DMC Bio, Inc. Announces First Close of $10.3M Series A Financing Led by Sofinnova Partners
DMC, an early-stage biotechnology company, announced today that is has raised a Series A equity financing led by Sofinnova Partners. The company also announced the addition to its Board of Directors of Josko Bobanovic, Partner and Manager of the Sofinnova Industrial Biotech Fund. Current investors Capricorn Venture Partners and Breakthrough Energy Ventures also participated in the fundraising. This funding builds on the company’s successful non-dilutive awards to date which exceeds $1.8M from the National Science Foundation, the US Department of Energy, and the US Department of Agriculture.
DMC makes bio-based products using enhanced microbial fermentation. The development of microbes and associated bioprocesses has historically been complicated, slow, and costly. DMC is deploying its technology to reduce biological complexity and enhance the speed of development, creating a low cost, a fermentation-based manufacturing platform that has the capability to produce a broad diversity of products. The company’s platform enables low cost distributed manufacturing of existing products and new-to-the-world products that are only accessible using the precision of biology.
Josko Bobanovic, Partner at Sofinnova Partners and the manager of the Sofinnova Industrial Biotechnology Fund, said: “We have been impressed by a unique technology, an exceptional founding team, and significant potential for rapid commercial growth. This funding round brings together like-minded investors who share the team’s vision of creating a capital efficient, multi-product, biochemicals company.”
“We are excited that Sofinnova appreciates the potential of our proven technology and shares our vision of the commercial path for the company. We look forward to working with them as we bring our specialty amino acids product family into the marketplace and as we continue to build our robust product pipeline,” said Matt Lipscomb, Ph.D., CEO and Co-Founder of DMC.
[Originally posted by IssueWire — July 9, 2019]