MIT spinout from Sangeeta Bhatia’s lab gets a $22M round to develop new disease and drug sensors
Bioengineering wiz Sangeeta Bhatia has helped spin out a new biotech company from her MIT lab that will now look to test and eventually commercialize new “activity sensors” that can both flag diseases as well as monitor a patient’s response to a drug.
The company is Glympse, which has surfaced occasionally in semi-stealth mode after India’s Kiran Mazumdar-Shaw and Theresia Gouw at Aspect Ventures seeded the effort with $6.6 million in 2015. Now a much bigger syndicate has come along to inject a $22 million launch round into the venture.
Their first project will focus on a sensor that can detect NASH, a big field in drug R&D right now. There’s more work to be done in cancer, and the little company has a big potential list of targets to shoot for after that.
LS Polaris Innovation Fund and Arch Ventures led the round, joining new investors Charles River Ventures, Gilead Sciences, Yonghua Capital, and Inevitable Ventures. Existing investors include GreatPoint Ventures, Heritage Provider Network and Rivas Capital.
Polaris’ Amy Schulman and Gouw are joining the board.
“This fundraise will propel our pipeline in NASH and cancer into the clinic, catalyze our product engine to address diseases with high global burden, and advance partnerships with pharma for real-time monitoring of drug response in patients,” noted Bhatia in a statement.
Sangeeta Bhatia. MIT LABORATORY FOR MULTISCALE REGENERATIVE TECHNOLOGIES