Colossal Biosciences, a trailblazing company focused on reviving extinct species, recently raised an impressive $200 million in a Series C funding round. This funding, spearheaded by TWG Global, places the company’s valuation at a remarkable $10.2 billion. The company is making headlines with its ambitious goal to resurrect the woolly mammoth and the Tasmanian tiger using advanced gene-editing technology.
The core of Colossal's groundbreaking efforts lies in its development of CRISPR, a cutting-edge gene-editing tool. Scientists at Colossal are using CRISPR to modify the cells of Asian elephants, aiming to bring back the iconic woolly mammoth. The company has made substantial strides in its key projects, which also include efforts to revive the thylacine and the dodo bird. Colossal has reported that it is on or ahead of schedule in these endeavors.
Colossal Biosciences has diversified its revenue streams through technological innovation, collaboration with governments, and biodiversity credits. These biodiversity credits alone could potentially generate billions in annual recurring revenue. The company's commitment to innovation is further demonstrated by its spin-offs, Breaking and Form Bio. Breaking focuses on plastic degradation and raised $10.5 million in seed funding, while Form Bio, a computational biology platform, secured $30 million in funding.
"The investor base has been very impressed with the speed at which we’ve created new technologies," stated Ben Lamm.
Colossal's methodology for reviving extinct species involves mapping the entire genome of the target species and comparing it to their closest living relatives. Scientists then edit the cells to recreate the extinct species' genetic makeup. Once ready, these edited cells are placed into an egg cell, with an elephant serving as the surrogate mother to birth a baby mammoth.
"Some of those technologies alone are world-changing for human healthcare, for agtech, for all these different categories," added Ben Lamm.
Looking forward, Colossal Biosciences plans to spin off three additional businesses over the next two years. Among them is a venture focusing on artificial womb technology, which holds potential applications in fertility treatment.
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