Pennsylvania-based AI drug development company Generate Biomedicines has raised USD 370 million in a Series B funding round that included Flagship Pioneering (the company’s founding company), Altitude Life Science Ventures, Arch Venture Partners, and several other institutional investors. This funding marks the company’s first external equity raise.

The proceeds will be directed toward further developing the company’s drug generation platform and growing its workforce by more than sixfold (currently employing 80) over the next two years. The funds will also be used to move to two new facilities (Andover and Somerville) to expand Generate’s machine learning, data generation, and wet lab capabilities.