Synthace Ltd, the company behind a cloud software platform for automating and improving the success rate of biological research and development, has closed a $25.6m Series B financing round.
The funding was led by Horizons Ventures with additional investment from Luminous Ventures, SOSV and select other individual and large family office investors.
Synthace will use the new funds to drive continued product development and build upon its cell and gene therapy customer base to accelerate global awareness of its solutions.
Synthace is involved in Computer Aided Biology, a new paradigm that comprises two domains: the digital and the physical.
The digital, powered by artificial intelligence, includes software for designing and simulating biological systems, as well as methods of collating, structuring and analysing experimental data. The physical, enabled by automation, includes systems that allow for the seamless transfer of biological designs into real ‘wet lab’ experiments via logistics simulation and execution.
In October 2018, Synthace launched a white paper, Computer Aided Biology: Delivering Biotechnology in the 21st Century which illustrates how biological research will be transformed by an emerging ecosystem of cloud-connected and digitally-empowered research tools that augment human capabilities, accelerating the transition of biology towards becoming an engineering discipline.
UK tech sector growth weakest for three years
Synthace CEO, Tim Fell, said: “Digital-to-physical workflows have transformed the semiconductor, aerospace, automobile and many other industries.
“Now it is the turn of the biotechnology industry, and we are grateful for the support of Horizons Ventures and our other new investment partners who share Synthace’s vision of how to facilitate that change.”
Patrick Zhang, of Horizons Ventures, commented: “We are at a pivotal point in the development and use of biotechnology. We believe that Synthace will lead the industry’s transition to Computer Aided Biology, owing to its truly disruptive and cutting-edge AI driven experiment design capability and experiment execution technology.”
Bob Wiederhold, Synthace chairman, concluded: “The realisation is setting in across industry and academia that the complexity of biology can only be properly addressed with advanced software and automation. This investment in Synthace is a significant step in turning that recognition into reality.”
This announcement follows previous distinctions from Gartner and the World Economic Forum, where the impact of the Synthace platform in enabling the Lab of the Future and Industry 4.0 was recognised.