US-based biomanufacturer AbSci has raised $12m in a series C round from a consortium led by glass manufacturer AGC Asahi Glass.
Phoenix Venture Partners, Oregon Venture Fund, WRF Capital, Souther, Columbia Ventures Corporation and GreenBridge also contributed to the round.
AbSci’s protein expression platform, SoluPro, aims to accelerate biopharmaceutical discovery and development timelines as well as reduce manufacturing costs. The money will go towards accelerated commercialisation of the platform.
As a part of the financing, Gustavo Mahler , president and chief executive of AGC Biologics, Asahi Glass’ contract development and manufacturing organisation, will join AbSci’s board.
In August 2017, AbSci raised an undisclosed amount from a consortium including venture capital firm Phoenix Venture Partners, which also backed its $5.1m series A round in 2016.
Sean McClain, AbSci’s founder and CEO, said: “Having a strategic partner such as AGC Biologics opens a number of opportunities.
“Our system has achieved unparalleled productivities for a wide array of biopharmaceuticals, including insulin and other difficult to produce molecules. We are eager to apply our novel approach to define a new standard for antibody production.”