InterVenn Biosciences, a US-based startup focused on developing a platform for precision medicine, raised US$ 34 million in an oversubscribed Series B funding round held in November 2020.
The round was led by New investor Anzu Partners, with participation from Genoa Ventures, Amplify Partners, True Ventures, Xeraya Capital and the Ojjeh Family. InterVenn has raised a total of US$ 43 million to date, including a US$ 9.4 million Series A round held in 2018, according to Crunchbase data.
The company says that it’ll put the fresh capital towards accelerating its go-to-market, expansion, and ongoing product R&D efforts. In addition to the funding, David Michael, managing partner at Anzu Partners, will join InterVenn’s board. To support its growth, InterVenn has appointed former Illumina executive John Leite as Chief Business Officer.
The company plans to finalize its diagnostic tool to go into the clinic in the upcoming year after identifying both U.S. and overseas clinics that are interested, as well as continue investing more into their platform.
Although the startup is only 3 years old, the science behind it was discovered decades ago. The company’s goal is to match people with the best possible alternative drug and also reduce the cost of the therapy, which in some cases increases to thousands of dollars per dose.
What Anzu Partners has to say
According to Michael, “InterVenn enables a powerful new class of cancer diagnostics based on glycobiology. Advances in computation and chemistry will enable its unique, high throughput platform to have a dramatic positive impact on human health.”
What InterVenn has to say
“We are just speeding up what they have been doing,” said InterVenn CEO Aldo Carrascoso. “We already have over 2,000 indications,” he also added.
About InterVenn Biosciences
The startup combines hardware, wetware, and software to develop project-specific workflows that can enable the production of laboratory diagnostic tests for clinical use. A set of machine learning algorithms is used to aid with signal detection, verification, and quantification, as well as quality system monitoring, risk stratification, and untargeted discovery.
Founded in 2017, InterVenn is the brainchild of Aldo Carrascoso, Carlito Lebrilla, Carolyn Bertozzi and Lieza Danan. The company has its headquarters in San Francisco, USA. The company has a total funding of US$ 77.1M.
About Anzu Partners
Anzu Partners is an investment firm that targets breakthrough industrial and life sciences technology companies. It manages nearly US$ 350 million in capital commitments, across two venture funds and a revenue-based investing (“RBI”) fund. Founded in 2014, the company has its headquarters in Washington, USA. It was co-founded by David Michael, David Seldin and Whitney Haring-Smith.
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