On August 2, 2021 InterVenn Biosciences reported the completion of a $201 million Series C financing (Press release, InterVenn Biosciences, AUG 2, 2021, View Source [SID1234585527]).
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The funding round was led by new investors SoftBank Group, Heritage Provider Network, Irving Investors, Highside Capital Management, and backed by existing investors Amplify Partners, Anzu Partners, Genoa Ventures and True Ventures. The proceeds from the financing will be used to accelerate development and commercialization of Dawn, the company’s liquid biopsy assay for immune checkpoint inhibitor response prediction, and to expand the network of partners on the company’s AI-driven glycoproteomics platform.
To date, the InterVenn glycoproteomics platform has been used to develop 16 clinical use cases across oncology and other indications. Dawn is currently under development and is planned to be commercialized in 2022. Bolstered by encouraging early results and promising performance, InterVenn will invest in the development of glycoproteomics-based liquid biopsy solutions across the oncology spectrum of care (screening through therapy response monitoring), as well as non-oncology applications. Additionally, the financing will enable InterVenn to expand investment in a partnership ecosystem to accelerate development and commercialization of new clinical solutions, and broaden insights into new biomarkers and therapies.
"We are thrilled to have such strong support from this global investor group to support the next phase of our evolution," said Aldo Carrascoso, Co-Founder and Chief Executive Officer of InterVenn Biosciences. "Our new investors, as well as our existing investors, recognize the transformative potential of our technology and bring strong industry knowledge that will result in a positive partnership for InterVenn. With this fundraising, we believe InterVenn is ideally positioned to unlock the glycoproteome as a novel and fundamental layer in biology, which will reveal a myriad of new insights on how to diagnose and treat disease."
Cowen served as sole placement agent to InterVenn for the private placement.