Innovation in Drug Discovery, Specialized Medicine Attracts Major Capital

FUNDING

Eikon Therapeutics, a pivotal-stage biotechnology company for drug discovery and development based in Hayward, CA, raised $350.7M in Series D funding. The investment syndicate was composed of mutual funds, sovereign wealth funds, and healthcare and technology-focused venture firms including Lux Capital, Alexandria Venture Investments, AME Cloud Ventures, The Column Group, E15 VC, Foresite Capital, General Catalyst, Soros Capital Management, StepStone Group, funds and accounts advised by T. Rowe Price Associates, Inc., and UC Investments (Office of the Chief Investment Officer of the Regents of the University of California), among others. Since its founding in 2019, Eikon Therapeutics has raised more than $1.1 billion.

Callio Therapeutics, a Seattle, WA- and Singapore-based biotechnology company focused on developing multi-payload antibody-drug conjugates (ADCs) to improve cancer therapy, raised US$187M in Series A funding. Frazier Life Sciences led the round, which included participation from JEITO and other life sciences investors, including Novo Holdings, Omega Funds, ClavystBio, Platanus, Norwest, Pureos Bioventures, SEEDS Capital, and EDBI Pte Ltd.

Enveda, a biotechnology company based in Boulder, CO, empowers life’s chemistry to discover new medicines. Sanofi invested, bringing its Series C funding to $150M.

OrganOx, a 17-year-old company based in Oxford, UK, that develops devices that preserve donor organs, particularly livers, at normal body temperatures outside the body, allowing for better assessment before transplantation, raised a $142 million primary and secondary equity financing led by?HealthQuest Capital, with?Sofina, Soleus Capital Management, L.P., and?Avidity Partners, as well as previous investors BGF and LAUXERA CAPITAL PARTNERS.

Pulnovo Medical, a medtech company based in Shanghai, China, develops devices for pulmonary hypertension (PH) and heart failure (HF). The company has raised $100M in Series C funding. The round was led by?Qiming Venture Partners?and existing shareholder?Lilly Asia Ventures 礼来亚洲基金, with existing investors?OrbiMed?and?Gaorong Ventures.

Garuda Therapeutics, a Cambridge, MA-based hematopoietic stem cell (HSC) therapies company, raised $50M in Series A-1 funding. Backers included OrbiMed, Northpond Ventures, Cormorant Asset Management, LP, Kyowa Kirin, Inc.- U.S., a Japan-based Global Specialty Pharmaceutical Company.

Bluebird Kids Health, a Boston startup that operates a network of physical clinics offering pediatric care, raised a $31.5 million Series A round.?F-Prime?and?.406 Ventures?co-led the transaction, with?AIF?and?Juxtapose.

Camber, a New York City- based company that empowers healthcare payments by reducing administrative burdens on clinics and families, raised $30M in Series B funding. The round was led by Andreessen Horowitz, with participation from ACME and Craft, bringing its total funding to $50M. Additional investors included K. Ventures and Y Combinator.

Lumata Health, the Oklahoma City-based leader in personalized support for patients with vision-threatening chronic eye diseases, raised $23m in Series B funding. The round, which raised the company's total since inception to $36m, was co-led by LRVHealth, McKesson Ventures, and Cencora Ventures. Existing investors, including Cortado Ventures, participated.

NanoPhoria, a Milan, Italy-based pre-clinical stage biotech company, received a €17.5M award from the EIC accelerator program, including a €2.5M grant and a conditional equity investment of up to € 15 M. The company intends to use the funds to support the advancement of its lead product for heart failure through first-in-human studies.

Nervonik, Inc., a Los Angeles, CA-based provider of a medical device company developing an opioid-free peripheral nerve stimulation (PNS) system, raised $13M in Series A funding. The round was led by U.S. Venture Partners (USVP), with participation from Foothill Ventures, Correlation Ventures, and other investors.

Osivax, a Lyon, France-based biopharmaceutical company developing vaccines to provide broad-spectrum protection against highly mutating respiratory viruses, closed its Series B financing, raising €10M from new and existing investors. Backers included Meiji Seika Pharma.

Charta Health, a San Francisco, CA-based provider of an AI-powered platform that optimizes medical billing and coding workflows, raised $8.1M in Seed funding. Bain Capital Ventures led the round, which included participation from SV Angel, South Park Commons, SpringRock Ventures, Refract Ventures, and strategic angel investors.

Flosonics Medical, a medical device company based in Sudbury, Ontario, Canada, received CAD$7.5M in Venture Debt from?RBCx.

GEM HEALTH, a virtual specialty care company specializing in sleep care, was founded in Minneapolis, MN, and raised $7M in Series A funding. The round was led by HealthTrend Capital and LFE Capital, with participation from existing investors Base10 Partners and Mairs & Power Venture Capital.

Ignota Labs, a Cambridge, UK-based AI-driven drug turnaround company, raised USD 6.9M in Seed funding. The round was led by Montage Ventures and AIX Ventures, with participation from Modi Ventures, Blue Wire Capital, and Gaingels.

Faks, a five-year-old Paris startup that aims to streamline interactions between pharmacies and their suppliers by centralizing communications, managing claims, and organizing promotional activities, raised a $6.3 million round led by?Speedinvest, with previous investors?Connect Ventures, Seedcamp, and?FJ Labs.

Avitia, a Montreal, Canada-based AI company providing end-to-end testing solutions to rapidly identify cancer mutations and applicable treatments, raised $5M in seed funding. PacBridge Capital Partners invested.

Myosin Therapeutics Inc., a biotechnology company in Jupiter, FL, is developing novel therapies for cancer and neurological disorders. The company closed its second Seed funding round, raising over $3M to supplement investment from the National Institutes of Health. The Seed was led by DeepWork Capital, Florida Opportunity Fund, and Mint12 Pharma, along with Dynagrow Capital, the private investment management affiliate of Fred Hassan, Mayo Clinic Ventures, and The Sontag Innovation Fund.

Lizzy Care, a NYC-based health tech company offering a platform for at-home dementia and memory care, raised $2.6M in Seed funding. Boomerang Ventures led the round.

ONVY HealthTech, a Munich, Germany-based AI-driven precision health company, raised over $2M in Seed extension funding. Voloridge Health led the round.

SimCare AI (YC S24) AI, a Chicago, IL-based clinical training company using AI patients to bypass regulatory constraints and certify clinical skills with far fewer patient interactions, raised $2M in Seed funding. The round was led by Y Combinator and Drive Capital, with participation from Harper Court Ventures Fund, Singularity Capital, Triple S Ventures, Goodwater Capital, Asymmetry Ventures, Sand Hill North, and Transpose Platform.?

4Tissue, a Ghent, Belgium-based biotechnology company specializing in regenerative medicine, raised an additional €1.5M in funding. The round consisted of €1M equity investments from strategic investors and grants.

EvidenceHunt, an Amsterdam, Netherlands-based provider of an AI-powered medical research platform, raised €1.2M in funding. The round was led by Keen Venture Partners,?DFF Ventures (Dutch Founders Fund)?and?Slimmer AI with participation from angel investors, including Jeroen Tas (former Chief Strategy and Innovation Officer at Philips), Dinko Valerio (former CEO and Founder Crucell), and James Shannon (former Head of Global Drug Development Novartis).

Biocomposites, a medical device company based in Keele, UK, received an investment from Novo Holdings and TA Associates. The amount of the deal was not disclosed.