Noetic Foundry has closed an oversubscribed round to fund its first group of biotechnology companies
TORONTO, ON / ACCESSWIRE / March 30, 2021 / The Noetic team is pleased to announce that Noetic Foundry closed an oversubscribed round of financing earlier this year and is in the final stages of launching its first cohort of ventures. The company will focus on high potential but underfunded areas of research and development.
In the summer of 2020, Noetic launched Noetic Labs Incorporated (dba Noetic Foundry) to address opportunities beyond the reach of Noetic's venture fund investments, such as sponsoring high-potential research projects and establishing joint ventures with other companies. During their time building a pre-eminent venture fund in the nascent psychedelics space, the team at Noetic built a deep network of exceptional collaborators. Noetic Foundry will draw on this experience and network to develop an ecosystem of innovative projects via the development of university research, collaboration via joint ventures, and the founding of new companies.
Naseem Saloojee, co-founder of Noetic Foundry, notes that, "In nascent sectors like this one, there are a tremendous amount of unmet needs around which to seed and develop disruptive business models that can positively impact society. The goal of Noetic Foundry is to nurture innovative biotechnology ventures in an environmentally sustainable manner that's mindful of historical cultural contexts."
Psychedelic medicines are generating a great deal of interest, buoyed by mounting safety, efficacy and cost-effectiveness data which indicates significant disruptive potential. Despite growing acceptance, access to operational expertise and capital is a common bottleneck to some of the most promising early-stage work being conducted in the space. We also see inefficiencies in the sector, with an uneven distribution of investment across molecules and indications. There is potential for novel medicines targeting the serotonin receptor system, new approaches to delivering traditional psychedelic therapies, and supporting technologies to foster the development and growth of the sector.
Dr. Sri Teja Mullapudi, research lead at Noetic Foundry, commented, "It is a wonder how these small molecules bind to specific receptors in the brain and initiate a remarkable cascade of events described as deep meaningful experiences! We are at a unique point of time in understanding this cascade to develop safe, effective, and scalable medicines. Foundry will empower innovators, scientists, and thinkers to do so."
As a venture studio, Noetic Foundry combines the speed, agility, and flexibility of a startup with the deep capabilities, patience, and stable operating practices of a larger enterprise. This model, validated in biotech and other adjacent sectors, allows the company to identify, connect, and form teams working on complementary projects, incubating a diversified ecosystem of projects in both focus and form. Given the nascency of the present psychedelics space and its potential applicability to mental health and CNS indications, Noetic Foundry will focus on developing opportunities upstream, particularly in the realms of drug discovery, drug development and supporting technologies. Noetic Foundry is in the midst of finalizing its first cohort of collaborations and joint ventures, which will be announced in short order.
George Main, who recently joined the Board of Directors of Noetic Foundry, said, "Leveraging the team's deep domain expertise and operational acumen, Noetic Foundry is uniquely positioned to identify and support the most promising translational research that remains unexplored."
About Noetic Foundry
Noetic Labs Incorporated (dba Noetic Foundry) is a venture studio dedicated to building, organizing, and financing high potential projects in the psychedelic medicine and wellbeing space. The Noetic Foundry team brings extensive operational, scientific, and capital markets acumen, addressing key bottlenecks to the viability and scalability of promising, early-stage initiatives in psychedelic medicine. Learn more at noeticfoundry.com.
About Noetic
Noetic operates two venture capital funds, the first being Noetic Psychedelic Fund LP founded February 2020 and the second being Noetic Fund II Master Cayman, LP (dba Noetic Fund II). Both funds focus on supporting leading entrepreneurs and scientists in the nascent psychedelic biotechnology sector by investing in private companies addressing unmet needs in healthcare.
Noetic also recently launched Noetic Unlimited, a media and entertainment company with a focus on mental health and consciousness, and Noetic Knowledge which is working to craft a curriculum for the sector in the years to come. Each company within the Noetic ecosystem has a separate governance structure, but shares the common mission of supporting projects that define a healthy future for people and the planet.
For media enquiries contact:
Noetic Foundry: [email protected]
Noetic: [email protected]
For other enquiries relating to Noetic Foundry, please contact Naseem Saloojee, Co-Founder/Director: [email protected]
For other enquiries relating to Noetic, please contact Josh Hardman, Senior Associate: [email protected]
SOURCE: Noetic Foundry