GenEdit, a biotechnology startup based in San Francisco, has raised $26 million in Series A funding to revolutionize in vivo delivery of genetic medicines.
The funding round counted with participation from new investors like Eli Lilly, KTB Network, Company K Partners, Korea Investment Partners, DAYLI Partners, KB Investment, IMM Investment, and TIMEFOLIO Asset Management. Existing Investors like DCVC Bio, SK Holdings, Bow Capital, and Sequoia Capital also participated.
The new capital brings the total funding raised by the startup to over $34 million and will allow it to accelerate the development of its NanoGalaxyTM platform, as well as to start the selection process of new therapeutic candidates. Andrew Adams, Vice President of New Therapeutic Modalities at Eli Lilly, referred to the firm’s decision to participate in the round:
“With its NanoGalaxy platform, the GenEdit team has achieved impressive delivery to cells of the central nervous system and has a tunable platform to target genetic medicines to different tissue types. Solving the delivery problem is what will truly launch genetic medicines to being an essential therapeutic modality for a wide range of diseases.”
GenEdit was founded with the mission to develop innovative therapies using targeted in vivo delivery of genetic medicines, which the startup believes will revolutionize the healthcare industry by allowing the treatment of several diseases that didn’t have effective treatments until now. GenEdit’s CEO and Cofounder Kunwoo Lee, Ph.D., said about this mission:
“The data presented today indicates we can overcome the historic challenges in the field of gene therapy and establishes the feasibility of using GenEdit’s polymer nanoparticles to deliver genetic medicines to a variety of tissues, including the CNS, with the potential for delivering a therapeutic effect.”
The latest development in genetics has attracted the attention of thousands of scientists looking to develop new therapeutic approaches. This increasing interest has translated into success for organizations like this biotechnology startup, as investors seem more likely to invest now in projects looking to harvest the potential of genetics for the treatment of diseases traditionally considered “incurable”.