The growth company incubator Imperial Innovations (LON:IVO) said one of portfolio companies, Kesios Therapeutics, has raised £19mln in its latest funding round.
Investors included some of the leading sector venture capitalists, including SV Life Sciences and Abingworth.
Imperial Innovations ploughed in £3.3mln, taking its stake to 42%.
In the same announcement it was revealed that Kesios, which is developing treatments for multiple myeloma and other cancers, has appointed Paolo Paoletti as its chief executive.
He switches from the role as chairman, but made his reputation at GlaxoSmithKline, where he was head of oncology.
Kesios has also taken on another senior figure from big pharma. Jane Robertson joins from AstraZeneca to take on the role of chief medical officer.
Maina Bhaman, director of healthcare ventures at Imperial, said: "It is just over a year since Innovations completed a seed funding round in Kesios and in that time the company has made swift progress in building a world-class management team to advance its innovative science and drug development.
"The company's lead drug candidate is about to enter clinical studies and with this substantial series-A financing behind it, this team is in a strong position to deliver a new treatment option for patients with multiple myeloma."