By Diagnostics World Staff
October 1, 2026 | Funding news from around the biotech space including investments in human tissue testing, oncology trial control data, AI protein design, more.
$311M: Series E for AI-Discovered Oral Medicines from Nature’s Chemistry
Enveda has closed a $311 million Series E led by Catalio Capital Management. New investors include Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital, accounts advised by T. Rowe Price Investment Management, Digitalis Ventures, Alderline Group and a sovereign wealth fund; existing investors including Baillie Gifford, Premji Invest and Lux Capital also participated. The Boulder, Colo., company uses its PRISM AI model to find medicines among molecules made by living organisms. Proceeds will advance ENV-294 for atopic dermatitis and ENV-308 for metabolic health into later-stage trials, move ENV-6946 for inflammatory bowel disease through mid-phase trials, and scale PRISM. Total capital raised exceeds $845 million. Press release.
$290M: Series A for AI Drug Discovery and Protein Design
Anew Labs, the AI drug discovery unit spun out of ByteDance, has completed a Series A that Dealroom’s headline puts at $290 million at a $1.5 billion valuation. The report’s body, citing Reuters, says the round was $187.6 million at a $970.6 million valuation. HSG (formerly Sequoia China), IDG Capital and Hillhouse Investment led, with 5Y Capital as co-lead; Gaorong Ventures, Primavera Venture Partners, Boyu Capital, SBP Group and the state-backed Shanghai Future Industries Fund joined. Shanghai-based Anew has developed structure-prediction and protein-design models, Protenix and PXDesign, and has four drug candidates. ByteDance keeps a 56% stake. Press release.
$275M: Series F for Dravet Syndrome Gene Therapy and Neurology Pipeline
Encoded Therapeutics has closed a $275 million Series F co-led by GV and another healthcare fund. ARCH Venture Partners, Braidwell, Farallon Capital Management, Illumina Ventures, Invus, Janus Henderson Investors, Matrix Capital Management, Nolan Capital, RTW Investments, SoftBank Vision Fund 2 and Venrock participated. The South San Francisco company develops one-time precision genetic medicines for severe neurological disorders. Proceeds will fund a pivotal study of ETX101 in infants and young children with SCN1A+ Dravet syndrome and an expansion study in patients up to 18, commercial scale-up of in-house GMP manufacturing, and advancement of ETX301 toward a 2027 IND submission for post-amputation neuroma pain. Press release.
$225M: Series A for Neoadjuvant CTLA-4 Immuno-Oncology in Colon Cancer
Solstice Oncology has launched with a $225 million Series A led by RA Capital Management, with Canaan Partners, Forbion and other investors. Founded in February 2026, the clinical-stage company focuses on treating cancer in the neoadjuvant setting. Its lead candidate, porustobart, is a second-generation Fc-enhanced CTLA-4 antibody licensed from Harbour BioMed outside Greater China. A Phase 2 trial combining it with pembrolizumab in MSS clinical stage II-III colon cancer opens for enrollment early in the fourth quarter of 2026, with data expected in the second half of 2027. In a Harbour BioMed study, porustobart plus tislelizumab produced a 30% objective response rate in late-line MSS metastatic colorectal cancer. Press release.
$140M: Series C for AI-Designed In Vivo Cell Therapies
Basecamp Research has raised an oversubscribed $140 million Series C led by S32. NVIDIA, Menlo Ventures’ Anthology Fund, Catalio Capital Management, NATO Innovation Fund, The Rockefeller Foundation, True Ventures and others participated. The London company, with labs in Cambridge, Mass., trains EDEN biological foundation models on its Trillion Gene Atlas dataset, built through partnerships in more than 30 countries. Funding will train a new generation of EDEN models, advance a pipeline of AI-designed therapeutics starting with in vivo cell therapy, and expand pharmaceutical partnerships. Richard Pearce, formerly of Biogen, was appointed chief business officer, and S32’s Andy Conrad joins the board. Press release.
$123M: Series C for Phase 3 Oral Thyroid Eye Disease Therapy
Sling Therapeutics has closed a $123 million Series C led by Forbion, with existing investor TPG Life Sciences Innovations and new investor Sectoral Asset Management. The Ann Arbor, Mich., company is developing linsitinib, an oral small-molecule IGF-1R inhibitor for thyroid eye disease. Proceeds support the global Phase 3 ORBIT pivotal trial in adults with moderate to severe active disease, which has begun after an FDA End-of-Phase 2 meeting. Linsitinib has FDA Fast Track designation, and the earlier Phase 2b/3 LIDS trial met its primary endpoint of proptosis reduction. Forbion’s Regina Salvat and Sectoral’s François Beaubien joined the board. Press release.
$119.2M: Series D for Liposome-Delivered Cardiovascular and Glioma Drugs
Inno Medicine has completed a Series D of nearly RMB 800 million. Yuanbio Venture Capital led, with co-investors including the Beijing Medical and Healthcare Industry Investment Fund, the Beijing Advanced Manufacturing and Intelligent Equipment Industry Investment Fund, Cornerstone Capital, Genharmony Capital, Gaorong Ventures, Northern Light Venture Capital and Zhongqi Capital, plus existing shareholders Renhe Capital and Chunjia Capital. The Beijing company, founded in 2016, uses its Active Targeting Liposome delivery platform. Proceeds will mainly fund international multicenter trials, including the Phase 2b PURIFY-TIMI 81 trial of a candidate designed to reverse atherosclerotic plaque and a glioma candidate that has FDA Fast Track designation and IND approval. Press release.
$116M: Series A for CAR T Therapy in Pediatric Brain Cancer
BrainChild Bio has closed a $116 million Series A led by an undisclosed private family fund and foundation, with participation from initial investor Seattle Children’s and new investor WRF Capital. The Seattle and Cambridge, Mass., company develops CAR T cell therapies for central nervous system tumors under an exclusive license from Seattle Children’s. Proceeds will support the ILLUMINATE Phase 2 pivotal trial of BCB-276, a B7-H3-targeted autologous CAR T therapy for diffuse intrinsic pontine glioma, a rare pediatric brainstem tumor, and continued development of BCB-214, a triple-targeting CAR T therapy heading to initial clinical testing in glioblastoma. ILLUMINATE is designed to support a future Biologics License Application. Press release.
$92.5M: Series E for Cyclin D1 Macrocycle in Breast Cancer
Circle Pharma has announced an oversubscribed $92.5 million Series E led by The Column Group, with Nextech Invest, RA Capital Management, Euclidean Capital and a strategic investment from Eli Lilly and Company. The South San Francisco company develops macrocycle cancer therapies against cyclins using its MXMO platform. Proceeds will advance CID-165, a first-in-class oral macrocyclic cyclin D1 RxL inhibitor, through early clinical development in ER-positive breast cancer, expected to begin in the first quarter of 2027, and support the broader cyclin-targeted pipeline. In preclinical models, CID-165 showed anti-tumor activity alone and combined with CDK4/6 inhibitors, CDK4-selective inhibitors and endocrine therapies. Press release.
$89.5M: Series D for Gene Sequencing Technology
GeneMind Biosciences, a Chinese gene sequencing company, has raised a Series D that Dealroom’s headline lists at $89 million and its body text at nearly $82.5 million. Shanghai International Group Investment, Shenzhen Capital Group, Shengwei Rongquan Fund and Guoxin Fund co-led. Hunan Caixin Industry Fund, Xiangjiang Guotou, Guangtou Capital, Guosheng Hongyuan and Delian Capital joined as new investors, and existing backers Shenzhen High-Tech Investment, Wojie Capital, Shuangye Venture Capital and Renxian Capital added to their stakes. The company announced the round Sept. 14 and said it will use the funds for technical innovation in life omics, industrial delivery and expansion into global markets. Press release.
$80M: Series B for CNS Small-Molecule Pipeline
NeuShen Therapeutics has completed an oversubscribed Series B exceeding $80 million, with B Capital, Legend Capital, Matrix Partners China, TruMed Investment and SSCI, while existing shareholder Lilly Asia Ventures increased its stake. The company has R&D centers in Shanghai and Boston. Proceeds will expand its central nervous system pipeline and advance core clinical-stage programs globally. Three assets are in the clinic: NS-079, a non-hallucinogenic 5-HT2A partial agonist for treatment-resistant depression in a first-in-human trial in Australia; NS-136, an M4 positive allosteric modulator in Phase 2 for schizophrenia and Alzheimer’s agitation; and NS-041, a KCNQ2/3 channel opener in Phase 2 for focal onset seizures. Press release.
$75M: Series C for AI-Designed Protein Therapeutics
BigHat Biosciences has completed a $75 million Series C co-led by DFJ Growth and Premji Invest, bringing total funding to $223 million. Catalio Capital Management, LG Technology Ventures and Sigmas Group joined, along with existing investors including 8VC, Amgen Ventures, Andreessen Horowitz, Eli Lilly and Merck Global Health Innovation Fund. The San Mateo, Calif., company combines AI with autonomous experimentation to design protein therapeutics. Proceeds will grow its data-generation platform and advance its pipeline, including BHB810, a CDH17-directed antibody-drug conjugate in Phase 1 for gastric cancer, and BHB299, a T-cell engager slated for human trials in 2027. Partners include Amgen, Merck, Johnson & Johnson, AbbVie and Lilly. Press release.
$70M: Series B for Adipose-Targeted RNAi in Obesity
Moonwalk Biosciences has closed an oversubscribed $70 million Series B co-led by Alpha Wave and YK Bioventures, with Eli Lilly and Company, Gaorong Ventures and existing investors ARCH Venture Partners, Khosla Ventures and Future Ventures. The company, based in South San Francisco and San Diego, develops adipose-targeted RNAi medicines for obesity and cardiometabolic disease. Proceeds will move lead candidate MW101 into first-in-human studies in late 2027, expand its pipeline of tissue-targeted siRNA medicines and advance its discovery platform. In non-human primates, a single dose showed durable adipose target engagement, supporting potential quarterly or twice-yearly dosing. Stephen Djedjos, formerly of Kailera Therapeutics, joined as senior vice president of clinical development. Press release.
$65.5M: Series B for GPCR-Targeted Obesity Drugs
Superluminal Medicines has closed an oversubscribed $60 million Series B led by BVF Partners, with new investors Deep Track Capital and Perceptive Advisors and existing investors RA Capital Management, Insight Partners, NVIDIA, Catalio Capital Management, Eli Lilly and Company, Cooley and Gaingels. The Boston company combines AI/ML, protein dynamics and structural biology to find small-molecule drugs against difficult GPCR targets. Proceeds will support a Phase 1 trial, expected to begin by the end of 2026, of a selective, biased MC4R agonist for rare genetic forms of obesity and hypothalamic obesity, along with additional pipeline programs and platform expansion. The company has a partnership with Lilly on undisclosed cardiometabolic GPCR targets. Press release.
$62.5M: Series A for Peptide-Drug Conjugates in Solid Tumors
TwoStep Therapeutics has closed an oversubscribed $62.5 million Series A led by Insight Partners and Medical Excellence Capital, with M Ventures and Pfizer Ventures as co-leads and existing investors NFX and 2048 Ventures. Stanford University also participated. The San Carlos, Calif., company, launched in 2024, builds multi-specific targeted cancer therapies around a polyspecific integrin-binding peptide that targets five tumor-associated integrins. The FDA cleared the IND for lead candidate TS-104, a peptide-drug conjugate carrying the MMAE payload, and Phase 1 enrollment is expected to begin later this year. Proceeds also support a radioligand program and next-generation peptide conjugates. Total capital raised is $71.2 million. Press release.
$56.3M: Series A for RNA-Based Gene Insertion and In Vivo CAR T
Typewriter Therapeutics has emerged from stealth with a $56 million Series A led by AN Venture Partners and RA Capital Management, with ANRI, Gemseki and SBI US Gateway Fund. The Cambridge, Mass., and Tokyo company, founded in 2022, is developing RNA-based gene insertion on its TPRT platform, built on the R2 retrotransposon, in which LNP-delivered RNA writes whole genes into a specific genomic site without a virus. It will focus on in vivo CAR T and genetic liver diseases, with first non-human primate studies planned for late 2026. Matthew Stanton was named CEO and Leanne Peiser CSO, and former Pfizer CSO Mikael Dolsten joined the board. Press release.
$55M: Series A for Oral Immunology and Inflammation Medicines
Tectora Therapeutics has launched with a $55 million Series A from New Enterprise Associates and RA Capital Management, which co-founded the company with Schrödinger. The privately held company is developing oral medicines for immune-mediated diseases. Schrödinger contributed two early-stage small-molecule programs, SDGR-4594 and SDGR-8139, in exchange for an equity stake and eligibility for future milestones and royalties. Tectora will work with Schrödinger’s drug discovery team and computational platform to advance the programs to clinical candidates, and aims to build a broader pipeline. Schrödinger announced the formation Sept. 9. Press release.
$44M: Series A for Treg Reprogramming in Autoimmune Disease
RegCell has closed a $44 million Series A led by Playground Global, alongside a second grant of about $22 million (¥3.4 billion) from Japan’s AMED, for a combined $66 million. New investors include Global Brain, Mitsui Chemicals, LG Technology Ventures, Alumni Ventures and Medical Incubator Japan; existing investors Fast Track Initiative, UTEC, Osaka University Venture Capital and Kyoto iCAP also participated. The Emeryville, Calif., company reprograms pathogenic T cells into stable regulatory T cells, building on co-founder and Nobel laureate Shimon Sakaguchi’s discovery of Tregs. The funds will support an IND submission and a second autoimmune indication through Phase 2 proof of concept. Press release.
$40M: Series B for Vaginal Microbiome Diagnostics and Women’s Health AI
Evvy has raised an oversubscribed $40 million Series B led by Catalio Capital Management. New investors include Rethink Impact, Muse Capital and Alumni Ventures; existing investors include LabCorp Venture Fund, General Catalyst, Left Lane Capital and BBG Ventures. The New York company, founded in 2021, runs a vaginal microbiome testing platform serving more than 100,000 patients and 3,000 practitioners, with its EvvyAI engine interpreting the data. Proceeds will fund clinical validation of AI-driven diagnostic and care models across women’s health conditions, starting with fertility, and expand distribution through physicians and partner channels. Evvy continues research with US Fertility, the largest U.S. network of fertility clinics. Press release.
$35M: Series A for Hepatitis D Drug Nearing FDA Decision
EIT Pharma has closed an oversubscribed $35 million Series A led by Propel Bio Partners, with Good Ventures, Arrowtown and others. The Kirkland, Wash., company develops infectious disease therapies. The round follows FDA acceptance of its New Drug Application for lonafarnib, an investigational oral, first-in-class therapy for chronic hepatitis D. Proceeds will support FDA review of lonafarnib, manufacturing and commercial readiness steps subject to approval, advancement of the infectious disease pipeline and general corporate operations. The release describes lonafarnib as the only oral candidate in late-stage clinical development for chronic hepatitis D. Press release.
$34.4M: Series A for AI Automation in Regulated Life Sciences
Biolevate has raised a €30 million Series A co-led by RAISE France and Orange Ventures, with MSD Global Health Innovation Fund, Station F and existing investor EQT Ventures. The Paris company builds knowledge-driven automation for regulated life sciences operations, with an agentic platform spanning regulatory, clinical, research and drug development workflows. Funding will accelerate international expansion, deepen product capabilities and scale deployments, and coincides with a new Boston office. Biolevate has more than a dozen enterprise customers in production, grew annual recurring revenue 20x in 12 months and has 50 employees. The round follows a €6 million seed in November 2024, and Aymar Hénin became board chairman. Press release.
$33M: Seed for tRNA-Based Cancer Therapeutics
Cloverleaf Bio has raised a $33 million seed round led by 4BIO Capital, with AbbVie Ventures, Eli Lilly and Company, Boehringer Ingelheim Venture Fund, Draper Associates, Mission BioCapital and American Cancer Society BrightEdge. The New Haven, Conn., Yale spinout develops engineered tRNA-based cancer therapeutics that inhibit RNA-modifying enzymes. Proceeds will advance an inhibitory tRNA asset for hepatocellular carcinoma through early clinical testing and an antibody-tRNA conjugate for colorectal cancer through preclinical development. In preclinical studies, lead compound CLB-001 showed greater potency and selectivity for cancer cells than healthy cells and outperformed standard of care in liver cancer and lung adenocarcinoma models at lower doses. Press release.
$32M: Series B for Community Oncology Trial Control Arms
N-Power Medicine has closed a $32 million Series B that adds Labcorp Venture Fund as a strategic investor, with continued participation from Merck Global Health Innovation Fund, Innovatus Capital Partners and a U.S.-based biotech investor. The Redwood City, Calif., company runs a network of community oncology centers that generates ProECA, a prospective external control arm product intended to enable smaller, faster trials with less reliance on randomization. Proceeds will expand the network, deepen pharma partnerships and support product development. The first ProECA, in non-small cell lung cancer, operates at more than 40 sites, and versions for colorectal and prostate cancer launch later this year. Press release.
$25M: Series A for Computational Microscopy
Ramona Optics has closed an oversubscribed $25 million Series A led by ARCH Venture Partners, with Stealthpoint Ventures, ND Capital, Fall Line Capital, Hamamatsu Ventures, Murchison Capital Partners and Overlap Holdings. The Durham, N.C., company, founded in 2016, makes benchtop microscopes built on multi-camera array microscopy (MCAM) technology, imaging multi-well plates and small model organisms with embedded AI. Funds will scale commercial operations, advance MCAM, expand on-platform assay capabilities and further strategic partnerships. Axios reported the company has about 25 employees, is moving to a larger Durham office, and sells systems priced from $100,000 to $300,000. Press release.
$20M: Seed for Human Tissue Testing for AI-Driven Biology
Polyphron has raised a $20 million seed round led by Quiet Capital, with Gradient, Haystack and Compound. The New York company trains AI models to manufacture and simulate living human tissue, aiming to create a verification layer for AI-driven drug discovery. Its Tissue Foundry grows micro-tissue from stem cells, and its Tissue World Model predicts how tissue responds to interventions across donors. Cardiac tissue is in production across multiple donor lines, and liver follows this year, extending the platform to drug metabolism and liver toxicity. Vinh Q. Tran, formerly of Google DeepMind’s Gemini team, joined as co-founder and chief AI scientist. Press release.
$17.2M: Series A for Hemodialysis Vascular Graft
Dialybrid has closed a €15 million Series A led by new investor XGEN Venture, with CDP Venture Capital (Rilancio Fund). The Cantù, Italy, medical device company is developing Silkothane, a hybrid of silk fibroin and polyurethane, as an arteriovenous graft for hemodialysis vascular access. Funds will support clinical development of the graft and preclinical work on the material in other vascular applications. The company also announced the first patient implanted in a first-in-human trial, which plans to enroll 18 adults at four Italian centers and follow them for up to 60 months. Press release.
$16M: Series A for Sepsis Drug Phase 2 Trial
Matisse Pharmaceuticals has completed a €14 million Series A led by its existing and new shareholder base, including Brightlands Venture Partners, LIOF, private investors and management. The company, founded in 2014 in Geleen, the Netherlands, is developing isupartob sodium, designed to neutralize extracellular histones that drive endothelial injury and organ failure in sepsis. Proceeds will primarily fund a Phase 2 trial in sepsis patients, along with regulatory, manufacturing and operational activities. The company structured the financing as a company-led round, and the Phase 2 study is expected to provide data on safety, tolerability and clinical activity. Press release.
$13.7M: Series A for Peptide Cancer Immunotherapy in Leukemia
ViferaXS has closed a Series A of up to €12 million, including grant funding, led by SPRIND, the German Federal Agency for Breakthrough Innovation, and Huma, with private investors. The Tübingen, Germany, University of Tübingen spinout develops peptide-based cancer immunotherapy using a T Cell Activator technology that directs cytotoxic T cells against naturally presented tumor antigens. Proceeds fund a randomized Phase II trial of CLLTAXS01 in chronic lymphocytic leukemia and support Phase I programs in acute myeloid leukemia and fibrolamellar carcinoma, with data expected soon. The round also lets the company grow its team and advance preclinical work in further indications. Press release.
$13.5M: Series B for AI Co-Scientist in Drug Discovery
Hits, a South Korean drug discovery startup, has raised a Series B worth 18.3 billion won. Premier Partners, Korea Investment Partners, and Yuanta Investment took part. Founded in 2020 by KAIST chemistry professor Kim U-yeon, the company builds AI tools for finding and designing drug candidates, including its HyperLab platform and K-Fold model. Funds will advance its technology and expand sales to pharmaceutical and bio firms. Hits will launch an AI Co-Scientist in November and plans to link it to automated lab equipment by 2027. It has 36 employees and $24 million in total funding. Press release.