Formation Secures Huge Series D For AI Platform Growth

Biopharmaceutical venture capital fundraising is on the rise in 2024. In late June, Formation Bio secured a mega financing, raising $372m via a series D round led by a16z and Sanofi. 

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New York-based Formation Bio originally launched in 2016 under the name TrialSpark as a service provider that helped companies more rapidly enroll clinical trials. Its prior investors Sequoia, Thrive, Emerson Collective and Lachy Groom participated in the recent series D round along with new investors, including SV Angel Growth and FPV Ventures. 

The round’s proceeds will support ongoing buildout of Formation’s AI capabilities as well as acquisition and licensing of clinical-stage drug...

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