GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet, led a $50m round for US-based stem cell transplantation technology developer Magenta Therapeutics on Tuesday.
The round also featured conglomerate Access Industries and Partners Innovation Fund, the VC representative of care provider Partners Healthcare, as well as Atlas Venture, Third Rock Ventures, Casdin Capital and Be The Match BioTherapies, an investment arm of the National Marrow Donor Program.
Magenta is working on therapies for patients suffering from immune and blood-based diseases which will involve stem cell transplantation. Its technology is licensed from partners including Harvard University.
The series B funds will support development of product candidates spanning a range of areas including stem cell harvesting and expansion as well as better preparation of patients.
Jason Gardner, co-founder, president and CEO of Magenta Therapeutics, said: “We aspire to accelerate products that could unleash the potential of transplantation to more patients, including those with autoimmune diseases, genetic blood disorders and cancer.
“The resounding interest in Magenta from such a high-quality set of investors is a testament to our solid progress since launch, including building a world-class team and a robust pipeline, and generating promising early data.”
Third Rock Venture and Atlas Venture co-led Magenta’s $48.5m series A round in November 2016, investing together with GV, Access Industries and Partners Innovation Fund.