Biotherapeutics company Generate:Biomedicines has raised $273m in Series C financing to further advance its generative artificial intelligence (AI) pipeline of preclinical and clinical protein therapeutics.

Generate uses AI to change trial-and-error drug discovery methods and develop new protein-based therapeutics.

This funding round attracted new investors, including Amgen; NVentures, NVIDIA’s venture capital arm; MAPS Capital; and Pictet Alternative Advisors.

The investment also saw participation from company founder, Flagship Pioneering, and every Series B investor, including a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA); Fidelity Management & Research Company; ARCH Venture Partners; and March Capital.

US-based Generate:Biomedicines will use the funds to advance its portfolio of 17 existing programmes and around 10 new starts every year. It has a pipeline of therapeutics across oncology, immunology, and infectious disease.

The funds will also be used to file an Investigational New Drug Application (IND) to the US Food and Drug Administration (FDA) in 2024 and start multiple clinical trials yearly.

In addition, the firm will establish its leadership in de novo therapeutic development and thoroughly confirm the scope of its platform capabilities.

According to Generate, the latest investment is expected to support the company in enhancing the precision, speed and probability of success of its drug development.

Generate:Biomedicines CEO Mike Nally said: “Our Series C round 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.”

Since 2020, the biotherapeutics company has secured around $700m in equity financing.