RhyGaze Secures USD 86 Million in Series A Round for Vision Restoration
Deal News | Jan 10, 2025 | Biogeneration Ventures (BGV)
RhyGaze, a biotechnology company at the forefront of developing gene therapies for retinal diseases, has successfully secured USD 86 million in a Series A financing round. The funding, led by GV (Google Ventures) with participation from Arch Venture Partners, F-Prime Capital, and existing investors BioGeneration Ventures and Novartis Venture Fund, is aimed at advancing RhyGaze's leading asset through early clinical trials focused on optogenetic vision restoration. Founded with intellectual property from the Institute of Molecular and Clinical Ophthalmology Basel (IOB), RhyGaze aims to transform blindness treatment. The funding will support important testing and studies, including a first-in-human trial to assess the safety and potential efficacy of its novel therapy. RhyGaze's leadership, spanning Basel and Philadelphia, comprises prominent figures like Dr. Katherine High, who is keen to see the therapy's global impact.
Sectors
- Biotechnology
- Healthcare
- Venture Capital
Geography
- Switzerland – RhyGaze is based in Basel, Switzerland, which is a hub for pharmaceutical and biotech industries.
- United States – RhyGaze also operates from Philadelphia, PA, indicating a dual presence in major biotech regions.
Industry
- Biotechnology – The article discusses RhyGaze, a company developing gene therapies for retinal diseases, which is a prime example of innovation within the biotechnology industry.
- Healthcare – The focus on developing therapies for vision restoration places this within the healthcare sector, with an emphasis on improving patient outcomes for blindness.
- Venture Capital – The series A funding round led by venture capital firms like GV and BioGeneration Ventures highlights the role of venture capital in biotech innovation.
Financials
- USD 86 million – The total amount raised in the Series A funding round for RhyGaze.
- USD 11 million – Contribution from founding investors to an earlier seed round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| RhyGaze | Target Company | Company | A biotechnology firm focused on developing gene therapies for optogenetic vision restoration. |
| BioGeneration Ventures | Investor | Company | A venture capital firm that participated in the Series A funding round for RhyGaze. |
| GV (Google Ventures) | Lead Investor | Company | The venture capital arm of Alphabet Inc., leading the Series A round. |
| Arch Venture Partners | Investor | Company | A venture capital firm focused on pioneering life science companies. |
| F-Prime Capital | Investor | Company | Venture capital firm specializing in technology and healthcare investments. |
| Novartis Venture Fund | Investor | Company | The venture investment arm of Novartis, investing in early-stage companies. |
| Institute of Molecular and Clinical Ophthalmology Basel (IOB) | Scientific Founding Partner | Institute | Scientific institute providing intellectual property for RhyGaze's research. |
| Dr. Katherine High | CEO of RhyGaze | Person | CEO of RhyGaze and former co-founder, President and Head of R&D at Spark Therapeutics. |
| Dr. Botond Roska | Director of IOB | Person | Scientific co-founder of RhyGaze and Director of IOB. |