Seoul-based Illimis Therapeutics has raised 58 billion won ($42 million) to fund its research into treatments for Alzheimer’s disease and expand into immune diseases.

The Series B was led by Korean venture capital firm DSC Investment, whose portfolio includes billionaire Chung Yong-ji’s biotech company Caregen. Other investors include local venture capital firms Aju IB Investment, IMM Investment, LB Investment and GS Ventures, the venture capital arm of conglomerate GS Group. The Series B round brings the startup’s total funding raised to $63 million.

Illimis Therapeutics was established in 2021 by ex-venture capitalist Park Sanghoon, as well as biological sciences professors Chung Wonsuk and Kim Chanhyuk. The biotech startup focuses on treatments for Alzheimer’s disease, the leading cause of dementia in the elderly.

Illimis Therapeutics said its lead drug candidate, ILM01, is designed to remove the toxic amyloid protein—considered a key driver of Alzheimer’s—from the brain without triggering harmful inflammation, a major obstacle in currently available Alzheimer’s therapies. ILM01 will enter preclinical stage in the second half of 2025, according to Illimis Therapeutics.

With the fresh funding, Illimis Therapeutics said it will also broaden its therapeutic targets to immune diseases. The startup’s current pipeline includes treatments for multiple sclerosis, a chronic neurological disorder. It’s also working with U.S. pharma giant Eli Lilly to discover potential medicines for an undisclosed disease.

“This investment, government grants, and partnership with Lilly will enable us to accelerate our efforts to conquer diseases with high unmet clinical needs,” said Park, cofounder and CEO of Illimis Therapeutics.

Global pharma titans including Biogen and Eli Lilly have poured billions of dollars into developing potential treatments for Alzheimer’s, which currently affects millions of people worldwide, with the number expected to grow due to the aging population.

However, producing a working treatment for Alzheimer’s with little side effect has proven challenging. The latest medicines available include Leqembi, co-developed by Biogen and Japan’s Eisai, and Eli Lilly’s Kisunla. Both drugs are designed to slow the progression of Alzheimer’s in its early stage, but do not stop or cure it. And their side effects include brain swelling and brain bleeding.

A number of startups are also trying to come up with promising treatments for Alzheimer’s. Among them is Singapore-based Cerecin, which is backed by Nestle and Korea’s SK Securities, among others.