US-based cancer-treatment startup Erasca has raised $200 million in its Series B round led by ARCH Venture Partners and Cormorant Asset Management, the company said in a statement Monday.
New investors in the round include Singapore government-linked entity EDBI, Invus, Terra Magnum Capital Partners and other private and strategic investors, Erasca said, adding that existing investors City Hill Ventures, Colt Ventures and LifeSci Venture Partners also participated in the round.
Previous investors have included Andreessen Horowitz, Reneo Capital Management and Cormorant Asset Management.
The proceeds, which bring the total capital raised to more than $260 million, will be used to support the clinical development of promising oncology programmes and to advance an in-house drug-discovery pipeline, the biotech company said.
In addition to the in-house drug discovery, Erasca said it collaborates with academic and biopharmaceutical organizations.
Kristina Burow, managing director at ARCH Venture Partners, said Erasca has an “impressive portfolio” of assets, including in-licensing several programmes to address “significant unmet needs.”
Erasca didn’t disclose which cancers it targets.
The company uses a proprietary artificial intelligence drug-discovery platform, called OPRA, or Oncology Pattern Recognition Algorithm, to speed drug discovery. OPRA examines novel tumor biology and strategies to shut down cancer pathways.
Singapore’s EDBI, the investment arm of the Economic Development Board, has made several bets on the lifesciences space. It recently joined Temasek-backed Vertex Ventures to participate in the $170-million Series B round for US-based cell and gene therapy firm ElevateBio.
EDBI was also among the lead investors in Doctor Anywhere, a Singapore-based online healthcare platform, which raised $27 million in a Series B funding round. Earlier this year, Singapore-based AI-enabled medtech startup eko.ai snapped up a $4-million financing co-led by Sequoia India and Singapore government-linked strategic investor EDBI.