Genesis Therapeutics, a Burlingame, CA-based biotech company that uses AI to create breakthrough medicines for patients with severe diseases, closed a $200 million oversubscribed Series B funding round.
The financing was co-led by a U.S.-based life sciences-focused investor, along with returning investor Andreessen Horowitz (a16z) Bio + Health, which led Genesis' seed financing.
Other notable new investors in the round include Fidelity Management & Research Company, BlackRock, and NVIDIA's venture capital arm NVentures. Existing investors, including T. Rowe Price Associates, Inc., Rock Springs Capital, Radical Ventures, and Menlo Ventures also participated.
The Series B capital will be deployed to: bring forward Genesis’ artificial intelligence-enabled pipeline into clinical development, further advance Genesis’ field-leading physics-based AI platform, and ambitiously expand Genesis’ pipeline, targeting the company’s AI platform against new high-value and previously undrugged targets.
“AI presents a potent opportunity to revolutionize the drug discovery process, which frequently struggles to produce viable drug candidates against targets that are biologically well-validated but considered undruggable due to highly challenging chemistry,” said CEO Evan Feinberg, Ph.D. “This funding comes as Genesis is approaching an inflection point with the first of our AI-enabled drug candidates entering the clinic. The addition of our new lead investor, and other meaningful additions to our biotech and AI-oriented syndicate, will support Genesis in developing breakthrough therapies for patients with severe unmet medical needs, and their families, capitalizing on the broad applicability and potential of the GEMS AI platform.”
With this round of funding, Genesis Therapeutics has raised over $280 million in total capital. Additionally, approximately $24 million of SAFE notes from a prior financing round, led by Radical Ventures, converted alongside the Series B funding close.
Company: Genesis Therapeutics, Inc.
Raised: $200.0M
Round: Series B
Funding Month: August 2023
Lead Investors: Undisclosed
Additional Investors: Andreessen Horowitz (a16z) Bio + Health, Fidelity Management & Research Company, BlackRock, NVIDIA's venture, Rowe Price Associates, Inc., Rock Springs Capital, Radical Ventures, and Menlo Ventures
Company Website: https://www.genesistherapeutics.ai/
Software Category: AI-Powered Drug Discovery
About the Company: Genesis Therapeutics is unifying AI and biotech to discover novel and breakthrough treatments for patients with severe and devastating conditions. They are using a proprietary state-of-the-art generative and predictive AI platform, GEMS (Genesis Exploration of Molecular Space), to accelerate and optimize small molecule drug discovery. The GEMS platform integrates deep learning-based predictive models, molecular simulations, and chemically aware language models. GEMS accelerates candidate selection by generating promising molecules for synthesis and experimental testing and iterating this process through multiple cycles of AI-enabled discovery and optimization. The company is headquartered in Burlingame, CA, with a fully integrated laboratory in San Diego.
Source: https://www.businesswire.com/news/home/20230821419353/en/