Skip to content Skip to Search
Skip navigation

Mubadala and QIA invest in US cancer research startup

Iambic's new funding will be used to expand its clinical and pre-clinical cancer programmes Cancer Institute
Iambic's new funding will be used to expand its clinical and pre-clinical cancer programmes

Funds from the UAE and Qatar have invested in a US-based clinical-stage biotechnology start-up.

Mubadala Capital, a wholly owned subsidiary of Mubadala Investment Company, co-led the $50 million Series B extension in funding to Iambic Therapeutics, based in San Diego, California.

The funds will allow the American start-up to broaden its pipeline of AI-discovered clinical oncology programs.

Other parties in the fundraising were Exor Ventures and existing investors Abingworth, Illumina Ventures, Nexus Venture Partners, Coatue, and Tao Capital Partners.

The extension adds to an oversubscribed $100 million Series B which closed in October 2023.

Proceeds will be used to expand Iambic’s pipeline of clinical and pre-clinical cancer programmes.

“Iambic is a company purpose-built for AI and drug discovery,” said Ayman AlAbdallah, partner at Mubadala Capital.

The company has demonstrated its ability to rapidly advance candidates from discovery to human studies, he said.

Earlier this month a US genomics start-up, backed by Abu Dhabi-based Mubadala, said it was working with OpenAI, the creator of ChatGPT, to improve cancer screening and treatment using artificial intelligence models.

Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, using OpenAI’s GPT-4o model to help doctors care for their patients.

Mubadala has invested in other healthtech companies, including Recursion Pharmaceuticals, which is also backed by Nvidia, Vir Biotechnology, and Innovaccer.

M42, launched by Mubadala Investment Company and G42, an AI tech holding company, has also invested in genomics as healthcare shifts towards personalised medicine.

Latest articles

In a concession to the electorate, the legislation before parliament proposes a 25 percent increase in the payment to pensioners on the lowest rate of support

Turkey targets business with steep taxes to raise revenue

Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […]

Saudi growth forecast

IMF lowers Saudi growth forecast over oil output cuts

The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy.  In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […]

People, Person, Groupshot APQ CEO Ebubekir Koyuncu (sitting left) and Aramco acting senior vice president of new business development Mohanad M Alamdar at the signing ceremony

Saudi Aramco bolsters blue hydrogen portfolio 

Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen.  The remaining 50 percent will be owned by APQ, […]

Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year

Egypt to float Suez Canal subsidiary next year

Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […]