Prosperity7 Ventures led $35 M secured by Insilico Medicine in Series D2 round
Prosperity7 Ventures, the diversified growth fund of Aramco Ventures, sponsored the series D2 fundraising round that secured $35 million for the Hong Kong-based biotechnology company Insilico Medicine. Warburg Pincus, B Capital Group, and Qiming Venture Partners also took part in the financing.
The transaction increased the series D round’s total funding to US $95 million.
Insilico Medicine, founded in 2014, employs AI to find and create medications for diseases including cancer, fibrosis, illnesses of the central nervous system, and illnesses associated with ageing. Its initiatives include a campaign to combat fibrosis as well as 3CL protease inhibitors for the treatment of Covid-19.
The business established alliances with significant pharmaceutical firms Fosun Pharma and EQRx earlier this year.
The business intends to utilize the additional money to continue moving its initiatives forward, open a robotic drug development lab, and create regional hubs. In addition, it hopes to work with the green energy and sustainable chemical industries.
Alex Zhavoronkov, a serial entrepreneur and the company’s CEO, founded Insilico Medicine. During its series D1 investment round in June, it received $60 million USD and elevated chief strategy officer Feng Ren to co-CEO.
