California, USA-based company pioneering artificial intelligence (AI) technologies to create breakthrough medicines for patients with severe diseases, Genesis Therapeutics, closed its oversubscribed Series B round at USD 200 million. The company announced the closure on August 21, 2023. USA-based life-sciences-focused investor, as well as returning investor Andreessen Horowitz (a16z) Bio + Health, led the company’s financing.
In addition, several other new investors, such as Fidelity Management & Research Company, BlackRock, and NVIDIA’s venture capital arm NVentures joined in the funding. Existing investors such as T. Rowe Price Associates, Inc., Rock Springs Capital, Radical Ventures, and Menlo Ventures also provided the investment.
Purpose of investment for Genesis Therapeutics
With the latest financing, the company seeks to evolve into a clinical-stage company. It further has plans to invest in its state-of-the-art AI platform. In addition, Genesis Therapeutics intends to ambitiously expand its discovery pipeline.
What the company’s official has to add
CEO Evan Feinberg, PhD, said, “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. This funding comes as Genesis is approaching an inflexion 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.”
What the investors have to comment
Vijay Pande, PhD, founding general partner at a16z Bio + Health, further commented, “Genesis has uniquely integrated deep learning and simulations since inception, and the ability of their GEMS AI platform to address previously undruggable targets is a testament to Genesis’ leadership in molecular generative AI. Blending technology and biomedicine has untapped potential, and it’s an exciting time to be at the nexus of these two powerful forces. Each new advance Genesis makes with their field-leading AI platform not only pushes technological boundaries but also brings hope to countless individuals awaiting medical breakthroughs.”
About the company
Ben Sklaroff and Evan Feinberg launched the company in 2019. The company unifies AI and biotechnology to discover novel and breakthrough treatments for patients with severe and devastating conditions. Genesis further announced financing of SAFE notes approximately worth USD 24 million from a prior financing round led by Radical Ventures. The notes were converted alongside the close of Series B. Genesis previously raised USD 52 million in Series A, led by Rock Springs Capital. Meanwhile, it raised a seed round of USD 4 million, led by a16z Bio + Health.
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