Immortal Dragons narrows its investment thesis to one idea: replace worn-out organs and tissues entirely
Immortal Dragons narrows its investment thesis to one idea: replace worn-out organs and tissues entirely
Boyang Wang is a Singapore-based technology entrepreneur with no formal biology training who has been investing in the biology of aging through his fund Immortal Dragons since late 2023. On September 14 he gave his first detailed interview to Pulse 2.0, explaining how his thesis has converged on a single formula: replacement, not repair. Of the fund's $40 million in assets under management, nearly all is Wang's personal capital.
Wang started with a broad conviction: the science is finally ready, yet too little money flows into it. Over time the thesis sharpened. The body has thousands of ways to break down and only one way to function correctly, he explains, citing the Mayo Clinic: humans have more than fifteen hundred documented diseases, and for nearly half of them no cure exists. Treating each one separately is a long game with poor odds. Wang draws an engineering analogy: a broken smartphone is usually fixed by swapping the failed part, and the same logic, in his view, should apply to the body, replacing the failed component outright through engineered tissues, organ biofabrication, and gene therapies that rewrite cellular code.
We are not looking for a better band-aid. We are looking for teams that build infrastructure for biological replacement at industrial scale
The first illustration of the thesis is Frontier Bio, a portfolio company of the fund. In April 2026 the company won the best-paper award at the annual meeting of the Society for Vascular Surgery for a single-surgeon vascular graft: the surgeon harvests the patient's own adipose-derived stem cells, seeds them onto a biodegradable polymer scaffold, and immediately implants a living graft that self-assembles into a vessel. In large-animal studies the grafts remained patent at day 14; a comparable product by Humacyte, the first of its kind worldwide, received FDA approval in December 2024. In July 2026 Frontier Bio won the first stage of the NIH Complement-ARIE competition with an AI model of the blood-brain barrier: NeuroTraX-AI assesses barrier status from microscopy images. For the fund, the vascular graft is the first step on the path toward replacing whole organs.
The second example is Unlimited Bio: in March 2026 the company launched the CALM-AF-AI trial in the Próspera jurisdiction against age-related muscle loss. The approach is genetic: follistatin removes the brake on muscle growth, and a VEGF gene improves blood supply. Immortal Dragons is an investor in both companies.
Wang called the most striking moment of the past two years a change in law: in August 2025 New Hampshire Governor Kelly Ayotte signed an expansion of the right of terminally ill patients to try treatments not yet approved by the FDA. "That is a crack in the regulatory wall," Wang says: recognition by policymakers matters to him no less than recognition by science.
Wang also has a personal stake: he is among the first three hundred people in the world to have undergone Minicircle's follistatin gene therapy, the same protein that in Unlimited Bio's patients removes the brake on aging muscle growth. The fund has a single outside capital partner, which gives Wang the freedom to back high-risk projects. The fund also finances laboratories at Stanford, Columbia, and Oxford; Wang describes this as an evangelist's role, without which his bets would have neither patients nor political cover.
Behind Frontier Bio and Unlimited Bio, each already familiar to readers on its own, stands a single pool of capital with a single anti-aging strategy: replace worn-out body parts entirely while building, in parallel, the regulatory and cultural infrastructure needed to make such replacement lawful.