Generate Biomedicines Announces First External Equity Raise Of $370 Million To Advance Its Drug Generation Platform
Generate Biomedicines Announces First External Equity Raise Of $370 Million To Advance Its Drug Generation Platform
11/18/21, 10:00 AM
Location
cambridgeGenerate Biomedicines, whose machine learning-powered Generative Biology platform 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 Generate platform can rapidly generate antibodies, peptides, enzymes, cell and gene therapies to meet any therapeutic need. This approach enables Generate to create previously impossible therapeutics and to do so with unprecedented speed and scale. The financing round included the company’s founder, Flagship Pioneering, along with several institutional co-investors, including: a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), the Alaska Permanent Fund, Altitude Life Science Ventures, ARCH Venture Partners, Fidelity Management & Research Company LLC, Morningside Ventures, and funds and accounts advised by T
Company Info
Location
cambridge, maryland, united states
Additional Info
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. Learn more about Generate Biomedicines by visiting https://generatebiomedicines.com/ or following the company on Twitter and LinkedIn.