S Korea’s Illimis Therapeutics Eyes Global Breakthroughs with $42M Series B Boost

South Korea-based biotech firm Illimis Therapeutics has secured 58 billion KRW (around $42 million) in Series B funding to fast-track the development of its therapies targeting Alzheimer’s disease, as well as other central nervous system (CNS) and immune-related conditions.

The Series B round received robust support from a mix of returning and new investors. Among the new backers were TS Investment, Hana Ventures, IMM Investment, LB Investment, A Ventures, Maple Investment Partners, Shinhan Venture Investment, Schmidt, S&S Investment, and the Industrial Bank of Korea. 

They joined existing supporters such as Korea Development Bank, Woori Venture Partners, GS Ventures, Company K Partners, Dayli Partners, DSC Investment, Aju IB Investment, and Quad Asset Management, who reaffirmed their confidence in Illimis Therapeutics’ platform and vision.

The fresh capital will be used to speed up the development of Illimis Therapeutics’ lead Alzheimer’s drug candidate, ILM01, based on its GAIA platform. The company also aims to expand its pipeline into immune-related diseases and explore additional therapeutic areas with high unmet medical needs. ILM01 is set to enter preclinical trials in the second half of 2025, with plans to file an Investigational New Drug (IND) application by the end of 2027.

Illimis’ GAIA platform targets the TAM (Tyro3, Axl, Mer) receptor pathway, which plays a crucial role in regulating inflammation and immune system responses. The company believes this mechanism can be key to treating complex neurodegenerative and immune diseases. Its broader pipeline is built to explore this biology across multiple indications.

CEO Sanghoon Park emphasized that the funding, along with government grants and strategic partnerships, will help accelerate drug development and position the company as a leader in TAM biology. “We remain focused on creating innovative therapies based on GAIA and aim to deliver real treatment options globally through early R&D collaborations,” he said.

Investor confidence in Illimis’ platform was highlighted by Yohan Kim, Senior Managing Director at DSC Investment, who noted the potential for the GAIA platform to offer next-generation treatments. Woori Venture Partners’ Jiwoong Chun added that Illimis exemplifies how Korean biotech firms can tap into global markets through capital efficiency and innovation.

Illimis also partnered with Eli Lilly’s Catalyze360-ExploR&D program in October 2024 to co-develop the GAIA platform for neurodegenerative diseases. The collaboration supports early-stage innovation and reflects Lilly’s focus on external research and development partnerships.

In addition to private funding, Illimis secured a KRW 2.2 billion ($1.6 million) government grant as part of the “2025 Global Joint Research to Defeat Dementia” program. The initiative, backed by the Ministry of Health and Welfare and the Korean Dementia Research Center, aims to promote global collaboration in Alzheimer’s research through the use of the GAIA platform.

Illimis is also strengthening its scientific network through its advisory board, which includes renowned experts like Dr. Greg Lemke, an authority on TAM biology, and Dr. Morgan Sheng of the Broad Institute. Their guidance is expected to play a key role in shaping the company’s R&D strategy and enhancing its international partnerships.