Formation Bio, a NYC-based tech-driven and AI-native pharma company, raised $372M in Series D funding.
The round was led by a16z with participation from Sanofi, Sequoia, Thrive, Emerson Collective, and Lachy Groom, along with new investors, such as SV Angel Growth and FPV Ventures. As part of the financing, Scott Kupor, Managing Partner at a16z and Alfred Lin, Partner at Sequoia will join Formation Bio’s Board of Directors alongside existing board director Michael Moritz, Sr. Advisor to Sequoia Heritage and board observer Kareem Zaki, Partner at Thrive Capital.
The company intends to use the funds for two primary objectives: acquiring and in-licensing candidate drugs and expanding their AI capabilities.
Formation Bio offers a tech and AI enabled approach that drives drug development. It (launched in 2016 as TrialSpark) has built technology platforms, processes, and capabilities to accelerate all aspects of drug development and clinical trials. The company partners, acquires, or in-licenses drugs from biotechs and pharma companies and develops those programs past clinical proof of concept and beyond.
Formation Bio leverages a NewCo model for every asset which can facilitate shared ownership and outcomes with partners while providing all the capital and capabilities needed to advance the assets through their next phases of clinical development.
FinSMEs
26/06/2024