Generate:Biomedicines Raises $273M for Generative AI-driven Clinical Therapeutics
Generate:Biomedicines has raised $273 million in Series C financing, backed by NVentures (NVIDIA’s venture capital arm), among other investors.
The company uses machine learning to generate clinical protein drugs and enzymes.
AI-driven biotech company Generate:Biomedicines, today announced that it has closed a $237 million Series C round. The company’s latest funding round attracted several investors including NVentures (NVIDIA’s venture capital arm), MAPS Capital (Mirae Asset Group); and Pictet Alternative Advisors.
Generate:Biomedicines’ parent company Flagship Pioneering, and Fidelity Management & Research Company also participated in the round.
The company employs machine learning to produce clinical protein complexes and enzymes. These complexes encompass antibodies designed to target specific epitopes and functional antibodies that stimulate cell surface receptors.
With the Series C funding, the company plans to expand its generative AI pipeline, aiming to file multiple INDs (Investigational New Drug applications) in 2024 and kickstart several clinical trials each year thereafter.
“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,” Jason Silvers, M.D., Chief Financial Officer of Generate:Biomedicines, said in a statement.
Leveraging Generative AI to Streamline Drug Discovery
Through comprehensive training on a vast dataset encompassing natural protein structures and sequences, along with proprietary data, The Generate Platform – Generate:Biomedicines’s machine learning platform – has unlocked the fundamental principles governing how the sequence of amino acids in a protein dictates its structure and function.
Silvers added that the company plans 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.”
The company claims that its machine learning algorithms analyze hundreds of millions of known proteins, looking for statistical correlations between amino acid sequences, structures, and functions.
By applying these acquired statistical insights, they generate custom protein therapeutics, ranging from concise peptides to intricate antibodies, enzymes, gene therapies, and even uncharted protein compositions.
Generate:Biomedicines asserts to boast a strong pipeline with 17 programs undergoing preclinical and clinical development in the fields of oncology, immunology, and infectious disease.
Until now, it has secured nearly $700 million in equity financing since 2020. Since its Series B round in 2021, the company has:
- Launched the first human trial for GB-0669, a monoclonal antibody targeting a key region of the SARS-CoV-2 spike protein. Findings from this trial aid in responding to future pandemics and improving treatments for COVID variants.
- Prepared to submit a Clinical Trial Application in early Q4 2023 for the asthma-focused anti-TSLP monoclonal antibody, with clinical trials anticipated to follow shortly after.
“The company has made significant advancements over the last five years, and I am confident this funding will enable us to realize a future where drug development is no longer a game of chance,” said Noubar Afeyan, Ph.D., Co-founder and Chairman of the Board for Generate:Biomedicines.
The emergence of generative AI in drug discovery has led to substantial funding increases for biotech firms leveraging this technology. In July, biotech company Recursion received a $50 million investment from NVIDIA, which was executed as a private investment in public equity (PIPE).
Recursion will also collaborate with NVIDIA to accelerate the development of AI foundation models for drug discovery.
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