Decibel Therapeutics, a US-based developer of therapies to prevent hearing loss, secured $55m yesterday in a series C round featuring internet technology group Alphabet and pharmaceutical companies GlaxoSmithKline and Regeneron Pharmaceuticals.
Third Rock Ventures, Bessemer Trust, Schroder Adveq, Foresite Capital, SCubed Capital, Longevity Fund and unnamed institutional investors also took part in the round. Alphabet and GlaxoSmithKline invested through their GV and SR One units respectively.
Decibel is working on medicines intended to protect, improve or even restore hearing for those suffering from disorders causing hearing loss.
The series C proceeds will fund the strengthening of Decibel’s drug discovery and development platform, and the progress of its preclinical and clinical drug candidates.
The company raised an initial $52m in a 2015 series A round led by Third Rock and backed by SR One which was increased to $57.8m in January 2017, according to a securities filing.
GV had previously invested an undisclosed amount in the company in July 2017, while Regeneron provided an undisclosed sum as part of a collaboration agreement in November the same year.
Steven Holtzman, Decibel’s president and CEO, said: “We are gratified by the support of our existing investors and delighted to be joined by a group of distinguished new investment partners who share our vision of building the world’s leading hearing therapeutics company.
Anthony Philippakis, a venture partner at GV, joined Decibel’s board of directors in connection with the series C round.