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Founded Year

2013

Stage

Series D | Alive

Total Raised

$610.3M

Last Raised

$372M | 8 mos ago

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

+109 points in the past 30 days

About Formation Bio

Formation Bio is an AI-native pharmaceutical company that focuses on drug development. The company specializes in acquiring and developing clinical-stage drugs more efficiently by leveraging a proprietary technology platform that incorporates artificial intelligence. Formation Bio primarily serves the pharmaceutical industry by expediting the drug development process for various therapeutic areas. It was formerly known as TrialSpark. It was founded in 2013 and is based in New York, New York.

Headquarters Location

16 East 34th Street Floor 10

New York, New York, 10016,

United States

443-277-1832

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Expert Collections containing Formation Bio

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Formation Bio is included in 2 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,257 items

D

Digital Health

11,246 items

The digital health collection includes vendors developing software, platforms, sensor & robotic hardware, health data infrastructure, and tech-enabled services in healthcare. The list excludes pureplay pharma/biopharma, sequencing instruments, gene editing, and assistive tech.

Latest Formation Bio News

Formation Bio Collaborates With Sanofi And OpenAI To Introduce Muse, A First Of Its Kind AI Tool To Accelerate Patient Recruitme...

Nov 14, 2024

Paris and New York, NY and San Francisco, CA /PRNewswire/ - Today, Formation Bio, together with OpenAI and Sanofi, introduced Muse, an advanced AI-powered tool developed to accelerate and improve drug development by optimizing patient recruitment for clinical trials. Muse is the first outcome of the collaboration between the three companies, which aims to combine their pharma expertise and AI models to accelerate drug development and ultimately speed up breakthrough therapies to patients. Patient recruitment is a critical yet often slow and costly aspect of clinical development. It is estimated that less than 10% of patients participate in clinical trials for different reasons, including the fact that they are never invited or informed about the opportunity. This low participation rate causes delays that directly impact how quickly new medicine can reach patients. Muse, the first AI application of its kind in the pharmaceutical industry, aims to shorten patient recruitment timelines by accelerating recruitment strategy and content creation from a typical timeline of months to just minutes. Muse aims to analyze extensive scientific literature, real world evidence and unique insights on diseases and patient populations, delivering comprehensive research, strategic opportunities, and faster preparation of patient recruitment strategies - accomplishing with a single AI tool what typically requires large teams of experts and multiple layers of manual review. First, Muse compiles in-depth research on diseases, patient demographics, and the competitive landscape. It then identifies optimal patient profiles and recruitment strategies to include diverse populations across therapeutic areas. Finally, Muse auto-generates high-quality recruitment materials and pre-screening questionnaires, tailored to specific patient subgroups and adaptable for various channels, languages, and styles. Ben Liu, Co-Founder & CEO, Formation Bio: "AI presents a tremendous opportunity to transform drug development, ultimately enhancing both efficiency and outcomes. At scale, this AI-driven development approach can accelerate the delivery of new medicines and reshape healthcare worldwide. Muse is just the start—one of the many AI innovations we're building for drug development." Developed jointly by the three companies leveraging multiple OpenAI models, Muse is designed for use across a wide range of therapeutic areas. Both Sanofi and Formation Bio plan to implement Muse in upcoming clinical trials, with Sanofi leading the initial deployment in Phase 3 studies for multiple sclerosis (MS). For this rollout, Sanofi will provide data and expertise on MS, leveraging its deep experience in delivering innovative treatments to support patients affected by this debilitating condition. Emmanuel Frenehard, Chief Digital Officer, Sanofi: "By leveraging advanced AI capabilities, we can not only enhance recruitment efficiency but also potentially bring new treatments to patients faster. The development of Muse, a result of our ongoing collaboration with OpenAI and Formation Bio, represents another proof point in Sanofi's journey to becoming the first pharma company powered by AI at scale." Muse develops tailored strategies and materials designed for diverse patient populations, including historically underrepresented groups, in order to enhance inclusiveness and representation in clinical trials. This approach can expand participation and ultimately capture broader trial data, contributing to more reliable, generalizable insights that better reflect the needs of all patients. Additionally, Muse includes an LLM agent that incorporates Institutional Review Board (IRB) and regulatory guidelines, aiming to automatically generate high-quality materials that keep compliance best practices in mind. This feature, when combined with human experts in the loop, reduces the risk of regulatory setbacks, promoting smoother, more efficient trial progression. AI safety and data privacy are embedded throughout Muse's development and deployment, reflecting all three companies' commitment to the responsible use of AI. Muse relies on research publications and other public and proprietary data sources, none of which contain personally identifiable information (PII). Brad Lightcap, COO, OpenAI "We believe AI can accelerate drug development, bringing new treatments to patients more quickly. This first product from our collaboration with Sanofi and Formation Bio is just the beginning, and we can't wait to see the impact it will have." About Formation Bio Formation Bio is a tech-driven, AI-native pharma company differentiated by radically more efficient drug development. Formation Bio has built technology and AI platforms, processes, and capabilities to accelerate all aspects of drug development and clinical trials. Formation Bio partners, acquires, or in-licenses drugs from pharma companies and biotechs to develop programs past clinical proof of concept and beyond, leveraging their proprietary tech and AI capabilities, ultimately helping to bring new medicines to patients. About OpenAI OpenAI is an AI research and deployment company. Its mission is to ensure that artificial general intelligence benefits all of humanity. Last month, OpenAI announced it would be opening an office in France, so it can better support French developers, businesses and civic organizations so they can benefit from this transformative technology. About Sanofi We are an innovative global healthcare company, driven by one purpose: we chase the miracles of science to improve people's lives. Our team, across the world, is dedicated to transforming the practice of medicine by working to turn the impossible into the possible. We provide potentially life-changing treatment options and life-saving vaccine protection to millions of people globally, while putting sustainability and social responsibility at the center of our ambitions. Source: Formation Bio

Formation Bio Frequently Asked Questions (FAQ)

  • When was Formation Bio founded?

    Formation Bio was founded in 2013.

  • Where is Formation Bio's headquarters?

    Formation Bio's headquarters is located at 16 East 34th Street, New York.

  • What is Formation Bio's latest funding round?

    Formation Bio's latest funding round is Series D.

  • How much did Formation Bio raise?

    Formation Bio raised a total of $610.3M.

  • Who are the investors of Formation Bio?

    Investors of Formation Bio include Sequoia Capital, Thrive Capital, Lachy Groom, Emerson Collective, Andreessen Horowitz and 17 more.

  • Who are Formation Bio's competitors?

    Competitors of Formation Bio include Biorce, Castor, Virgo Surgical Video Solutions, ObvioHealth, Inato and 7 more.

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Compare Formation Bio to Competitors

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Castor

Castor operates within the healthcare sector and provides a clinical trial platform designed for the design, deployment, patient engagement, data collection, and analysis of clinical trials. The platform is adaptable and can meet the requirements of different stakeholders in the clinical research process. It primarily serves the healthcare sector. The company was founded in 2012 and is based in Amsterdam, Netherlands.

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Reify Health

Reify Health specializes in optimizing clinical trial operations within the healthcare sector. The company offers cloud-based software solutions designed to accelerate patient enrollment in clinical trials, aiming to streamline the process of bringing new therapies to patients. Reify Health primarily serves the biopharmaceutical industry, research clinics, and healthcare organizations involved in clinical research. Reify Health was formerly known as ZeroSum Health. It was founded in 2012 and is based in Boston, Massachusetts.

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Medable

Medable specializes in providing digital clinical trial software solutions within the healthcare and pharmaceutical sectors. The company offers a comprehensive platform that facilitates the management of clinical trials, including tools for remote data collection, electronic consent (eConsent), patient-reported outcomes (ePRO), and clinical outcome assessments (eCOA), all designed to streamline the trial process and enhance data quality. Medable was formerly known as Dermatrap. It was founded in 2012 and is based in Palo Alto, California.

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ObvioHealth

ObvioHealth provides digital health solutions within the clinical trial industry. The company has a platform and mobile application allows for remote monitoring and participation in clinical trials, focusing on data collection and participant engagement. ObvioHealth's services are relevant to the healthcare sector, especially in trial management. It was founded in 2017 and is based in New York, New York.

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BloqCube

BloqCube is a software company specializing in decentralized clinical trial management and financial systems. The company offers an integrated Clinical Trial Management & Financial System (CTMFS) platform designed to accelerate Decentralized Clinical Trials (DCT) by providing a secure, transparent, and efficient way to manage trials and handle financial transactions. BloqCube primarily serves the healthcare and pharmaceutical sectors by streamlining clinical trial processes and financial management. It was founded in 2017 and is based in Piscataway, New Jersey.

Lindus Health Logo
Lindus Health

Lindus Health operates as a clinical research organization specializing in accelerating clinical trials for life science companies. The company offers full-service trial management, including study design, patient recruitment, clinical data capture, and project management, leveraging technology and access to electronic health records to streamline processes. Lindus Health provides fixed-priced quotes with milestone-based payments, aiming to deliver clinical studies up to three times faster than traditional clinical trial operations (CROs). It was founded in 2021 and is based in London, United Kingdom.

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