What Happened
Cambridge-based biotech company bit.bio has successfully secured $25 million in a Series D funding round, according to a report by The Next Web. The fresh investment comes just ten months after the company's previous funding milestone. The round received backing from existing investor M&G Investments alongside Dr. Jonathan Milner, the founder and former chief executive of Abcam. According to The Next Web, the company did not disclose its valuation or who acted as the lead investor for this latest round.
Details and Growth Metrics
As a spin-out from the University of Cambridge, bit.bio specializes in developing human cells for laboratory research. The company utilizes its proprietary opti-ox platform to convert stem cells into specific cell types, allowing for consistent batches produced at scale. Its product portfolio, known as ioCells, currently features over 50 cell types, including liver, heart, and nerve cells.
Demand for these biological models has seen notable increases this year. According to figures cited by The Next Web, paid vial volumes have grown by 76%, total orders are up by 34%, and the active customer base has expanded by 40%. Additionally, the number of academic customers alone has risen by 63%.
With its manufacturing capacity already established, bit.bio intends to direct the new capital toward bringing additional cell types to market and further expanding its customer base, rather than investing in extra production infrastructure.
Background and Context
Researchers utilize bit.bio's cell models to investigate diseases, identify potential new drugs, and test their safety. The technology aims to provide scientists with models that closely reflect human biology, helping to reduce reliance on traditional animal testing. Chief executive Dr. Emma Pepperell noted that the rising demand is driven by shifts in the drug discovery landscape, stating that artificial intelligence is accelerating medicine discovery while interest in animal testing alternatives continues to rise.