Generate Biomedicines, a Cambridge, Massachusetts-based whose machine learning-powered Generative Biology platform that can rapidly invent new drugs across a wide range of protein modalities and previously undiscoverable protein therapeutics, today announced it has raised $370 Million in a Series B financing to advance the development of its novel drug generation platform.
The round will include Alaska Permanent Fund, Altitude Life Science Ventures, ARCH Venture Partners, and funds and accounts advised by T. Rowe Price Associates, Inc., as well as additional investment from Flagship Pioneering.
With this current round of funding, Generate Biomedicines plans to scale up its workforce to 500 the company has 80 employees at the moment. The company is also building two facilities to expand its wet lab, machine learning, and data generation capabilities.
Company: Generate Biomedicines, Inc.
Round: Series B
Funding Month: November 2021
Additional Investors: Alaska Permanent Fund, Altitude Life Science Ventures, ARCH Venture Partners, T. Rowe Price Associates, Inc., and Flagship Pioneering
Company Website: https://generatebiomedicines.com/
Software Category: machine learning-powered Generative Biology platform
About the Company: Generate Biomedicines is the first drug generation company, pioneering a machine learning-powered biomedicines platform with the potential to generate new drugs on demand across a wide range of biologic modalities from short peptides to complex antibodies, enzymes, cytokines, and yet to be described protein compositions. Generate Biomedicines’ machine learning platform can drastically improve the speed at which targets and therapeutics are identified and validated, the specificity of target engagement by generated proteins, and the cost of identifying and developing clinical candidates. The company’s multimodality Generative Biology platform represents a potentially fundamental shift in what’s possible in the field of therapeutic development, addressing key challenges of drug discovery and drastically expanding the available search space for novel biomedicines. Generate Biomedicines was founded by Flagship Pioneering after two years of foundational research in its Labs unit and launched in 2020.
Source: https://www.businesswire.com/news/home/20211118005426/en/Generate-Biomedicines-Announces-First-External-Equity-Raise-of-370-Million-to-Advance-Its-Drug-Generation-Platform https://techcrunch.com/2021/11/18/generate-biomedicines-raises-370m-series-b-with-a-focus-on-protein-based-drugs/