Funding round
insitro Series C
insitro, which works in machine learning-driven drug discovery in South San Francisco, raised $400M in a Series C round announced on 15 Mar 2021, led by Canada Pension Plan Investment Board. 14 firms took part. It is insitro's second venture round on record; the one before was a Series B in May 2020.
$400M
Amount raised
Not disclosed
Post-money valuation
14
Investors
1 lead
Valuation
What this round says about the price
insitro did not disclose a valuation in this round. It came 10 months after insitro's Series B. It is 74% of the $543M insitro has raised in the venture rounds on record. No later venture round is on record for insitro.
insitro's funding rounds
insitro has 2 venture rounds on record. This one is highlighted.
- Series B 26 May 2020, led by Andreessen Horowitz $143M
- Series C this round 15 Mar 2021, led by Canada Pension Plan Investment Board $400M
Investors
Who put money in
Canada Pension Plan Investment Board led the round with 13 other firms.
Lead investor
- Canada Pension Plan Investment Board new investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies new investor
- T. Rowe Price Associates new investor
- backs 54 venture-backed companies new investor
- BlackRock new investor
- ARCH Venture Partners backs 99 venture-backed companies new investor
- backs 39 venture-backed companies new investor
- GV backs 428 venture-backed companies new investor
- backs 17 venture-backed companies new investor
- Two Sigma Ventures backs 60 venture-backed companies new investor
- backs 60 venture-backed companies new investor
- Alexandria Venture Investments new investor
- Temasek backs 195 venture-backed companies new investor
- SoftBank Vision Fund backs 234 venture-backed companies new investor
Joined the board: Paul McCracken (Canada Pension Plan Investment Board).
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
43 Series C rounds in Biotechnology within a year either side disclosed an amount; the median was $85M, and this round was 4.7 times the median. The closest in time, other companies' Series C rounds in Biotechnology:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| eGenesis Biotechnology | 2 Mar 2021 | $125M | not disclosed | Samsara BioCapital |
| Biotechnology | 24 Mar 2021 | $82M | not disclosed | aMoon and Northpond Ventures |
| Biotechnology | 31 Mar 2021 | $41M | not disclosed | Magnetar Capital |
| Biotechnology | 23 Mar 2021 | $35M | not disclosed | Paragon Biosciences |
| Biotechnology | 18 Feb 2021 | $95M | not disclosed | Redmile Group |
| Biotechnology | 22 Feb 2021 | $93M | not disclosed | HSG and LYFE Capital |
| Biotechnology | 2 Apr 2021 | $75M | $563M | 8VC and Founders Fund |
| Biotechnology | 26 May 2021 | $200M | not disclosed | Cormorant Asset Management and HBM Healthcare Investments |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did insitro raise in its Series C round?
insitro raised $400M in its Series C round, announced in Mar 2021.
Who led insitro's Series C round?
Canada Pension Plan Investment Board led it, with Andreessen Horowitz, T. Rowe Price Associates, Casdin Capital, BlackRock and ARCH Venture Partners and 8 more.
What was insitro's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Biotechnology?
43 Series C rounds in Biotechnology within a year either side disclosed an amount; the median was $85M, and this round was 4.7 times the median.