2 minute read | September.15.2023
Mirae Asset Global Investments has participated in a $273 million in Series C financing for Generate:Biomedicines, a clinical-stage biotherapeutics company pioneering a machine-learning-powered generative biology platform. Orrick advised Mirae Asset, which participated as a new investor along with Amgen, Pictet Alternative Advisors, and NVentures, NVIDIA’s venture capital arm.
Based in Seoul, South Korea, Mirae Asset is a global asset management company that has more than $214 billion in assets under management. It manages assets for retail and institutional investors. Mirae Asset also offers services that include wealth management, investment banking and life insurance.
Generate:Biomedicines is a drug generation company pioneering a machine learning-powered generative biology platform with the ability to create drugs on demand.. The company says its Generate Platform can drastically increase the speed at which targets and therapeutics are identified and validated.
Generate:Biomedicines’ CEO, Mike Nally, said in a statement that the Series C funding “further propels The Generate Platform to increase significantly the precision, speed, and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs.
“With our first program now in the clinic and multiple programs expected to enter clinical studies over the next couple of years, we are beginning to realize the enormous potential of generative biology to save and improve the lives of patients in areas where the burden of disease is greatest.”