Massachusetts-based gene editing biotechnology company ElevateBio has raised USD 401 million in a Series D funding round led by the AyurMaya Capital Management Fund and managed by Matrix Capital Management. The round also saw participation from new investors Woodline, Lee Family Office (Asia), and Novo Nordisk, and existing investors Matrix Capital Management and The Invus Group, among others. This round marks the largest fundraising in 2023 thus far.

The proceeds will be directed toward further developing the company’s gene editing technologies, including the LifeEdit platform, and its centralized R&D and manufacturing company, BaseCamp. The funds will also support ElevateBio’s expansion plans geographically, as well as the capacity expansion of its current Good Manufacturing Practice (cGMP) manufacturing capacity to be able to offer turnkey solutions to partners.

Concurrently, ElevateBio’s subsidiary, LifeEdit, entered a multi-target collaboration with Novo Nordisk, one of the Series D investors, to discover and develop novel base editing treatments across seven programs. LifeEdit will receive an upfront payment, as well as milestone payments of USD 250 million to USD 335 million for each of the seven programs.