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BigHat Biosciences, an AI-powered protein therapeutic developer, said Thursday it raised a $75 million Series C.

Why it matters: The financing will help BigHat become one of the few AI drug discovery companies with a candidate in the clinic.

Zoom in: The round will fund the clinical development of BHB810, an antibody-drug conjugate for the treatment of gastric cancer. BigHat's lead candidate that began a Phase 1 trial in August.

Follow the money: The round was led by DFJ Growth and Premji Invest.

Catalio Capital Management, LG Technology Ventures, Sigmas Group, 8VC and Alexandria Venture Investments participated.

Other investors include Amgen, Andreessen Horowitz (a16z), Discovery Ventures, GRIDS Capital, Intermountain Ventures, Lilly Ventures, Merck Global Health Innovation Fund, Quadrille Capital and Section 32.

San Mateo, Calif.-based BigHat has now raised $223 million and has more than two years of runway, CEO Peyton Greenside tells Axios Pro.

Zoom out: Investors have poured money into AI drug discovery companies this year because the technology has the potential to develop new medicines more quickly and cheaply.

By the numbers: Biopharma VC funding topped $10 billion in Q2 — only the third time since early 2022, per PitchBook data.

Nearly 20% of that went to a $2.1 billion Series B raised by AI drug discovery Isomorphic in May.

Yes, but: AI's efficacy in developing effective new drugs is still limited, with AI-designed medicines still running into Phase 2 challenges, per a recent peer-reviewed paper published in Nature Reviews Drug Discovery.

How it works: BigHat has built an autonomous AI experimental platform to generate new oncology and immunology therapies. It also has collaborations to develop new drug candidates with several Big Pharma companies, including Amgen, Merck, Johnson & Johnson, AbbVie and Eli Lilly.

Its other lead asset, BHB299, is an avidity-driven T-cell engager for solid tumors that is expected to reach a Phase 1 trial in 2027.

What they're saying: "It's very meaningful to be one of the few AI drug discovery shops to really now become clinical-stage," Greenside says.

BigHat Biosciences raises $75M Series C

It's among the first AI drug developers to have a drug in clinical trials.

Illustration of three prescription pill bottles made from stacks of coins, organized by ascending height.

BigHat Biosciences, an AI-powered protein therapeutic developer, said Thursday it raised a $75 million Series C.Why it matters: The financing will help BigHat become one of the few AI drug discovery companies with a candidate in the clinic.

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BigHat Biosciences raises $75M Series C

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