(Reuters) – Biotechnology firm Alterome Therapeutics said on Wednesday it has raised $132 million in a series B financing round, which was led by Goldman Sachs Alternatives.
The series B financing, which brings its total funding to nearly $232 million to date, also saw participation by Canaan Partners, Driehaus Capital Management, Invus, Digitalis Ventures, Blue Owl Capital, and existing investors.
The company said in a statement that the proceeds will be used to “support the advancement of multiple wholly-owned pipeline programs,” including two precision oncology programs into clinical development within 12 months.
The cancer therapy-focused firm’s funding round comes after a gap of more than two years. It originally raised $64 million in a series A round in January 2022.
Startup funding in the United States has declined in the past year as the venture capital market continues to grapple with valuation resets and an uncertain macro environment.
However, an artificial intelligence boom and rising bets of interest rate cuts have encouraged investors to loosen their pockets this year.
The company, founded in 2022, uses its in-house Kraken platform – a structure-guided machine learning approach – to develop therapies for cancer patients.
Alterome did not immediately reply to Reuters’ request on its post-funding market valuation.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Varun H K)
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