Vancouver-based bioengineering company AbSci received $125 million in new investor funding, the company announced Tuesday.
The investment will boost AbSci’s work in developing processes to create drugs, including insulin, using E. coli microorganisms. The company in January purchased a deep-learning artificial intelligence startup called Denovium, and part of the new investment will go toward implementing and applying the new software, according to a Tuesday news release from AbSci.
AbSci is seeing rapid growth, along with the “life sciences” industry, and the pandemic has only accelerated the interest in that field. The company gained $65 million in investments in October, which allowed it to begin relocating from downtown Vancouver’s The Hudson building to new headquarters at the Columbia Tech Center at 18105 S.E. Mill Plain Blvd.
The new investment is led by Casdin Capital and Redmile Group, with participation from new investors Fidelity Management and Research Company LLC, D1 Capital Partners, Perceptive Advisors, aMoon Edge, and Irving Investors, as well as other existing investors including ArrowMark Partners, according to the news release.