Google Ventures, the corporate venturing division of US-listed search group Google, has made its second disclosed investment in a healthcare company.
Google Ventures led the $22m series B round in US-based iPierian, having previously publicly disclosed an investment in Adimab, a yeast-based antibody platform for drug discovery.
The other new investors in the series B round are Japan-based bank Mitsubishi UFJ Capital and ATEL Ventures, the venture capital division of US leasing finance company ATEL Capital Group.
IPierian uses stem cells to try and find cures for neurodegenerative diseases. Krishna Yeshwant, a partner at Google Ventures, will join the iPierian board and said: "IPierian’s work with iPSCs (induced pluripotent stem cells) is incredibly exciting.
"The company has created a remarkable opportunity to integrate massive amounts of imaging, genomic, molecular, and clinical data in a way that will dramatically improve the drug discovery and development process."
IPierian was formed last year out of a merger of Boston-based Pierian, which was started by three scientists from the Harvard Stem Cell Institute, and iZumi Bio, run by Corey Goodman (previously president of Pfizer’s Biotherapeutics and Bioinnovation unit) and John Walker, a director of stem cell pioneer Geron.
The deal brought $11.5m of venture capital into the merged company as MPM Capital invested $10m while FinTech Global Capital provided $1.5m. Two months earlier, Kleiner Perkins Caufield & Byers and Highland Capital Partners had provided $20m to iZumi, which also rolled across to the merged company.
The B round of funding has seen Walker step down as chief executive to be a senior adviser with Michael Venuti, president and chief scientific officer since February, taking the position.