Vibe Bio, a Boston, MA-based biotechnology company, raised $12M in funding.
Initialized Capital was the lead investor. Participants included Balaji Srinivasan (6th Man Ventures), Yvonne Hao (Enke Bashllari), Andy Coravos and Lerer Hippeau as well as Andy Palmer.
The company plans to use the funds to scale up the development of treatments and gives patients unprecedented control over the results.
Vibe Bio, a biotech company founded by Joshua Forman and Alok Tayi, is working to build a global network of scientists, patients, and partners with a common mission to treat rare diseases. The company’s approach, which leverages a decentralized autonomous organization (DAO), seeks to scale the development of treatments sustainably and provides patient communities ownership over the results.
Vibe Bio’s DAO will serve as an online coordination hub for its diverse stakeholders, connecting patient communities directly to investors, scientists, and other experts. The $VIBE governance token will give members the ability to vote on rare disease research proposals and nominate candidate medicines or diseases to be pursued. Scientists and financial experts will review each proposal.
Already, the company has partnered up with two patient advocacy organisations to help fund and start independent biotechnology businesses to develop promising treatments for rare and fatal diseases. With Chelsea’s Hope, a patient advocacy organization dedicated to curing Lafora disease, which is a fatal form of progressive myoclonus epilepsy that presents in children and adolescents, Vibe Bio is launching New Hope Therapeutics. The company has also partnered with NF2 Biosolutions, a patient advocacy organization accelerating gene therapy research for Neurofibromatosis Type 2, a disorder characterized by the growth of noncancerous tumors in the nervous system, to launch Merlin Therapeutics. The independent biotechnology companies will retain the intellectual property of the ventures.