Generate Biomedicines Stock

Generate:Biomedicines announced the publication of its Chroma AI model in Nature. The model can program novel proteins with unique properties. The company is also making the model available to the broader research community to accelerate scientific progress in generative biology. The open-source software can help develop novel protein molecules with therapeutic properties, potentially speeding up protein design developments.

Generate Biomedicines, based in Somerville, has raised $273 million in its latest funding round, despite a decline in biotech investments this year. The company, which uses AI for drug discovery, received funding from previous investors including Abu Dhabi Investment Authority and Fidelity Management & Research Company, as well as from new sources. Generate Biomedicines has raised nearly $700m in equity financing since 2020 and plans to use the new capital to bring other drug programs into clinical and preclinical testing stages.

Databricks and Generate Biomedicines led the week's 10 largest funding rounds, with the former raising $500m in a Series I round and the latter raising $273m in a Series C round. Other significant funding rounds included Lyten which raised $200m in a Series B round, and EquipmentShare which raised $150m. AI-related startups featured prominently in this week's funding.