US-based genetic medicine developer Beam Therapeutics closed a $135m series B round yesterday that included GV, the subsidiary of internet and technology group Alphabet formerly known as Google Ventures.
F-Prime Capital and Eight Roads Ventures, subsidiaries of investment and financial services group Fidelity, also took part in the round, as did Redmile Group, Omega Funds, Cormorant Asset Management, Altitude Life Science Ventures and Arch Venture Partners.
Founded in 2017, Beam is using base editing technology that can precisely edit single base pairs in DNA and RNA to develop genetic treatments for a potentially wide range of diseases.
The company emerged from stealth in May 2018 having secured $87m in a series A round led by F-Prime Capital and backed by Arch Venture Partners. Its shareholders also include pharmaceutical company Editas Medicine, which received a stake as part of a licensing and option agreement.
The series B funds will be used to grow Beam’s base editing initiatives and further develop its Crispr gene editing technology in addition to making scientific and technical hires.
Beam CEO John Evans said: “We now have 10 active programs underway and have expanded our team to more than 70 employees. We are thrilled to have the support and partnership from this group of world-class investors to help us achieve our mission.
“With this funding, we will continue to expand our team and capabilities, extend our leadership position in base editing technology and move our pipeline towards clinical development where we hope to make an impact for patients with serious genetic diseases.”
