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Massive Bio Closes $9M Funding Round

NEW YORK – Massive Bio said on Thursday that it has raised $9 million in new venture capital.

Revo Capital and individual investor Kenan Turnacioglu led the round, with participation from the German Development Finance Institution (DEG). Turnacioglu, board chair of artificial intelligence-based digital pathology firm Paige, has joined the Massive Bio board as a result of his investment.

The New York-based bioinformatics company did not name the round, though it raised $2.6 million in late 2020 in a round led by Revo Capital and earlier landed $4 million in seed funding.

Massive Bio, founded in 2015, said that it will use the investment to grow internationally, add to its marketing team, and launch new products to support oncology clinical trial enrollment.

The firm currently has 70 employees and operations in 12 countries. It counts 26 enterprise customers for its clinical research business, primarily large pharmaceutical companies and contract research organizations.

"Having the financial support, healthcare expertise, and global coverage of investors such as DEG and Kenan, along with heavy technology expertise of our existing investors like Revo Capital, will help us execute our goals globally and at accelerated scale," Selin Kurnaz, Massive Bio’s cofounder and CEO, said in a statement.

The company is undertaking an ambitious plan to apply AI to improve clinical trial matching for cancer patients. The effort, called the 100K Cancer Clinical Trial Singularity Program, was launched late last year and aims to enroll 100,000 people in trials.