Decentralized science platform Molecule raises $13 million in seed funding By _tommatsuda
Molecule has raised $13 million in seed funding in a round led by Northpond Ventures. Other participants in the round included Backed VC, Shine Capital, Speedinvest and former Coinbase CTO Balaji Srinivasan.
Other participants in the round included Backed VC, Shine Capital, Speedinvest and former Coinbase CTO Balaji Srinivasan, according to a press release today. This is Molecule's first raise in the web3 space. "Imagine if insulin was collectively owned and governed by diabetics — how would they price the drug, access it and how would information be shared within that community," said Golato whose background is primarily in biochemistry and biology research."It's this idea of trying to take an industry that is anti-collaborative and monopolistic and figure out a way to open that to a broader group of people who have the most skin in the game.
Currently, much of the funding comes via its associated DAO named VitaDAO. However, with part of the new funding, Molecule plans to build out an accelerator framework for biotech DAOs that target specific diseases that it will initially support with $100,000 seed checks with the hope that it becomes self-funded. Much of the funding will also be used to build out its team, particularly in the engineering space and to create a non-profit foundation to steward the Molecule protocol.
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