Philly Money Moves: Biotech firm Vivodyne raised $38M for lab-grown organ development

Washington Square-based biotech company Vivodyne raised $38 million in its quest to develop lab-grown human organs.

Khosla Ventures led the round. Kairos Ventures, CS Ventures, MBX Capital and Bison Ventures also participated. The company is calling the raise “seed funding,” though the average seed round is more like $3.6 million.

Vivodyne uses robotic automation to test drugs on over 20 types of lab-grown human organ tissue. The company’s platform sets therapeutic targets and predicts patient responses to new drugs, with a goal of speeding the success of clinical trials.

The company was cofounded by CEO Andrei Georgescu and CSO Dan Huh when Georgescu conducted his Ph.D. graduate studies in Huh’s bioengineering research lab at University of Pennsylvania, according to the announcement.

“We’re thrilled to have Khosla Ventures lead this funding round, which accelerates the development of our AI platform that enables the generation of predictive human data before therapeutics enter clinical trials,” Andrei Georgescu, CEO and cofounder of Vivodyne, said in a written statement.

Aro Biotherapeutics raised a $41.5M Series B

Washington Square-based biotech company Aro Biotherapeutics raised $41.5 million in a Series B, a funding round it first announced at the start of 2023. Cowen Healthcare Investments led the round. Johnson & Johnson Innovation, Northpond Ventures, Healthcap and BVF Partners also participated.

Aro Biotherapeutics is developing tissue-targeted genetic medicines. This funding will specifically be used to develop its product ABX1100, a novel potential treatment for patients with Pompe Disease, per an announcement.

“We are appreciative of the support provided by this syndicate of leading life science industry investors,” CEO Susan Dillon said in a written statement. “Aro is well positioned to advance our pipeline and progress the field by leveraging our Centyrin platform to enable efficient and tissue-targeted delivery of siRNA. This funding enables us to continue to pursue our mission and bring new medicines to patients who desperately need more effective treatments.”

The company also raised an $88 million Series A in 2021.

Economy League of Philadelphia received a $300,000 grant to support its PAGE program

The Economy League of Greater Philadelphia received a $300,000 grant from JPMorgan Chase to support the Philadelphia Anchors for Growth & Equity (PAGE) initiative.

The PAGE program helps to connect minority-owned businesses with anchor institutions in Philadelphia. This spring, the Economy League launched the PAGE 100, a project to track the progress of companies in the program.

“With this funding, we can intensify our efforts to dismantle systemic barriers and unlock new opportunities for BIPOC entrepreneurs,” said Kenyatta James, program director for the PAGE program, in a written statement. “JP Morgan Chase’s investment in the Economy League’s vision reinforces a shared commitment to driving meaningful change in the Philadelphia community.”

In 2022, the PAGE program helped over 70 businesses secure $37 million in new contracts, per the org. Over the next five years, its leaders plan to extend this help with $300 million in growth opportunities for minority-owned businesses.

More Money Moves:

• Vittoria Biotherapeutics raised $15 million in a private financing round led by Valley Forge Investment Corporation. The funding will support the company’s product VIPER-101, a CAR-T cell therapy for T-cell Lymphoma.
• West Chester-based security services company Harris Technology Services received a $1.5 million investment from venture capital firm Accelerated Partners, the Philadelphia Business Journal reported.
• Thomas Jefferson University announced plans to acquire Lehigh Valley Health Network. The combined health systems would have 30 hospitals, over 700 sites of care and 62,000 employees.
• Biopharmaceutical company Enterin raised $5.1 million, according to an SEC filing.
• Run Pod, a GPU cloud for AI, raised $18 million, according to an SEC filing.
• Biotech company Avantia Labs raised $1.7 million, according to an SEC filing.
• Biotech company Cantai Therapeutics raised $1.4 million, according to an SEC filing.
• Molecular Labs raised $2.1 million, according to an SEC filing.
• Carbon Reform, which develops technology that removes carbon buildup from the air, raised $1 million, according to an SEC filing.
• Photon Effect raised $4.3 million, according to an SEC filing.
• Geographic data and analytics platform maker PolicyMap has raised a $3 million Series A led by led by existing investor Reinvestment Fund and joined by Ben Franklin Technology Partners and Spring Point Partners, as well as company board members, employees, and friends and family.