Somerville, USA-based clinical-stage biotherapeutics company pioneering a machine-learning-powered generative biology platform, Generate: Biomedicines, closes Series C financing at USD 270 million. The company announced the fundraise on September 14, 2023. New investors such as Amgen, NVentures, NVIDIA’s venture capital arm, MAPS Capital (Mirae Asset Group), and Pictet Alternative Advisors provided the investment. In addition, the company’s founder, Flagship Pioneering, and all Series B investors, including a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA); Fidelity Management & Research Company; funds and accounts advised by T. Rowe Price Associates, Inc.; ARCH Venture Partners; and March Capital, participated in the Series C.

Purpose of financing for Generate: Biomedicines 

The company seeks to use its funds to further its pipeline, including filing multiple INDs in 2024. Generate: Biomedicines seek to initiate multiple clinical trials annually thereafter. 

In addition, the company has plans to fully validate the breadth of its platform capabilities and establish its leadership in de novo therapeutic development.

What the company’s officials have to add

Mike Nally, Chief Executive Officer of Generate: Biomedicines, said, “Our Series C round further propels The Generate Platform to increase significantly the precision, speed, and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs. With our first program now in the clinic and multiple programs expected to enter clinical studies over the next couple of years, we are beginning to realize the enormous potential of generative biology to save and improve the lives of patients in areas where the burden of disease is greatest.”

In addition, Jason Silvers, M.D., Chief Financial Officer of Generate: Biomedicines, said, “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. The closing of our Series C financing provides us with a multi-year cash runway and will further enhance our ability 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.”

What the investors have to comment

Noubar Afeyan, PhD, Co-founder and Chairman of the Board for Generate: Biomedicines and Founder and Chief Executive Officer of Flagship Pioneering, further added, “Since its founding, Generate: Biomedicines has worked diligently to turn biology into a truly engineerable discipline, transforming therapeutic development from a probabilistic endeavour to a deterministic one. 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.”

About the company 

In 2018, Founders Geoffrey von Maltzahn, Gevorg Grigoryan, Molly Gibson, and Sophie de Boer launched the company. Generate: Biomedicines is the first drug generation company pioneering a machine learning-powered generative biology platform with the ability to create new drugs on demand across a wide range of biologic modalities. 

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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