REDWOOD CITY, Calif.--(BUSINESS WIRE)--InterVenn BioSciences, a life sciences and technology company developing an AI-driven mass spectrometry platform, announced today an institutional investment of $9.4 million led by seasoned biotech investor Genoa Ventures, with participation from True Ventures, Amplify Partners, Boost VC, and Prado SV. The financing will be used to develop the company’s first product, a blood-based ovarian cancer diagnostic. Jenny Rooke, Ph.D., founder and managing director at Genoa Ventures, and Adam D'Augelli, partner at True Ventures, will join InterVenn's board of directors. Sunil Dhaliwal, general partner at Amplify Partners, will join as a board observer.
Glycoproteomics, an emerging field combining proteomics and glycomics, can help with better biomarker and target discovery, but produces an enormous amount of data in minutes that historically takes months to fully analyze and is often difficult to reproduce. By leveraging mass spectrometry, hi-res characterization of post-translational modifications, and artificial intelligence, InterVenn streamlines and expedites this process and ensures that any variability in the workflow--from the sample collection, processing, and all the way to instrument ingestion-- is minimized and the results are reproducible. The company’s first product is a blood-based ovarian cancer diagnostic that is currently undergoing analytical and clinical validation. Once the validation and regulatory processes are completed, the company will begin offering a laboratory diagnostic test.
"Today, the early diagnosis of ovarian cancer is extremely poor, despite its role in significantly improving survival rates,” said Aldo Carrascoso, CEO of InterVenn BioSciences. “We’ve established a talented team of experts in AI, computational biology, mass spectrometry, software engineering, glycoproteomics, and product development who are dedicated to equipping physicians with a reliable, high-performing and cost-effective tool to change the narrative around ovarian cancer.”
"InterVenn BioSciences has assembled a world-class team that is developing a first of its kind platform aimed at rapidly and accurately harnessing the power of the glycoproteome for disease characterization and drug development," said Dr. Jenny Rooke. "We believe that the company’s ovarian cancer test is the first of many applications of InterVenn’s powerful platform. Genoa Ventures is thrilled to support InterVenn for the journey ahead."
About InterVenn BioSciences
InterVenn BioSciences aims to find solutions for the most challenging health problems. InterVenn’s approach combines the analysis of glycoproteomics using mass spectrometry with data science and artificial intelligence to quickly identify potentially actionable and clinically relevant information for conditions including cancers, autoimmunity, fibrosis, and neurodegeneration. The company is headquartered in Redwood City, California. For more information, please visit https://intervenn.bio, https://www.linkedin.com/company/intervenn/
About Genoa Ventures
Genoa Ventures invests in early-stage life sciences companies innovating at the intersection of biology, technology, and data science. From next-gen 'omics platforms to CRISPR-Cas genome editing, our portfolio companies are transforming biomedical research, diagnostics, agriculture, chemicals, and other industries beyond traditional biotech therapeutics. Genoa Ventures combines an appetite for technology-driven opportunities in life sciences with the domain expertise and operational experience necessary to select and nurture the best bio-based companies early, before most other investors. We take the time to understand the science and technology, applications and markets, and to help these companies achieve their full potential.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With more than $2 billion under management, True provides seed and early Series A funding to the most talented entrepreneurs in today’s fastest growing markets.
About Amplify Partners
Amplify Partners invests in early-stage companies pioneering novel applications in machine intelligence and computer science. The firm's deep domain expertise and unrivaled relationships with leading technologists, positions it uniquely with enterprise insight and the ability to serve technical founding teams. Amplify-backed companies include ClickDiagnostics, Cambridge Cancer Genomics, Notable Labs and Recursion Pharmaceuticals.
To learn more about Amplify's portfolio and people, please visit http://www.amplifypartners.com/
