This Week's Biggest Deals

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ElevateBio: A Pioneering Leap in Biotech with a Record-breaking $401 Million Raise.

As we delve into the innovative realm of biotechnology, a noteworthy feat emerges from Massachusetts: ElevateBio, a trailblazer in cell and gene therapies, has raised a staggering $401 million in Series D funding. Leading the investment round is existing investor Matrix Capital Management, marking an exciting milestone in the biotech industry this year.

An Unprecedented Biotech VC Deal

This funding round is anything but ordinary. This is the year's largest venture capital deal in biotech, overshadowing the previous record set just a day earlier when ReNAgade Therapeutics raised a $300 million Series A round. What this monumental funding round illustrates is not just the faith that investors have in ElevateBio, but the immense potential that this innovative biotech firm holds.

But hold on, the scale of this deal could soon expand even further. ElevateBio has concurrently entered into a development and commercialization partnership with Novo Nordisk, a global healthcare company specializing in diabetes care. This partnership has the potential to yield up to an additional $2.35 billion in earnouts.

Who Are the Backers?

ElevateBio's investment roster is impressive, featuring a broad mix of players from different corners of the investment landscape. Alongside Matrix Capital Management are investors such as Woodline, Lee Family Office (Asia), Novo Nordisk, and insiders The Invus Group, Emerson Collective, SoftBank, Fidelity, MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital, Samsara BioCapital, Surveyor Capital, EDBI, Vertex Ventures, and Itochu.

A Deeper Dive into ElevateBio's Future

So, what does this influx of funds mean for ElevateBio's future?

As reported by BioSpace, the raised capital will be channeled towards enhancing ElevateBio's multi-faceted biotech arsenal. This includes the company's gene editing, RNA, cell, vector engineering, protein, and induced pluripotent stem cell technologies.

The funds will fuel the growth of BaseCamp, ElevateBio's comprehensive end-to-end genetic medicine cGMP manufacturing and process development division. By nurturing these advanced technologies, ElevateBio is poised to break new ground in the development of life-changing therapies.

In the vast and rapidly evolving landscape of biotechnology, this major funding milestone for ElevateBio is not merely a testament to its own remarkable trajectory but also a powerful indicator of the industry's potent potential and the far-reaching impact that innovation in this field can bring.

Let's watch as ElevateBio continues its ascension, fueled by this colossal investment, towards unprecedented heights in the biotech industry.

ReNAgade Therapeutics: Setting Sail with $300 Million in Series A Financing to Propel the Revolution in RNA Medicine

In an awe-inspiring display of financial and scientific power, ReNAgade Therapeutics today announced a staggering $300 million Series A financing round, solidifying their position at the forefront of the ever-evolving RNA medicine landscape. The funding round is spearheaded by MPM BioImpact and F2 Ventures, prominent players in biotechnology investment, making a strong statement in the company's promising future.

The Emergence of a Disruptor in RNA Medicine

ReNAgade Therapeutics is not just a new entrant in the field of biotechnology. It's a revolutionary endeavor that aims to unlock the limitless potential of RNA medicines and to correct disease at the genetic level. Leveraging proprietary delivery technologies, the company has established a comprehensive, integrated, and multimodal all-RNA platform. This unique combination of innovative tools for delivering, coding, editing, and inserting genetic information allows ReNAgade to surpass major limitations in RNA therapeutics.

What's truly groundbreaking about ReNAgade's approach is its potential to enable the delivery of RNA medicines to tissues and cells previously deemed unreachable. This has the potential to considerably broaden the scope of treatable diseases, fundamentally disrupting the field of RNA medicine.

A Strategic Partnership: ReNAgade & Orna Therapeutics

Adding another layer to this promising venture, ReNAgade has embarked on a strategic Joint Venture with Orna Therapeutics Inc., merging their own robust delivery platform with Orna's circular RNA technology. As a testament to the transformative potential of this collaboration, Orna has subsequently entered into an agreement with pharmaceutical giant, Merck, incorporating technologies developed under the Orna/ReNAgade JV.

ReNAgade's founder, Ansbert Gadicke, M.D., a Managing Partner of MPM BioImpact, expressed his excitement for the journey ahead. “ReNAgade was founded on a bold idea – to dramatically transcend the boundaries of RNA medicine, a field that has made great strides but remains in its infancy," Gadicke says. "ReNAgade is poised to deliver RNA to organs and tissues not previously accessible. Our joint venture with Orna provides early validation of the technologies that ReNAgade will continue to bring forward.”

Meet the Visionaries at the Helm

Steering the ship of this ambitious venture is Amit D. Munshi, a seasoned veteran in biotechnology, holding the helm as Chairman and Chief Executive Officer. Munshi's three-decade-long illustrious career, with his most recent position as CEO of Arena Pharmaceuticals, equips him to lead ReNAgade into uncharted waters.

Joining Munshi are an exceptional executive and scientific team, individuals renowned for their in-depth, translational expertise across multiple RNA modalities. The roster includes Pete Smith, Ph.D., Chief Scientific Officer, who brings a wealth of experience from Alnylam and Moderna; Ciaran Lawlor, Ph.D., the Chief Operating Officer, hailing from Boston Consulting Group and Moderna; and Brian Shuster, the Chief Business Officer, formerly of Bristol Myers Squibb, Johnson & Johnson, and J.P. Morgan.

Munshi, full of anticipation for the path ahead, shared his thoughts on the company's prospects: "In order to fulfill our mission to develop RNA medicines with the potential to treat any disease anywhere in the body, we have curated a world-class, multidisciplinary team who have collectively achieved 25 NDAs, including four in RNA medicines, and 200 INDs.We are further buoyed by the support of our long-term investors and validated by the progress we have made to date – making us well-positioned to expand the reach of RNA medicine far beyond what was previously thought possible.”

With their launch marked by a strong funding round, a unique platform, and an exceptional leadership team, ReNAgade Therapeutics is set to boldly venture into the realm of RNA medicine, paving the way for transformative therapeutic possibilities.

Builder.ai Reels in a Whopping $250 Million Series D Funding, Revolutionizing the App Building Landscape

In an exhilarating show of confidence, Builder.ai, a platform at the forefront of app development, has announced a staggering $250 million Series D funding, creating ripples in the tech ecosystem. The round was spearheaded by Qatar Investment Authority (QIA) and saw enthusiastic participation from a range of existing and new investors, including Iconiq Capital, Jungle Ventures, and Insight Partners.

A Momentum Unstoppable

Having recently entered into a strategic collaboration with tech behemoth Microsoft, Builder.ai's 'Natasha' AI is all set to become available to Teams users. The momentum, however, doesn't stop there.

The latest funding round takes Builder.ai's total capital raised to an astounding $450 million. Additionally, the platform reports a remarkable 2.3x revenue growth, cementing its position as a promising disruptor in the tech scene.

Shifting Gears, Empowering Conversations

With a clear vision for its next phase, Builder.ai intends to employ the power of human conversation as a tool for app building on its platform. This approach marks a significant shift from the standard expert-dependent 'white-canvas systems' that dominate the no-code/low-code space, signaling a refreshing perspective in app development.

A Global Presence

The firm has strategically expanded its reach, establishing offices across key locations including the U.K., U.S., UAE, Singapore, and France, to name a few.

A Remarkable Journey of Innovation and Growth

CEO Sachin Dev Duggal expressed his enthusiasm for the road ahead, stating, "We are entering an incredible time in history where the very notion of software is changing; from something that had a shelf life of years to what will eventually have a shelf life of a conversation, and the volume of what is being created is only going to grow exponentially.”

This sentiment was echoed by Ahmed Ali Al-Hammadi, CIO for QIA Europe, who added, "We are confident that Builder.ai’s innovative technology and proven approach positions the company for a future of substantial growth. This investment is aligned with QIA’s strategy of supporting innovative companies shaping the future of the global economy.”

Established in 2016, Builder.ai has made significant strides in offering businesses of all sizes the ability to build web or native mobile apps in a modular fashion. The firm boasts high-profile partnerships with industry giants such as JP Morgan & Chase and Etisalat UAE. Recognized in the 2023 Fast Company list of Most Innovative Companies and crowned the 'Scale-Up of the Year' at the 2022 Europas, Builder.ai continues to evolve, shaping the future of app development.

Berlin-based Healthtech Pioneer Patient21 Secures a Hefty $108M to Spearhead Expansion Beyond Germany

Patient21, a German startup reshaping the healthcare landscape, is poised for a significant leap forward. Combining the best of digital technology with brick-and-mortar clinics, the Berlin-born firm has secured an impressive €100 million ($108 million) in a Series C funding round. This dynamic mix of equity and debt was led by the Israeli VC firm, Pitango.

Established in 2019, Patient21 has designed an expansive platform that streamlines the patient care cycle. The platform includes features for online bookings, digital case histories, check-ins, billing, and insurance.

Unlike its American counterpart, Carbon Health, and the rising tide of telemedicine platforms, Patient21 differentiates itself by its focus on in-person treatment. The company utilizes proprietary software for managing patients, subsequently directing them to their extensive network of over 50 outpatient clinics across Germany.

Primarily, Patient21's attention lies on dental care, with over 80% of its clinics devoted to oral health. The remainder caters to gynecology and general practice.

"Dentistry is a field that requires comprehensive in-person consultations for precise diagnosis and treatment," explained Patient21 co-founder and CEO, Chris Muhr. "Aspects of oral health, including visual inspections, diagnostic tools like X-rays, and urgent emergencies, are best addressed through onsite consultations, ensuring the highest standards of care."

Handling over 300,000 patient visits per year, Patient21 has ambitious plans for the future. The firm aims to expand into additional areas of healthcare, and potentially incorporate virtual healthcare solutions into their repertoire.

Patient21's software is multifaceted, with a patient-facing app being just one dimension. The company also offers an application for doctors and a robust clinic management system.

Muhr continues, "Our focus is on supporting healthcare professionals, making sure their time is used wisely, especially in a sector that faces challenges like staff shortages, an aging health workforce, and a surge in chronic illnesses. Our suite of clinic-facing software caters to the needs of our healthcare professionals and local clinics, allowing them to concentrate on what they are best at: taking care of patients."

With their freshly secured funding, Patient21 aims to augment their software capabilities and extend their reach beyond Germany. Muhr revealed, "We plan to launch in two new European markets within the next 12 months." While setting up physical clinics may seem resource-intensive, Patient21's clinics have quickly turned operationally profitable. This swift profitability allows a larger portion of the funding to be channeled towards software development and platform enhancement.

Looking ahead, Patient21 foresees potential opportunities to license out its booking and patient management software. Muhr added, "In the long term, we believe we can form partnerships or run clinics in a franchise model, providing a software and services package that is unique in the market."

The Series C round, with more than 70% equity, included participation from PICO Venture Partners, Bertelsmann Investments, Artian, Target Global, Piton Capital, and a number of angel investors. The debt segment was provided by IPF Partners.

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