X-37, a US-based drug discovery company co-founded by biotech research technology producer Atomwise, has closed a $14.5m series A round led by DCVC Bio, a fund operated by venture capital firm Data Collective.
DCVC Bio was joined in the round by VC funds Alpha Intelligence Capital and Hemi Ventures.
Founded in 2018, X-37 is working on drugs to treat diseases and disorders such as autoimmune disease, cancer and excessive blood clotting.
The company will leverage Atomwise’s artificial intelligence-driven drug design platform to match compounds with potential targets, then maturing each program to be sold or licensed to an interested pharmaceutical development firm.
The series A capital will support the discovery of new assets for X-37’s portfolio, with the leads gained through laboratory and preclinical testing to support clinical development expected to begin by 2022.
Antoine Blondeau and Kiersten Stead, managing partners of Alpha Intelligence Capital and DCVC Bio, have both joined the company’s board of directors. It was co-founded by team members of Velocity Pharmaceutical Development, a drug developer formed by VC firm Presidio Partners in 2011.
Abraham Heifets, founder and chief executive of Atomwise, said: “X-37 represents an opportunity to bring new drugs to market very quickly, for challenging targets that have repeatedly stumped pharma and are in dire need of advancement.
“We are thrilled to work alongside industry veterans who have a track record of efficiently delivering drug after drug for the past 25 years.”