Entrepreneurship

Smarter Protein Evolution —
Powered by AI, Built for Real Biology

Overview

Protovate is an early-stage biotechnology startup from National Tsing Hua University (NTHU), developing an AI-driven protein evolution platform. The technology integrates active deep learning models with an E. coli-based EcORep mutagenesis system and Split Luciferase Complementation Assay (SLCA) to accelerate protein optimization under tumor-like conditions. Protovate operates on a B2B licensing model, providing biotech companies with faster, more reliable, and modular solutions for protein drug discovery. We aim to redefine how biology learns — not by chance, but by intelligence. Protovate turns every failed experiment into data that learns.

Here to introduce more

Mission

Mission

Value Proposition Canvas

After confirming our overall framework through design thinking, we proceeded to define the business value of our innovation. To achieve this, our team collaboratively developed a Value Proposition Canvas to clearly map the needs of our target customers and align Protovate's solutions with their most critical pain points and desired gains.

Value Proposition Canvas Left Value Proposition Canvas Right

Market Analysis

Market Size

Global AI drug discovery market projected to grow from USD 1.2B (2023) to USD 9B (2030), with CAGR >30%.

Market Size Analysis

Figure 1. Market Size (TAM/SAM/SOM)
The diagram shows Protovate's market opportunity: a global TAM of $8.18B in functional proteins, a SAM of $3.00B in AI drug discovery, and a SOM of $11.32M in Taiwan's AI healthcare.

Total Addressable Market (TAM)

The Total Addressable Market (TAM) for Protovate's AI-driven protein optimization platform is estimated at USD 8.18 billion, representing the global functional protein market. This includes therapeutic proteins, industrial enzymes, and engineered biomolecules used across pharmaceuticals, biotechnology, and diagnostics.

The functional protein market has shown a Compound Annual Growth Rate (CAGR) of 9.2%, driven by the increasing adoption of protein-based therapeutics and demand for efficient, high-throughput protein engineering tools. By 2032, this market is projected to exceed USD 15 billion, fueled by the integration of AI into drug design, sustainability-driven biomanufacturing, and the rise of precision medicine.

Serviceable Available Market (SAM)

Protovate's Serviceable Available Market (SAM)—the subset of the TAM addressable by AI-enabled discovery pipelines—is valued at approximately USD 3.00 billion.

This corresponds to the global AI in drug discovery market, which is expected to grow at a CAGR of 30.5% from 2024 to 2032. The market expansion is driven by the pharmaceutical industry's shift toward automation, data-driven molecular design, and predictive modeling for protein structure and function.

Major pharmaceutical and biotech firms are increasingly integrating AI-based directed evolution platforms to shorten R&D timelines by 60–70%, highlighting Protovate's potential to capture a significant portion of this rapidly accelerating segment.

Serviceable Obtainable Market (SOM)

Protovate's Serviceable Obtainable Market (SOM) focuses on Taiwan's AI healthcare sector, valued at USD 11.32 million.

Taiwan's biopharma industry is investing heavily in AI-assisted precision medicine and protein-based therapeutics, with over 100 biotech companies and research institutes forming an interconnected innovation ecosystem. With mentorship from NTHU Garage+, collaborations with NHRI (National Health Research Institutes) and Academia Sinica, Protovate is strategically positioned to capture early adopters within this domestic market before expanding regionally across Asia.

Our initial focus is to engage Taiwan's leading biotech firms through pilot licensing agreements and AI co-development partnerships—creating a scalable foundation to penetrate the broader Asian AI drug discovery market projected to reach USD 800 million by 2030.

Customer and Industry Input

Public Interest

Protovate addresses a global health challenge: cancer remains the second leading cause of death worldwide, claiming nearly ten million lives annually. There is strong public interest in innovative therapeutic solutions that can accelerate the development of more effective treatments while lowering costs and improving accessibility. By providing a platform that enables faster and more reliable protein drug discovery, Protovate resonates with the broader demand for affordable, timely, and patient-centered healthcare solutions. Public interest also extends to the scientific community, where the integration of AI and biology is increasingly viewed as a transformative approach for next-generation medicine.

Anticancer Foundation Connection

Figure 2. Our team build connection with S.Y. Dao Cancer Prevention Foundation.

Industry Interest

The biotech and pharmaceutical industries face rising R&D costs and long development timelines, with the average drug taking over a decade and billions of dollars to reach market approval. Industry stakeholders are seeking platforms that can reduce risk, increase efficiency, and deliver clinically relevant candidates more quickly. Protovate offers a unique value proposition by combining AI active deep learning with directed evolution and tumor-environment functional validation. This positions the platform as a data-efficient, licensing-ready solution that can be directly integrated into existing drug discovery pipelines. As a result, industry interest comes not only from biotech startups looking for acceleration tools but also from larger pharmaceutical companies aiming to de-risk oncology pipelines and diversify their therapeutic portfolios.

Caliway Biopharmaceuticals Connection

Figure 3. Our team build connection with NTHU garage.

Barriers to Entry

Investment

Developing an AI + wet-lab integrated platform requires significant upfront investment in both computational infrastructure and experimental facilities. Competitors need to commit large amounts of capital before reaching commercial readiness.

Minimum Viable Product (MVP)

MVP Overview

Our MVP is a cloud-based protein optimization service that turns a researcher's prototype into an improved sequence or structure within one working day. The product delivers three concrete outcomes on every run:

(1) an optimized protein candidate list with ranked rationales

(2) downloadable structural models and sequences ready for cloning

(3) a reproducible report documenting inputs, constraints, simulation metrics, and the AI's decision path

Feasibility Analysis

To demonstrate the feasibility of our venture, we conducted a systematic evaluation encompassing the macro-environmental landscape, organizational capabilities, and competitive market dynamics. This multi-dimensional assessment substantiates that Protovate's innovation is not only technologically implementable but also commercially sustainable within the rapidly evolving global biotechnology sector.

PEST Analysis:
Macro-Environment Assessment

Political

Government policies, regulations, and political stability that affect business operations

Economic

Economic growth, inflation, exchange rates, and market conditions impacting business

Social

Demographics, cultural trends, and social attitudes that influence consumer behavior

Technological

Innovation, automation, and technological developments that create opportunities or threats

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Political

  • Government support for biotech innovation and AI applications in Taiwan and Asia, including funding schemes and startup incubators.
  • Strengthening IP protection policies encourage patent filing (Protovate already applying via NTHU).
  • Regulatory frameworks for biotech and AI are still evolving, creating both uncertainty and opportunities.
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Economic

  • Global AI drug discovery market projected to grow from USD 1.2B (2023) to USD 9B (2030), CAGR >30%.
  • Rising healthcare expenditures and oncology market demand drive need for cost-effective R&D platforms.
  • High upfront investment required for wet lab validation and data generation may pressure early-stage finances.
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Technological

  • Rapid advancements in AI (active deep learning, generative models) enable smarter drug design.
  • Directed evolution platforms (EcORep, SLCA) provide high-throughput functional datasets under tumor-like conditions.
  • Emerging modular systems (SpyCatcher/SpyTag) enhance flexibility and scalability in protein therapeutics.
  • Competition from large-scale generative models highlights the importance of Protovate's data-efficient approach.

SWOT Analysis:
Internal–External Strategic Assessment

Positive Factors
Negative Factors
Internal Environment
External Environment

SWOT Analysis

Analysis - PROTOVATE

S

Strengths

Internal advantages and capabilities that give competitive edge


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Strengths

  • Unique integration of AI active deep learning with directed evolution (EcORep + SLCA) in a closed-loop system.
  • Ability to generate functional data under tumor-like conditions, increasing clinical relevance.
  • Data-efficient discovery, enabling candidate development even with limited datasets.
  • Modular SpyCatcher/SpyTag system, allowing flexible adaptation and scalability.
W

Weaknesses

Internal limitations and areas needing improvement


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Weaknesses

  • Early-stage company with limited dataset size and proof-of-concept still under development.
  • Strong reliance on external funding for scaling experiments and computational resources.
  • Need for broader industry validation and regulatory guidance before large-scale adoption.
O

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External factors that can be leveraged for growth

Opportunities

Opportunities

  • Global AI drug discovery market growing at >30% CAGR, projected to reach billions by 2030.
  • Rising demand for oncology therapeutics with higher efficiency and success rates.
  • Potential for strategic licensing partnerships with biotech and pharma companies.
  • Expansion into other therapeutic areas beyond oncology.
T

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External challenges that could impact success

Threats

Threats

  • Larger incumbents like Absci, Generate Biomedicines, Insilico with greater financial and data resources.
  • Regulatory hurdles that could slow down clinical translation and adoption.
  • IP competition in fast-moving synthetic biology and AI biotech fields.
  • Potential skepticism from industry toward new AI-biotech platforms until more validation data is available.

Competitive Analysis

Protovate operates in the rapidly growing field of AI-driven drug discovery, where several global players have gained traction. Absci has advanced antibody discovery using generative AI, but its scope is largely confined to antibody therapeutics. Insilico Medicine has developed platforms for small molecule design and clinical trial prediction, yet it lacks focus on protein therapeutics. Generate Biomedicines builds large-scale generative models for protein design, though their effectiveness depends heavily on vast amounts of training data and lacks integration with directed evolution. Graphen Inc. provides AI-driven biotech consulting but remains broad and service-oriented without specialization in protein drug development.

In contrast, Protovate is uniquely positioned to operate effectively under data-limited conditions. By combining reinforcement learning with E. coli-based EcORep mutagenesis and functional screening through SLCA, Protovate generates new functional protein datasets in real time. This allows the platform to bootstrap therapeutic discovery even with minimal prior data, reducing dependency on massive datasets while ensuring clinically relevant optimization under tumor-like conditions. Coupled with its modular SpyCatcher/SpyTag system, Protovate not only differentiates itself from data-heavy competitors but also establishes a sustainable, licensing-ready pathway for oncology-focused protein drug development.

Competitor Analysis

Table 1. Competitor Landscape
This chart compares major AI biotech competitors and highlights how Protovate differentiates through broader applicability, modular flexibility, and directed evolution integration.

Protovate operates in the rapidly growing field of AI-driven drug discovery, where several global players have gained traction. Absci has advanced antibody discovery using generative AI, but its scope is largely confined to antibody therapeutics. Insilico Medicine has developed platforms for small molecule design and clinical trial prediction, yet it lacks focus on protein therapeutics. Generate Biomedicines builds large-scale generative models for protein design, though their effectiveness depends heavily on vast amounts of training data and lacks integration with directed evolution. Graphen Inc. provides AI-driven biotech consulting but remains broad and service-oriented without specialization in protein drug development.

In contrast, Protovate is uniquely positioned to operate effectively under data-limited conditions. By combining reinforcement learning with E. coli-based EcORep mutagenesis and functional screening through SLCA, Protovate generates new functional protein datasets in real time. This allows the platform to bootstrap therapeutic discovery even with minimal prior data, reducing dependency on massive datasets while ensuring clinically relevant optimization under tumor-like conditions. Coupled with its modular SpyCatcher/SpyTag system, Protovate not only differentiates itself from data-heavy competitors but also establishes a sustainable, licensing-ready pathway for oncology-focused protein drug development.

Business Model

Key Partners

To strengthen the credibility and scalability of our platform, Protovate is building partnerships across academia, industry, and biotech accelerators.

From the academic side, we have gained recognition from members of the Frances Arnold Lab at Caltech, led by the Nobel Prize laureate in directed evolution. Their acknowledgment provides validation of our model's feasibility and scientific rigor. Similarly, Academician Wen-Hsiung Li of the U.S. National Academy of Sciences has expressed interest in collaborating with us once our model reaches maturity. Furthermore, Dr. Huey-Kang Sytwu, President of Taiwan's National Health Research Institutes (NHRI), is currently in discussion with us regarding potential joint initiatives.

On the industry side, we are in active contact with the CTO of Ho Rong Technology Co., Ltd., who is particularly interested in exploring applications of our system in BNCT drug development. In addition, Protovate has initiated discussions with leading Taiwanese biopharmaceutical companies such as United Biomedical, PharmaEssentia, and Syncell Biotech, aiming to sign Memoranda of Understanding (MOUs) for early-stage licensing and pilot projects.

We also benefit from the mentorship resources of the NTHU Garage accelerator, which connects us to seasoned industry experts and venture partners, helping us refine our go-to-market strategy and secure angel funding opportunities.

Together, these strategic partnerships position Protovate at the intersection of cutting-edge research and commercialization, ensuring both scientific excellence and a viable pathway toward industrial adoption.

Team at NTHU Garage

Figure 4. Team at NTHU Garage
The Protovate team at NTHU Garage, representing their participation in the university's entrepreneurship hub and early-stage innovation ecosystem.

NTHU Garage Logo

Figure 5. NTHU Garage Logo
NTHU Garage is the startup incubator of National Tsing Hua University, supporting student ventures like Protovate with resources and mentorship.

Connect with NTHU Garage:

Key Activities/Implementation Strategy

Beachhead Strategy

Beachhead Strategy
Beachhead Market

Seg 1 / App 1 – Taiwanese Biotech Research Institutes & University Wet Labs

  • Application: Protein optimization for enzyme screening and academic drug design.
  • Reason: These institutions (e.g., NHRI, Academia Sinica, NTHU) have active protein R&D projects but lack AI-automation capacity.
  • Goal: Demonstrate PoC (Proof of Concept) and secure first licensing partnerships.
Follow-on Markets

Seg 1 / App 2 – Taiwanese Biotech Startups

  • Application: AI-assisted protein optimization for small-scale therapeutic development.
  • Goal: Provide short-term licensing and support startups using Protovate as an outsourced R&D engine.

Seg 2 / App 1 – Asia-Pacific Biotech Accelerators (Japan, Singapore, South Korea)

  • Application: Regional expansion of AI-directed evolution services via accelerator collaborations (e.g., TTA, Garage+).
  • Goal: Establish regional presence and cross-border validation projects.

Seg 2 / App 2 – Contract Research Organizations (CROs)

  • Application: Integration of Protovate's protein modeling workflow into CRO service pipelines.
  • Goal: Enable co-development contracts and B2B recurring licensing.

Seg 3 / App 1 – Mid-size Pharmaceutical Companies

  • Application: Co-development of therapeutic proteins targeting oncology and enzyme replacement therapy.
  • Goal: Transition from licensing to milestone-based partnerships (royalty 3–5%).

Seg 3 / App 2 – Global Pharma & AI Drug Discovery Consortiums

  • Application: Integration into global-scale drug discovery alliances (e.g., Roche, AstraZeneca, GSK).
  • Goal: Enter the royalty and co-patent revenue phase, establishing Protovate as a global AI-protein platform.
Expansion Arrows
  • New Segments for the Same Application: From Taiwan → Asia-Pacific → Global biotech ecosystems.
  • New Applications for the Same Segment: From enzyme/protein design → therapeutic development → platform-as-a-service (PaaS) model.

After securing our beachhead market, we identified key milestones in our commercialization journey.

Implementation Strategy Part 1 Implementation Strategy Part 2

Key Resources

Key Resources Part 1

Financial Analysis

Future Development

Potential Funding

Angel & Seed Stage (2025–2026)

  • • Target: USD $0.2M (angel) to support MVP, PoC validation, and patent applications
  • USD $3M (seed round) to recruit AI and computational biology specialists, expand datasets, and initiate early biotech licensing deals

Series A (2028)

  • • Target: USD $15M to scale wet-lab validation, expand the protein evolution dataset, and secure partnerships with leading biotech firms in Asia

Non-Dilutive Funding

  • • Government innovation programs (e.g., Taiwan's Ministry of Science and Technology, NIH collaborations)
  • • Global health initiatives and biotech-focused grants to reduce equity dilution

Strategic Partnerships

  • • Early pilot licensing projects (USD $50k–100k) with Taiwan biotech companies
  • Standard licensing and co-development deals leading to milestone payments (USD $1–5M per stage) and long-term royalties (3–5% of sales)

Gantt Chart

Gantt Chart

Figure 6. Gantt Chart – Protovate Roadmap
The Gantt chart outlines Protovate's multi-phase roadmap from 2025 to 2034, covering MVP development, fundraising, licensing, global expansion, and pharma partnerships.

Business Plan

Business Plan Document

Pitch Deck

Pitch Deck Presentation

References

Show References
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https://www.digitimes.com/news/a20230515PD205/healthcare-market.html
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https://www.fortunebusinessinsights.com/functional-proteins-market-102458
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4.

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6.

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https://doi.org/10.1073/pnas.1901979116
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