Formation Bio, a New York-based tech-driven and AI-native pharma company, raised $372 million in Series D financing.
Investors
The funding round was led by Andreessen Horowitz (a16z), with participation from Sanofi and existing investors such as Sequoia, Thrive Capital, Emerson Collective, and Lachy Groom. New investors, including SV Angel Growth and FPV Ventures, joined the round.
Andreessen Horowitz (aka a16z) is a venture capital firm that backs bold entrepreneurs building the future through technology. The firm invests in seed to venture to growth-stage technology companies. a16z has $42 billion in assets under management across multiple funds.
As part of this financing round, Scott Kupor, Managing Partner at a16z, and Alfred Lin, Partner at Sequoia, will join Formation Bio's Board of Directors.
Formation Bio Use of Funds
The company plans to allocate the new capital towards two primary objectives: acquiring and in-licensing candidate drugs and expanding its AI capabilities.
About Formation Bio
Formation Bio is a technology-driven and AI-native pharmaceutical company that focuses on accelerating drug development through innovative approaches. Founded in 2016 as TrialSpark, the company leverages advanced technology platforms, artificial intelligence, and efficient processes to streamline all aspects of drug development and clinical trials. The company partners with biotech and pharmaceutical companies to acquire or in-license promising drug candidates.
Funding Details
Company: Formation Bio, Inc.
Raised: $372.0M
Round: Series D
Funding Month: June 2024
Lead Investors: Andreessen Horowitz (a16z)
Additional Investors: Sanofi, Sequoia, Thrive Capital, Emerson Collective, and Lachy Groom. New investors, including SV Angel Growth, FPV Ventures, SV Angel Growth, FPV Ventures
Company Website: https://www.formation.bio/
Software Category: Drug Development
Source: https://www.prnewswire.com/news-releases/formation-bio-secures-372mm-series-d-funding-to-grow-drug-pipeline-and-continue-expanding-ai-driven-drug-development-platform-302182347.html