Frequency Therapeutics, Inc. announced that it has issued 44,319,839 series B preferred share at a price of $0.920439 per share, and 10,000 series B-1 preferred share at a price of $0.920439 per share for total gross proceeds of $40,802,912.679321 in its funding led by new investors Taiwania Capital Management Corporation and Axil Capital on January 7, 2019. The transaction involved participation from new investors Yonjin Capital and DF Investments, and existing investors Polaris Founders Capital, Alexandria Venture Investments, LLC, Cobro Ventures, inc., Korea Investment Partners Co. Ltd., and Emigrant Capital Corp. The company has raised $87,000,000 in funding till date. As part of the transaction, Joel Marcus from Alexandria Venture Investments, LLC and Michael Huang from Taiwania Capital Management Corporation will join the company's board of directors and Fred Shane from Axil Capital and Daguang Wang Ph.D. from Yonjin Capital joined the company as board observers. The shares carry non-cumulative fixed dividend value of 8% per annum and will be convertible into common shares at a fixed conversion price of $0.920439 per share. The shares are convertible, and redeemable. The round was raised at post money valuation of $113,459,082.