Seer Secures $17.5M Series C Funding to Advance Proteograph Platform and Develop First-in-Class Liquid Biopsy Products

On July 17, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media that Seer, a life sciences and health data company, announced the completion of a $17.5 million Series C financing round. New investors Wing Venture Capital and Aju IB participated in this round alongside existing investors Maverick Ventures and Invus, as well as other institutional and private investors. It is reported that Seer completed a $36 million Series A financing round on December 17, 2018, which was led by Maverick Ventures and Invus.

Seer will use the proceeds from this financing round to advance the development of its Proteograph platform, expand its proteomics database, propel multiple discovery programs, and develop first-in-class liquid biopsy products for early detection in oncology and neurology.

Seer, founded in 2017 and headquartered in San Francisco, California, is a life sciences and health data company. Its core technology, the Proteograph platform, is designed to deliver rapid, cost-effective, and large-scale proteomics analysis with high data accuracy.

Seer leverages machine learning algorithms to analyze the resulting large-scale proteomics data and generate population-level disease datasets, which are then used to develop first-in-class liquid biopsy products for early, pre-symptomatic disease detection.

The Proteograph platform integrates multiple technologies, including nanotechnology, protein chemistry, and machine learning, to deliver proteomic analysis from minute biological samples. It accurately captures and analyzes tens of thousands of data points derived from proteins, encompassing unique proteins and novel insights into protein interactions. This provides a biomolecular fingerprint of health and disease for each individual.

Seer also announced the appointment of Dr. Mark McClellan and Dr. Robert J. Margolis to its Board of Directors. Dr. McClellan, a physician and economist, has provided extensive insights into the development of the healthcare sector and participated in the formulation of related policies.

Dr. McClellan previously served as Administrator of the Centers for Medicare & Medicaid Services (CMS) and as a Commissioner of the U.S. Food and Drug Administration (FDA). He is also a member of the National Academy of Medicine (NAM) and Chair of the Health Care Leadership Council. Dr. McClellan formerly held the position of Associate Professor of Economics and Medicine at Stanford University and has twice received the Kenneth Arrow Award for Excellence in Health Economics Research.

“We are honored to have McClellan join the Seer Board of Directors. Disease detection technologies in the early, pre-symptomatic stages will fundamentally transform the field of medical practice, bringing significant and profound impacts. McClellan’s deep understanding of the healthcare ecosystem and his visionary insight into policy reform will be instrumental in bringing our liquid biopsy and life sciences products to market,” said Dr. Omid Farokhzad, CEO of Seer.

Maverick Ventures, founded in 1993 and headquartered in San Francisco, California, USA, is a global investment firm that has focused on investing in early-stage companies for over two decades.

Invus, founded in 1985, is a venture capital firm headquartered in New York, USA, with offices in New York, London, Paris, and Hong Kong. Since its inception, the company’s capital has been provided by a European family group through the Artal investment vehicle. Invus manages over $8 billion in assets within its evergreen funds.

Aju IB Investment was established in September 1974 and is headquartered in Seoul, South Korea. Aju IB Investment is a venture capital firm that provides investment and consulting services to small and medium-sized enterprises (SMEs), focusing on corporate management, taxation, accounting, legal affairs, mergers and acquisitions, additional financing, marketing, and technical support.

Wing Venture Capital, established in 2013 and headquartered in Menlo Park, California, is a venture capital firm. Wing focuses on investing in early-stage technology companies. Emphasizing quality over quantity, Wing works closely with founders to help them build their companies. Wing has invested in dozens of companies, 18 of which have successfully gone public, achieving market capitalizations exceeding $1 billion.

(Compiled by Cheng Tao)