UMN Pharma Inc. raised $18.9 million in Series C financing round from 20 investors including JAFCO, NIF SMBC Ventures, Nomura Research & Advisory, SPARX Capital Partners, Rakuten Strategic Partners, CYBIRD Investment Partners, Pacific Rim Ventures, Nikko antfactory, Collabo SANGAKUKAN, Orix Capital, Yasuda Enterprise Development, The Dai-ichi Mutual Life Insurance, Tokyo Small and Medium Business Investment & Consultation, Nippon Venture Capital, New Frontier Partners, Mizuho Capital, Mitsubishi UFJ Capital, Nagoya Small and Medium Business Investment & Consultation and so on.