Sequoia China leads $7m seed round for Cambridge-based biotech firm RootPath | #VentureCanvas
Ardi Wirdana | DealStreetAsia – VC
RootPath, a Cambridge-based biotechnology company, has announced the closing of a $7 million seed funding round led by Sequoia China.
Founded by scientists and bioengineers instrumental in the development of synthetic biology, gene editing and single-cell sequencing technologies, Rootpath was launched by Nest.Bio Ventures in 2017 and was incubated in Nest.Bio Labs in both Cambridge, Massachusetts and Hangzhou, China.
The company provides a personalized T cell therapy platform that bridges precision medicine and cancer immunotherapy. It is currently developing next generation technologies to precisely monitor, modulate and steer the immune system for a revolution in the diagnosis and treatment of cancer.
The fresh fund will be used to advance its immuno-oncology programs and obtain key data on accuracy, efficacy and safety in animal models, the company said.
“At RootPath we are developing a novel proprietary approach to immunotherapy that will overcome these limitations, and we are proud to have the support of Sequoia China and our other investors as we move towards the clinic,” said Rootpath CEO Xi Chen.
“We are just at the start of the immunotherapy era,” said Cyber Cao, Managing Director of Sequoia China. “In order to progress to the next stage, we need to improve our ability to dissect and engineer the immune system at a single-cell level. RootPath’s approach is geared to solving that problem, and we are proud to be leading this investment.”
In Sequoia, RootPath is backed by a venture capital firm that has been showing increasing interest in companies in the field of biotechnology.
So far this year, the company, whose list of portfolio covers a range of different consumer services sectors, has invested in Moderna Therapeutics, JW Therapeutics and Refuge Biotechnologies.
Most recently, the firm led a $78 million Series A round in Hangzhou-based Qihan Biotech, with participation from other investors including Arch Venture, Northern Light Venture Capital, Biomatics Capital Partners and Alta Partner.
According to recent reports, Sequoia Capital China is teaming up with a state-owned venture capital (VC) fund and e-commerce powerhouse JD.com to raise up to 40 billion yuan ($5.81 billion) for a new investment firm to focus on late-stage tech investments
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