Generate:Biomedicines said it has raised $273 million to fund its pipeline of programs in preclinical and clinical development across oncology, immunology, and infectious disease, including filing multiple Investigational New Drug (IND) applications with the Food and Drug Administration (FDA) and initiating multiple clinical trials annually.
The Somerville, Massachusetts-based firm, which uses a machine learning-powered generative biology platform for drug generation, said the Series C fundraising attracted new investors, notably NVIDIA Corporation (NASDAQ:NVDA)'s venture capital arm NVentures, Amgen, Inc. (NASDAQ:AMGN), MAPS Capital (Mirae Asset Group) and Pictet Alternative Advisors.
The company’s founder Flagship Pioneering and every Series B investor participated, including a wholly-owned subsidiary of the Abu Dhabi Investment Authority, Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price Associates, ARCH Venture Partners, and March Capital.
“We are thrilled to have the support of so many investors who believe in our ability to pioneer a new era of programmable protein-based therapeutics using generative AI,” Dr. Jason Silvers, Generate:Biomedicines’ CFO, said in a statement.
“The closing of our Series C financing provides us with a multi-year cash runway and will further enhance our ability to invest aggressively in The Generate Platform, pioneer growth through new program starts, advance multiple programs through clinical trials, and opportunistically consider additional value-creating collaborations.”
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