Malaysian VC firm Xeraya Capital is among the investors who have participated in the US$34 million Series B financing round of InterVenn Biosciences, a US-based precision medicine firm.
US-based Anzu Partners led the oversubscribed round. Genoa Ventures, Amplify Partners, True Ventures, and the Ojjeh Family, are the other participants.
InterVenn will use the funds to commercialise the diagnostic tool for ovarian cancer, increase partnerships and to accelerate development efforts for the company’s immuno-oncology treatment response and colorectal cancer indications.
According to Crunchbase, InterVenn has raised a total of US$43 million to date, which also included its US$9.4 million Series A in 2018.
The San Francisco-based company utilises Artificial Intelligence and mass spectrometry to develop precision medicine capabilities. Utilising these capabilities, it aims to formulate treatments for ovarian, pancreatic, liver, prostate and kidney cancers.
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“InterVenn enables a powerful new class of cancer diagnostics based on glycobiology. Advances in computation and chemistry will enable its unique, high throughput platform to have a dramatic positive impact on human health,” said Michael in a written statement.
In the coming months, the company will be finalising its diagnostic tool to go into the clinic next year after identifying both U.S. and overseas clinics that are interested, as well as continue investing in the platform.
“We are just speeding up what they have been doing,” InterVenn CEO Aldo Carrascoso told Crunchbase News. “We already have over 2,000 indications.”
Despite InterVenn only launching in 2017, the science behind their innovation was discovered decades ago. The company claims its goal is to match people with drugs in a way that not only finds the best one but also reduces the cost of the therapy, which can exceed thousands per dose.
Xeraya is a global investor in the life sciences sector with offices in Kuala Lumpur and Boston.
In May this year, Xeraya invested in Greenlight Biosciences, another US firm that focuses on the sustainable production of chemicals and fuels, along with Baird Capital and Flu Lab.
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