Biotech Companies Tap Saudi Arabia for Venture Funding

Some biotechnology startups are raising capital from Saudi Arabia as U.S. venture funding retreats and Middle East countries seek to boost their life-sciences industries.

Chicago-based Flashpoint Therapeutics recently raised seed financing led by Beta Lab, a new venture firm based in Riyadh, and biomedical startups including Insilico Medicine have secured funding from Prosperity7 Ventures, the venture fund of Aramco Ventures, a subsidiary of Saudi Arabia’s national oil company.