Funding round
AdvanCell Series B
AdvanCell, which works in radiopharmaceutical development and manufacturing in Sydney, raised $12M in a Series B round announced on 24 Aug 2022, led by Morningside. 1 firm took part. It is AdvanCell's first venture round on record.
$12M
Amount raised
18,000,000 AUD converted
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
AdvanCell did not disclose a valuation in this round. It is AdvanCell's first venture round on record, 3 years after it was founded in 2019. It is 2.5% of the $505M AdvanCell has raised in the venture rounds on record. AdvanCell raised again 30 months later: a Series C round of $178M in Feb 2025.
Investors
Who put money in
Morningside led the round.
Lead investor
- Morningside new investor
Joined the board: Anthony Aiudi (Morningside).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
78 Series B rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $28M, and this round was 45% of the median. The closest in time, other companies' Series B rounds in Pharmaceutical Products:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Pharmaceutical Products | 22 Aug 2022 | $80M | not disclosed | China Merchants Health |
| Pharmaceutical Products | 16 Aug 2022 | $41M | not disclosed | Arkin Capital |
| Pharmaceutical Products | 22 Sep 2022 | $132M | not disclosed | RA Capital |
| Pharmaceutical Products | 14 Sep 2022 | $58M | not disclosed | Junson Capital and Lapam Capital |
| Pharmaceutical Products | 27 Sep 2022 | $38M | not disclosed | BAT VC |
| Pharmaceutical Products | 7 Jul 2022 | $15M | not disclosed | not named |
| Pharmaceutical Products | 7 Jul 2022 | $12M | not disclosed | ECBF |
| Pharmaceutical Products | 12 Sep 2022 | $6.7M | not disclosed | ALIAD |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did AdvanCell raise in its Series B round?
AdvanCell raised $12M in its Series B round, announced in Aug 2022.
Who led AdvanCell's Series B round?
Morningside led it.
What was AdvanCell's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Pharmaceutical Products?
78 Series B rounds in Pharmaceutical Products within a year either side disclosed an amount; the median was $28M, and this round was 45% of the median.
Did AdvanCell raise again after this round?
Yes: a Series C round in Feb 2025 of $178M.