Converge Bio Secures $25M Series A Led by Bessemer With Backing From Meta, OpenAI, Wiz Executives
Boston and Tel Aviv based Converge Bio announced a $25 million Series A funding round led by Bessemer Venture Partners, with participation from TLV Partners, Vintage Investment Partners and unnamed executives from Meta, OpenAI and cybersecurity firm Wiz, the company said Tuesday in a press release.
The investment follows Converge Bio’s founding in 2024 and comes 18 months after a seed round that raised $5.5 million, according to company history.
The additional capital brings the total raised by the generative AI drug discovery platform to $30 million, the press release stated.
Converge Bio said its software uses generative artificial intelligence trained on biological data such as DNA, RNA and protein sequences to accelerate multiple stages of drug development for pharmaceutical and biotechnology clients.
The company reported it has completed more than 40 programs with customers targeting areas including target discovery, antibody design, and protein yield optimization.
In the company release, Chief Executive Officer and co founder Dov Gertz said:
“Unlike ChatGPT, you cant simply prompt a model and get useful results. There is a long road from a model that performs well on benchmarks to an AI system a biologist can actually use. It requires high quality data, the right architectures for the domain, and a tight experimental validation loop.”
The press release said Converge’s platform integrates multiple proprietary models into end to end systems that deliver actionable outputs to scientists without the need to write code or build infrastructure.
Bessemer partner Andrew Hedin was quoted in the release saying “Converge has something rare in this space: real commercial traction and strong scientific results.”
Converge Bio reported serving customers across the United States, Canada, Europe and Israel and plans to expand into Asia, according to the TechCrunch coverage of the funding announcement.
The company said its team has grown to 34 employees from nine in late 2024 and now offers three discrete AI systems for clients: antibody design, protein optimization and biomarker and target discovery.
The funding round was oversubscribed, the company and press coverage said, underscoring investor interest in applying artificial intelligence to drug discovery.
Converge Bio did not disclose specific valuations or the identities of the individual corporate executives participating in the round with Meta, OpenAI and Wiz.
