Colossal Biosciences led by CEO and co-founder, Ben Lamm, has successfully bagged a formidable $200 million in Series C funding with its valuation pegged at $10.2 billion. The biotech startup’s work focuses on the ambitious resurrection of extinct creatures viz. the woolly mammoth, the Tasmanian tiger, and the dodo bird. A leap in valuation from the earlier $1.5 billion reveals the confidence of investors from TWG Global, among others, defying the company’s current revenue-less status and the estimated completion year of 2028 for their notable projects.
Investors’ belief stems from the rapid advancements Colossal Biosciences has made in their unique endeavors. Major progress is reported in all 3 projects through gene-editing tool, CRISPR, used after comprehensive genome mapping of the extinct species and their closest living relatives. This technology is expected to result in these prehistoric creatures’ rebirth with the assistance of artificial wombs, which hold immense potential in human healthcare and agtech.
Simultaneously, the company plans to establish business spin-offs for its groundbreaking technologies like the artificial wombs, which could revolutionize fertility treatments. Its existing spin-offs, Form Bio and Breaking, have already raised over $40 million in funding for their commendable work in computational biology and plastic decomposition respectively.
Additionally, the prospect of government collaborations for de-extinction projects and the preservation of endangered species is a potential revenue source. Finally, the trading of biodiversity credits when extinct species are reintroduced in their former habitats is another revenue stream Colossal Biosciences is looking into. All these strategies, coupled with the firm’s substantial annual recurring revenue, assure a profitable future.
Original source: Read the full article on TechCrunch