Milner steps into CEO role as bit.bio unveils $30m funding

A $30 million round was led by M&G Investments, a leading international savings and investment company. Existing investors, including ARCH Venture Partners, BlueYard Capital, Milky Way, Puhua Capital, and Tencent, participated.

M&G’s investment is through its Crossover strategy, a global initiative led by M&G’s public equity investment division to provide growth equity to high-quality, fast-growing private companies, enabling their transition from the private market to the public world.

The continued backing of all of bit.bio’s previous lead investors underscores strong confidence in the company’s potential and strategic direction. The money will accelerate bit.bio’s transformation into the leading provider of human cells for research and drug discovery, furthering its mission to revolutionise tools for biomedical innovation.

bit.bio has strengthened its executive leadership team as part of its growth strategy. Abcam founder and serial biotech entrepreneur and investor Dr Jonathan Milner will take on the role of Interim CEO and join the Board of Directors from January 6.

He also initiated the Milner Therapeutics Institute, of course, designed to connect academia with industry, accelerate drug discovery and promote partnerships between researchers & biopharma companies.

Dr Mark Kotter, bit.bio founder and inventor of the revolutionary opti-ox™ cell programming technology, will take on the role of Vice Chairman of the Board, continuing to help shape the company’s strategic vision.

He said: “I’m delighted to welcome M&G, our first UK investor and a titan in life science investment, to join us in our mission to revolutionise drug discovery tools and transform human health.

“Since founding bit.bio in 2016, it has been a privilege to lead the company through remarkable growth. Jonathan was not only the first investor in bit.bio but also my first business mentor.

“As part of our next phase of growth, I will work closely with Jonathan and the team to help shape bit.bio’s future and establish bit.bio as the leading provider of human cells for research, drug discovery and the preferred partner for iPSC-derived cell therapies.”

Dr Milner added: “I’m honoured to join bit.bio’s Board of Directors and lead the company through this transformative phase. Mark has built an incredible foundation for growth, and I am committed to building on this success.

“Over the coming months, Mark and I will collaborate to inspire bit.bio’s exceptional team, advance its groundbreaking technology, and drive its mission forward.”

bit.bio also announced the appointment of two distinguished biotech leaders to its Board, further strengthening its leadership team.

Cornel Chiriac is an investment director with M&G Crossover Fund, focusing on late-stage investments in technology and science globally. He founded and invested for 10 years with 2050 Capital specialising in biotech and deep technology ventures. He also leads the Chicago Booth Angels Network in London and has extensive experience in strategy consulting at LEK Consulting.

Dr Richard D. Klausner is co-founder and chief scientist at Altos Labs and a visionary leader in biotechnology. He has co-founded several leading biotechnology companies, including GRAIL, Juno Therapeutics, and Lyell Immunopharma, and has held senior executive positions at Illumina and the Bill & Melinda Gates Foundation.

As former director of the U.S. National Cancer Institute (NCI), Dr Klausner was instrumental in advancing CAR-T therapy and shaping the nation’s cancer research agenda.

Dr Hermann Hauser – chairman of the Board and Co-Founder of Arm and Amadeus Capital Partners said: “These new board appointments bring unparalleled expertise across biotechnology, investment, research tools, and therapeutic innovation.

“We are delighted to welcome M&G to the bit.bio family. The continued support from our existing investors reaffirms their confidence in our team, technology, and mission.”

The company won the Life Science Innovation category of the Business Weekly Awards in September.