ProfoundBio Raises $10M in Series A Funding Round Led by K2VC

(VCBeat) Feb. 8, 2021 -- Recently, ProfoundBio has announced that it has raised more than $10 million in Series A funding, led by K2VC, with participation from Gaorong Capital and Chang'an Capital. the fresh round of funding will be used to accelerate the development of ProfoundBio's antibody-drug conjugates (ADCs) for cancers.

ProfoundBio is a biotechnology company founded in 2018 in Seattle, Washington, USA. The three co-founders of the company have more than 50 years of experience in drug R&D in the United States. Based on the potential of ADCs and their rich experience in the field of ADC drug development, ProfoundBio chose to focus on solid tumor treatment from the beginning of its establishment. At the end of 2019, ProfoundBio set up an R&D center (ProfoundBio (Suzhou) Co., Ltd.) in Suzhou’s BioBAY to prepare for preclinical transformation, clinical research and future commercialization.

ADC drugs link the small molecule drug with high biological activity, high cytotoxicity to the antibody with high specificity. The antibody acts as a carrier to small molecules targeting to the targeted tissue and cells, which can realize the precise killing of specific tumors, and reduce side effects to normal tissues. ADC drugs are mainly used for treating cancer, which is one of the hot research directions in recent years.

In view of the limitations of current ADC drugs, ProfoundBio is building the company's new technology platform to design and synthesize highly-active drugs with ideal action mechanism and physical and chemical properties, and develop better conjugators to create the next generation of ADC drugs, so as to achieve greater breakthroughs in ADCs.

K2VC (Xianfeng Evergreen) was founded in 2010, focused on early-stage investment in start-ups in the fields of Internet, healthcare, technology/consumption and others in China. The company has more than 500 portfolios. In the field of healthcare, K2VC invests in start-ups of innovative drugs and biotechnology, innovative diagnostic products and medical devices.

Gaorong Capital is devoted to creating a better life through innovation. It is dedicated to identifying the leading founders and collaborating with them to achieve long-term value. Gaorong Capital focuses on the investment of innovations in technology and business models along with industrial integration.