bit.bio, the global leader in cell programming technology, today announced the successful closing of a $30 million financing round led by M&G Investments, a leading international savings and investment company. Existing investors, including ARCH Venture Partners, BlueYard Capital, Milky Way, Puhua Capital, and Tencent, participated in the round.
M&G’s investment is through M&G’s Crossover strategy, a global initiative led by M&G’s public equity investment division to provide growth equity to high-quality, fast-growing private companies, enabling their transition from the private market to the public world. The continued backing of all of bit.bio’s previous lead investors underscores strong confidence in the company’s potential and strategic direction. This funding will accelerate bit.bio’s transformation into the leading provider of human cells for research and drug discovery, furthering its mission to revolutionize tools for biomedical innovation.
As part of this renewed focus, bit.bio also strengthens its executive leadership team. Starting on 6 January 2025, Dr Jonathan Milner will take on the role of Interim CEO and join the Board of Directors. Dr Milner is a prominent entrepreneur and a key player in the UK life sciences and biotechnology sector. He established Abcam, a leading provider of protein research tools, and scaled it into a multi-billion-dollar enterprise, which was acquired in 2023 for nearly $6 billion. He also initiated the Milner Therapeutics Institute, designed to connect academia with industry, accelerating drug discovery and promoting partnerships between researchers and biopharmaceutical companies.
Dr Mark Kotter, bit.bio founder and inventor of the revolutionary opti-ox™ cell programming technology, will take on the role of Vice Chairman of the Board, continuing to help shape the company’s strategic vision.
I’m delighted to welcome M&G, our first UK investor and a titan in life science investment, to join us in our mission to revolutionize drug discovery tools and transform human health. Since founding bit.bio in 2016, it has been a privilege to lead the company through remarkable growth. Jonathan was not only the first investor in bit.bio but also my first business mentor. As part of our next phase of growth, I will work closely with Jonathan and the team to help shape bit.bio’s future and establish bit.bio as the leading provider of human cells for research, drug discovery and the preferred partner for iPSC-derived cell therapies.”
Dr Mark Kotter, Founder, bit.bio
I’m honoured to join bit.bio’s Board of Directors and lead the company through this transformative phase. Mark has built an incredible foundation for growth, and I am committed to building on this success. Over the coming months, Mark and I will collaborate to inspire bit.bio’s exceptional team, advance its groundbreaking technology, and drive its mission forward.”
Dr Jonathan Milner, Incoming Interim CEO, bit.bio
In addition to Dr Milner joining the Board of Directors, bit.bio also announced the appointment of two distinguished biotechnology leaders to its Board, further strengthening the company’s leadership team:
- Cornel Chiriac is an investment director with M&G Crossover Fund, focusing on late-stage investments in technology and science globally. He founded and invested for 10 years with 2050 Capital specialising in biotech and deep technology ventures. Mr Chiriac also leads the Chicago Booth Angels Network in London and has extensive experience in strategy consulting at LEK Consulting.
- Dr Richard D. Klausner is the founder and chief scientist at Altos Labs and a visionary leader in biotechnology. He has co-founded several leading biotechnology companies, including GRAIL, Juno Therapeutics, and Lyell Immunopharma, and has held senior executive positions at Illumina and the Bill & Melinda Gates Foundation. As former director of the U.S. National Cancer Institute (NCI), Dr Klausner was instrumental in advancing CAR-T therapy and shaping the nation’s cancer research agenda.
bit.bio is one of the rising stars in the European biotechnology sector, with the potential to make a profound global impact on human health. We at M&G are thrilled to play our part in advancing Great Britain’s scientific innovation and to support bit.bio’s journey to become the world’s leading provider of human cells.”
Cornel Chiriac, Board Member, bit.bio and Investment Director, M&G Crossover Fund
A consistent and scalable source of human cells is critical to overcoming long-standing challenges in translating scientific discoveries into effective treatments and making cell therapies widely available. I look forward to contributing to this important mission alongside such an exceptional team.”
Dr Richard Klausner, Board Member, bit.bio and Founder and Chief Scientist, Altos Labs
These new board appointments bring unparalleled expertise across biotechnology, investment, research tools, and therapeutic innovation. We are delighted to welcome M&G to the bit.bio family. The continued support from our existing investors reaffirms their confidence in our team, technology, and mission."
Dr Hermann Hauser, Chairman of the Board, bit.bio and Co-Founder, Arm and Amadeus Capital Partners
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