Iambic Therapeutics, a US-based clinical-stage biotechnology company,  has raised $50 million in Series B extension funding led by the UAE’s Mubadala Capital, the wholly owned subsidiary of Mubadala Investment Company.

Other companies involved in the fundraising included Qatar Investment Authority, Exor Ventures existing investors Abingworth, Illumina Ventures, Nexus Venture Partners, Coatue, and Tao Capital Partners.

The extension adds to a $100 million Series B, which closed in October 2023, the AI-driven drug-discovery platform said in a statement. 

The funding was co-led by Ascenta Capital and Abingworth and joined by NVIDIA and others.

Proceeds from the latest financing will be used to further Iambic’s pipeline of clinical and pre-clinical programmes, the statement added.

(Editing by Seban Scaria seban.scaria@lseg.com)