Cradle Bio has raised US$73 million from investors in a Series B funding round. According to a press release, it was led by the venture capitalist IVP based in Menlo Park, California, with participation from previous investors Index Ventures and Kindred Capital. This latest funding takes the total raised by Cradle to date to over US$100 million. The biotech company is based in the Swiss town of Kilchberg and in Amsterdam.
Industry leaders such as Novo Nordisk, Johnson & Johnson Innovative Medicine, Novonesis and Grifols reportedly use Cradle’s generative AI platform for research and development across therapeutics, diagnostics, food, chemical and agricultural products. Results to date show that Cradle can accelerate discovery and development of protein-based products up to 12 times in commercially relevant projects.
The Series B funding will partly be used to expand Cradle’s own wet lab to generate additional datasets that will be used to train Cradle’s models to address a growing array of challenges and modalities. Cradle will also expand its engineering team to further improve Cradle’s ML capabilities to better generalize across tasks and handle more complex proteins.
“Our goal is now to put Cradle’s software into the hands of a million scientists and empower them to build great products. Our Series B will make this next phase of growth possible and we’re delighted to have the backing of IVP to help us scale,” said Stef van Grieken, Cradle’s CEO and co-founder. ce/gba
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