Artificial intelligence and biotech are two of the sectors that have been able to buck the current sluggish pace of venture capital spending. So it’s not surprising a startup at the intersection of the two led this week off in a big way.
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New investors in the round included Fidelity Management & Research Co., BlackRock and Nvidia’s venture arm NVentures. Existing investors T. Rowe Price Associates, Rock Springs Capital, Radical Ventures and Menlo Ventures also participated.
Genesis is using AI to develop small-molecule drugs and make drug discovery more successful. The Burlingame, California-based startup plans to use the fresh cash to evolve into a clinical stage company, invest in its AI platform, and expand its discovery pipeline.
“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 Dr. Evan Feinberg in a release. “This funding comes as Genesis is approaching an inflection point with the first of our AI-enabled drug candidates entering the clinic.”
AI and biotech get big rounds
An AI or biotech startup — or, in this case, both — raising a monster nine-figure round is nothing new this year.
More than 130 U.S.-based companies have raised rounds of $100 million or more this calendar year, per The Crunchbase Megadeals Board. Biotech startups have raised 34 of those rounds — the most of any sector — while artificial intelligence startups have received 13 such rounds.
Founded in 2019, Genesis has now raised more than $280 million, per the company.
Illustration: Dom Guzman
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