Rani Therapeutics, a US-based oral drug delivery technology developer backed by multiple corporate investors, has received $69m in series E funding from unnamed investors.
Founded in 2012, Rani has devised a large-molecule pill called RaniPill that functions as an alternative to medical injections, facilitating the use of oral drugs to treat chronic diseases such as diabetes, arthritis and psoriasis.
The series E cash will help the company upgrade its manufacturing capacity and advance its clinical-stage drug development activities, which include partnerships with pharmaceutical producers Novartis and Takeda.
Rani said it has now raised $211m to date. GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet, led the company’s $10m series B round in 2013 with participation from InCube Ventures and VentureHealth.
The trio returned for a $15.5m round two years later, investing alongside Novartis, pharmaceutical packaging manufacturer Stevanato, Crystal Horizon Investments, Pinemount Investments, Pacific Venture Opportunity Fund and Buttonwood.
Rani then secured an undisclosed sum in 2016 from Novartis together with fellow pharmaceutical firms KPC and AstraZeneca, GV and Ping An Ventures, a corporate venturing subsidiary of insurer Ping An, in addition to Virtus Inspire Ventures, Buttonwood Funds, GF Ventures, VentureHealth and InCube Ventures.
Rani clocked up another $39m the following year in a round CNBC indicated had included Alphabet, Novartis and AstraZeneca.
GV, Novartis and AstraZeneca did participate in a $53m round for Rani in early 2018 along with Ping An Ventures, pharmaceutical firms Shire and GeneScience Pharmaceuticals, Cathay Venture and Virtus Ventures.