CU Boulder spinoff Muse Biotechnology raises $23M

BOULDER — Biotech startup Muse Biotechnology Inc. has raised $23 million in new equity Series B financing.

Kevin Ness

The funding was reported in a Regulation D filing with the U.S. Securities and Exchange Commission, Feb. 28, and was led by Venrock, a venture-capital firm based in Palo Alto, Calif., according to a company press release. Other investors included Foresite Capital and Paladin Capital, as well as Series A investors, NanoDimension and Spruce/MLS.

Muse Bio’s ForgeCraft technology allows for precision editing of the human genome.

Muse spun out of research conducted at the University of Colorado Boulder.

“The simplification of single-cell, multiple edit genome engineering to an automated, benchtop process will democratize gene writing in the same way that Illumina’s efforts did for gene reading 10 years ago,” Venrock partner Bryan Roberts said in the press release. “It will enable many more scientists to rapidly conduct genomic research and develop new products across multiple applications in healthcare, agriculture, and industrial biotechnology. Muse bio can fulfill this promise.”

Muse’s chief executive, Kevin Ness,said the investments signal strong investor belief in the value of the Muse technology.

Ryan Gill

“They recognize the value of Muse bio’s technology, which enables scientists to make multiple, clearly defined genomic modifications at any site within a cell’s genome in a high-throughput and cost-effective manner,” Ness said. “The proceeds from this financing will allow us to accelerate our timelines to bring ForgeCraft to scientists worldwide.”

Ness in December replaced Muse’s founding CEO Ryan Gill, who became the company’s  chief scientific officer. Gill remains Slade Professor of chemical and biological engineering and executive director of the RAS Energy Institute at CU Boulder. Muse founder Tanya Lipscomb serves as its chief technology officer and vice president of research and development.

Muse is headquartered at 4001 Discovery Drive in the University of Colorado Research Park.