US-based genomic drug developer Tessera Therapeutics secured over $300m in series C funding from investors including internet and telecommunications group SoftBank’s Vision Fund 2 yesterday.
Hanwha Impact Partners, a branch of diversified conglomerate Hanwha, also took part in the round, as did life sciences-focused venture builder Flagship Pioneering, Alaska Permanent Fund Corporation and a subsidiary of Abu Dhabi Investment Authority.
The round was filled out Altitude Life Science Ventures, Cormorant Asset Management, Artis Ventures, Salt Fund, March Capital, T Rowe Price and Longevity Vision Fund along with all the company’s existing shareholders.
Founded in 2018 by Flagship Pioneering, Tessera utilises gene writing technology, which can write long and short DNA code and make small insertions and deletions, to develop drugs with the potential to cure genetic diseases or treat serious conditions like cancer.
The funding will help Tessera develop its gene writing platform and pursue the clinical development of multiple therapeutic programmes.
Vision Fund 2 had previously co-led the company’s $230m series B round early last year with Alaska Permanent Fund Corporation and Altitude Life Science Ventures, investing together with Qatar Investment Authority and unnamed others.
Geoffrey von Maltzahn, Tessera’s co-founder and CEO, said: “We are thankful for the support from our new partners and existing investors alike in this latest funding round. It is our belief that genetic medicine will be the most important next epoch in medicine — offering the ability to cure genetic diseases and to someday even prevent disease from occurring.
“Today’s announcement will help us realise the promise of gene writing technology and our mission of curing disease by writing in the code of life.”
Photo courtesy of Tessera Therapeutics.
