Xilis, a biotechnology startup based in North Carolina, announced a raise of $70 million in Series A funding on July 8th.
The funding round was led by Mubadala Capital and counted with the participation of new investors like GV (formerly Google Ventures), LSP (one of Europe’s largest healthcare investment firms), Catalio Capital Management, and Duke Angel Network.
Prior to the round, existing investors included Felicis Ventures, Two Sigma Ventures, Pear VC, KdT Ventures, and Alix Ventures.
The startup uses a genetic approach to develop personalized Oncological treatments using its proprietary MicroOrganSphere (MOS) technology, which consists in the growth of miniature patient tumors with full microenvironment and heterogeneity.
By studying the miniature tumor, oncologists can make better decisions when it comes to treating cancer.
Xiling Shen, Ph.D., Founder and Chief Executive Officer of Xilis, referred to the startup’s objective and the role investors play in it by stating:
“Our vision is to transform cancer care in diagnostics and reshape drug development by providing technology for rapid therapeutic profiling. The support provided by these world-class investors is an important milestone for our journey to transform cancer care and dramatically improve patient survival by enabling personalized precision oncology and bringing transformative medicines to patients faster and with higher success rates.”
Xilis was founded back in 2019 by Dr. Xiling Shen, Dr. David Hsu, and Dr. Hans Clevers, combining decades of experience in biomedical, oncology, and stem cell research. Dr. Clevers, who has been the winner of several prizes in the field of medicine, was the inventor of organoids more than 10 years ago.
According to a statement, proceeds from the funding round will go to further advance Xilis’ MOS technology, expand its Artificial Intelligence-driven capabilities, fund clinical studies for diagnostic development, and partner with biopharma companies to validate the use of MOS.
The biotechnology startup believes that its technology can help patients avoid the drawbacks of unnecessary oncology treatments by facilitating the diagnosis and planning of the best treatment for each case.