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May 31, 2024

New Haven biotech Weave Bio announces $10M in new funding, launches AI platform

Contributed Weave Bio CEO Ari Caroline.

Weave Bio, a New Haven-based life sciences platform company, said Thursday it has raised $10 million in seed funding and launched its flagship offering, AutoIND.

AutoIND automates and accelerates the preparation, writing and review process for investigational new drug (IND) applications, the company said, adding that it is the first offering on its comprehensive automation and lifecyle management (ReALM) platform.

The latest funding round was led by Innovation Endeavors of Palo Alto, California, and Magnetic Ventures of San Francisco. It follows an earlier round in December 2023 that raised nearly $11.4 million.

Weave Bio said it will use the capital to accelerate its efforts to streamline the “therapeutic lifecycle.” The company said it has doubled the development pace of AutoIND and established a roadmap for its broader AI-native ReALM platform.

Weave Bio has deployed AutoIND as a part of its AI-native platform to allow drug developers to build a living record of their therapeutic candidates while removing much of the manual work associated with summarizing data from studies, it said.

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