US-based drug discovery technology developer Insitro received $143m in series B funding from investors including subsidiaries of internet and technology group Alphabet and pharmaceutical firm WuXi AppTec yesterday.
WuXi AppTec took part in the round through its Corporate Venture Fund while Alphabet invested through GV, and life sciences real estate investment trust Alexandria Real Estate Equities took part through its Alexandria Venture Investments unit.
Venture capital firm Andreessen Horowitz led the round, which included Canada Pension Plan Investment Board, Casdin Capital, HOF Capital, Arch Venture Partners, Foresite Capital, Third Rock Ventures, Two Sigma Ventures, funds managed by BlackRock and funds and accounts advised by T. Rowe Price.
Insitro has created a drug discovery platform that utilises machine learning and bioengineering technology to compile huge datasets that are used to locate promising drug targets for liver and central nervous system diseases.
The series B funds will go to enhancing the company’s automation and technology resources as it looks to generate data on a larger scale, in addition to following up on genetically validated targets.
Andreessen Horowitz general partner Vijay Pande has taken a board seat at Insitro in connection with the round, which followed $100m in series A funding when the company launched in May 2018. It disclosed the round in April 2019 when it formed a strategic collaboration with biopharmaceutical company Gilead Sciences.
The series A cash came from GV, Andreessen Horowitz, Arch Venture Partners, Foresite Capital and Third Rock at a $1.05bn valuation. Insitro has also named fellow Alphabet subsidiary Verily, Alexandria Venture Investments, Two Sigma, Bezos Expeditions and Mubadala Investment as earlier investors.
