Synthego Secures $110 Million Series C Funding Led by Founders Fund to Advance CRISPR-Based Genome Engineering

VCBeat (WeChat: vcbeat) has learned that on October 23, 2018, local time, the biotechnology company Synthego announced it had secured $110 million in Series C financing. The round was led by Founders Fund, with participation from existing investors 8VC and Menlo Ventures. Meanwhile, Paul Dabrowski, CEO and founder of Synthego, announced that Dr. Matthew Porteus, a pioneer in cell therapy, had been invited to join its advisory board.

Synthego is a California-based biotechnology company founded by two former SpaceX engineers, dedicated to developing genome engineering technologies and providing genome-engineered cells to scientists and researchers worldwide.

Currently, Synthego primarily offers two product portfolios: one is “CRISPRevolution,” a CRISPR toolkit for modifying and engineering cells in the laboratory; the other is genetically engineered cells. According to Dabrowski, when customers specify the cell type and provide their ideas on how the cells should be modified, Synthego performs the corresponding edits.

Dabrowski stated in a press release, “This new funding will enable us to expand our business scope and intensify product research and development at the optimal time. As we enter the era of cell and gene therapies, biopharmaceuticals are at the forefront of a revolution, and we are proud to support this industry.”

Gene editing has the potential to be a transformative force in treating various diseases, but its high cost of market entry remains a significant barrier. Synthego’s provision of tools necessary for developing gene-editing therapies helps address this challenge to some extent. Looking ahead, Synthego aims to enhance disease models and refine related data through its CRISPR toolkit, positioning its products as a “word processor” for genes that scientists can readily use.

Public information indicates that CRISPR currently has two basic functions: one is to remove genetic material, and the other is to add genetic material.

Both processes involve three highly complex steps. First, scientists must identify the target gene and characterize the genetic material within the gene they intend to remove. Next, the research team needs to identify and procure the reagents and components required for gene editing. Finally, the team must determine whether the editing was successful and monitor the outcomes during the modification of the genetic material.

Dabrowski stated that Synthego’s initial product suite was designed to streamline the process of identifying and designing genetic materials for experimental use. In developing their next set of tools, they aim to assist scientists by providing them with the specific materials they wish to observe or test.

Synthego was founded in 2012 and is headquartered in Silicon Valley, California. The company specializes in biotechnology, genetics, industrial automation, innovation management, software, and other fields. It currently employs approximately 130 people. Its clients include leading institutions in more than 30 countries worldwide, as well as nine of the top ten biological sciences universities globally.

Founders Fund is a San Francisco-based venture capital firm established in 2005. To date, the firm has raised five funds and manages over $2 billion in total capital. It primarily invests in companies with revolutionary technologies in sectors such as aerospace, artificial intelligence, advanced computing, energy, healthcare, and consumer internet.