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InterVenn Biosciences Closes $201M Series C Round

NEW YORK – Glycoproteomics firm InterVenn Biosciences said Monday that it has closed a $201 million Series C financing round.

South San Francisco-based InterVenn said it planned to use the funds for the development and commercialization of its Dawn liquid biopsy assay for predicting patient response to immune checkpoint inhibitors and to expand its base of users for its glycoproteomics platform.

The round was led by new investors SoftBank Group, Heritage Provider Network, Irving Investors, and Highside Capital Management, with participation from previous investors Amplify Partners, Anzu Partners, Genoa Ventures, and True Ventures. Cowen served as sole placement agent to InterVenn for the round.

"With this fundraising, we believe InterVenn is ideally positioned to unlock the glycoproteome as a novel and fundamental layer in biology, which will reveal a myriad of new insights on how to diagnose and treat disease," Aldo Carrascoso, InterVenn's cofounder and CEO, said in a statement.

The new financing follows a $34 million Series B round the company raised last year. At that time, InterVenn was planning to commercialize an ovarian cancer diagnostic test, as well as develop its immuno-oncology treatment response test and a colorectal cancer screening test.

For an in-depth look at InterVenn's plans following its financing, click here.