Q3 2020 Portfolio Company Updates: Adaptability and Future Literacy, COVID-19 Testing, Partnership and Funding News
There is no doubt that the complex impact of the coronavirus pandemic has challenged us all to reflect on previous strategies, both personally and professionally, and adapt to the rapidly evolving ways in which we communicate, travel, learn, and approach healthcare delivery.
Education and adaptation are central to the concept of Future Literacy (how do we collectively thrive beyond what we can even imagine?). As we all work to understand and overcome the changes brought about by the pandemic, the portfolio companies behind OS Fund continue to bring to market and effectively scale innovations that will propel future growth and development.
Portfolio Company Spotlights
Shortly after being featured on the Forbes AI 50 list as one of America’s Most Promising Artificial Intelligence Companies, Atomwise announced its $123M Series B financing round. With this funding, Atomwise will scale up both its AtomNet platform and partnerships with large biopharma companies, as well as begin development of its own pipeline of promising molecules. In September, Atomwise announced a partnership with leading South Korean biopharma company GC Pharma; together, they will work on the discovery and development of novel hemophilia therapies.
After demonstrating early leadership in the fight against COVID-19, Ginkgo Bioworks was awarded a $40M contract by the NIH through its Rapid Acceleration of Diagnostics Advanced Technology Platforms (RADx-ATP) program to expand high throughput SARS-CoV-2 testing. The company will expand its automated Bioworks facility to enable large scale suppression testing using next generation sequencing (NGS), and announced a partnership with Totient to rapidly identify neutralizing therapeutic antibodies against COVID-19. The company’s CEO–Jason Kelley–was named to Fortune’s 40 Under 40 in Healthcare.
Eat Just announced the expansion of their newly-released Folded JUST Egg product in Whole Foods Market and Walmart in Canada and celebrated the sale of their 50,000,000th egg equivalent. The JUST Egg product is dominating the rapidly-growing plant-based egg food category with 99.2% market share, and is available at more than 17,000 points of distribution within the United States as of the close of Q3. In response to the large demand for plant-based proteins and sustainability in Asia, the company launched The Future Food Studio, the first-ever all plant-based cooking school in China.
In late July, Truvian received Emergency Use Authorization by the FDA for the company’s Easy Check COVID-19 IgM/IgGTM antibody test. The portable test, which is available to healthcare professionals for approximately $15 per kit, provides results with >98% accuracy in less than 10 minutes. Truvian is currently seeking a second authorization that will allow the test to be utilized outside of centralized health facilities, including worksites and pop-up testing locations.
Synthego announced a $100M Series D financing round; funds will be utilized to expand the capabilities of its proprietary genome engineering platforms. Co-Founders Paul and Michael Dabrowski were named to Fortune’s 40 Under 40 in Healthcare.
Building upon significant domestic and international successes, Matternet announced a major partnership with Japan Airlines to explore healthcare delivery via drone in Japanese cities. The producer of the M2 drone system, in collaboration with the UPS Flight Forward (UPSFF) program, began new service at Wake Forest Baptist Health for delivery of patient specific time-and temperature-sensitive medications and PPE. Together with CVS and UPS, Matternet also continued their program of prescription delivery to residents of The Villages in Florida and has now made more than 1,000 successful, contact-free deliveries to residents of the US’s largest retirement community.
Other Portfolio Company News:
- The Gates Foundation awarded A-Alpha Bio $800,000 to optimize protein therapeutics for infectious diseases utilizing machine learning.
- CATALOG celebrated the close of their $10M Series A round and welcomed former IBM executive David Turek as CTO.
- Elysium Health launched Matter--a supplement aimed at slowing brain atrophy–based on research conducted at the University of Oxford. The supplement combines a high dose of B vitamins with specially-formulated omega-3s derived from fish oil.
- Pivot Bio was named as one of Fortune’s Impact 20 companies for 2020.
- twoXAR was featured on the Forbes AI 50: America’s Most Promising Artificial Intelligence Companies list.
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