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Funding
Formation Bio raises USD 372 million in Series D funding to expand clinical portfolio and advance AI drug development
Clinical Trial Technology
Jun 26, 2024
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Clinical Trial Technology

Clinical Trial Technology

Jun 26, 2024

Formation Bio raises USD 372 million in Series D funding to expand clinical portfolio and advance AI drug development

Funding

  • AI-powered pharmaceutical company Formation Bio has raised USD 372 million in a Series D funding round led by Andreessen Horowitz (a16z), with participation from investors including Sanofi, Sequoia, Angel Growth, FPV Ventures, and more.

  • The proceeds will be allocated to the company’s strategies of acquiring and in-licensing clinical-stage assets from other biotech and pharma companies and enhancing its AI capabilities within drug development and clinical trials.

  • Formation Bio, formerly TrialSpark, accelerates drug development through a proprietary platform based on modern data, LLMs, AI agents, and other technology. The company acquires clinical-stage drugs from pharmaceutical companies, universities, and biotech firms and leverages its AI platform to develop these assets into commercialization.

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