have the potential to grow into promising and valuable companies in the Kingdom,” Al Sahhaf noted.
