US-based InterVenn Biosciences, a portfolio company of Malaysia private equity and venture capital firm Xeraya Capital, has raised $34 million in an oversubscribed Series B funding.
New investor Anzu Partners led the round and was joined by Genoa Ventures, Amplify Partners, True Ventures, Xeraya Capital and the Ojjeh Family, according to a statement dated November 16. Anzu Partners managing partner David Michael will also join InterVenn’s board.
With this, InterVenn has raised a total of $43 million, including a $9.4 million Series A round in 2018, according to Crunchbase data.
The Series B funding is to develop a glycoproteomic-powered diagnostic tool, targeting ovarian cancer, for clinical use by early next year. The funds will be used 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.
InterVenn, a South San Francisco-based company, is using artificial intelligence and mass spectrometry to develop precision medicine capabilities, focusing on the role of protein glycosylation to find treatments for ovarian, pancreatic, liver, prostate and kidney cancers.
“We are just speeding up what they have been doing,” InterVenn CEO Aldo Carrascoso told Crunchbase News. “We already have over 2,000 indications.”
Last week, Xeraya announced its participation in a globally syndicated $50 million Series C investment in Congenica, a digital health company in the UK.