Canada-based drug development technology provider Cyclica completed a C$23m ($17m) series B round yesterday that included pharmaceutical company Chiesi Farmaceutici.
Venture capital firm Drive Capital led the round, which also featured investment firm GreenSky Capital and undisclosed members of the company’s management team.
Cyclica has created a drug discover platform that screens proteins expressed by cells (that are known as the proteome) and utilises technology that predicts molecular properties. The cash will support enhancement of its technology as it looks to expand into agrochemicals.
The company had raised a total of about $3.7m as of a $1.8m series A round in 2017 that was led by GreenSky’s Accelerator Fund II and backed by Epic Capital, Uni-Innovate Group, HH&E Ventures and unnamed private investors, according to BetaKit.
GreenSky’s Accelerator Fund I had joined investors including China Canada Angel Alliance and the family of Anthony Griffiths to provide $1.8m for Cyclica the year before.
