Converge Bio Secures $25M Series A from Bessemer and Tech Execs

Converge Bio, a startup with offices in Boston and Tel Aviv, has raised $25 million in a Series A funding round. The company builds AI tools to help pharmaceutical and biotech firms speed up drug development. Bessemer Venture Partners led the round, which also drew investments from TLV Partners, Vintage Investment Partners, and executives from Meta, OpenAI, and Wiz. The oversubscribed round comes as more companies turn to artificial intelligence to cut time and costs in finding new medicines.

Background

Drug development takes years and costs billions, with most projects failing along the way. Pharma and biotech companies face pressure to find better ways to identify targets, design molecules, and test them. Artificial intelligence offers a path to change that. Over 200 startups now work on AI tools for drug discovery, pulling in money from investors who see huge potential.

Converge Bio started about two years ago. It trains AI models on data like DNA, RNA, protein sequences, and chemical structures. These models fit into the daily work of scientists at drug companies. The goal is to make experiments faster and more reliable. Early on, the company raised $5.5 million in seed funding from TLV Partners. That money helped build the team and early products. Since then, Converge has grown from nine employees in late 2024 to 34 today.

The startup works with partners across the United States, Canada, Europe, and Israel. It now plans to enter Asia. So far, it has signed 40 partnerships and runs about 40 active programs. Public examples show results: one partner saw protein production rise four to four-and-a-half times in one computer run. Another got antibodies with very strong binding in the single-nanomolar range.

The field has gained speed lately. In 2024, Google DeepMind's AlphaFold team won a Nobel Prize in Chemistry for predicting protein shapes. Eli Lilly and Nvidia built a supercomputer for drug work. Investors notice. Converge Bio rides this wave as skepticism fades and real results pile up.

Key Details

Converge Bio offers three main AI systems so far. One designs antibodies. Another optimizes protein yield. The third finds biomarkers and drug targets. Each system combines steps for full use.

How the Antibody System Works

Take the antibody tool. It starts with a generative model that creates new antibody ideas. Then predictive models check properties like stability. A physics-based docking system tests how the antibody binds to its target in 3D space. Customers get the whole package, ready to plug in. No need to build from scratch.

The company covers the full drug lifecycle: from picking targets to clinical trials and manufacturing. AI helps at each step with experiments that save time.

"The drug-development lifecycle has defined stages — from target identification and discovery to manufacturing, clinical trials, and beyond — and within each, there are experiments we can support," said Dov Gertz, CEO and co-founder of Converge Bio.

Converge keeps customer data private. Its tools explain results, which builds trust. Unlike simple chat models, these handle biology's complexity. Hallucinations—wrong outputs—cost more here since checking a new molecule takes weeks. Converge uses filters: generative models suggest ideas, predictive ones score them to cut risks.

Past work includes ties to Teva, Compugen, and BiomX. In 2024, it joined an AWS program with Nvidia, Meta, and Mistral AI for cloud credits. The team mixes experts in machine learning, biology, and drug making.

What This Means

This funding lets Converge Bio expand its platform and hire more AI scientists. It aims to cover more stages of drug making and reach new customers. The backing from Bessemer signals strong belief in AI for biotech. Execs from Meta, OpenAI, and Wiz add credibility—they know advanced tech.

The money comes at a time when AI shifts life sciences from guesswork to data design. Pharma firms spend billions on R&D but succeed rarely. Tools like Converge's could shorten timelines from 10-15 years and boost hit rates. More startups mean competition, pushing faster progress.

Converge sees itself as the go-to AI lab for the industry. Wet labs for real tests stay key, but computational labs generate ideas first. If it scales, partners get drugs to patients quicker and cheaper. The space grows hot: others like Aion Labs' ProPhet hunt small molecules, CombinAble.AI tackles antibodies.

Success depends on proving results at scale. Early wins help, but big trials lie ahead. As AI tools mature, expect more partnerships and tools. Investors bet this changes how medicines form, opening doors to treatments once out of reach.

Dov Gertz points to inbox demand as proof. A year and a half ago, doubt ruled. Now, companies line up.

"We feel the momentum deeply, especially in our inboxes. A year and a half ago, when we founded the company, there was a lot of skepticism," Gertz said.

The vision: every biotech and pharma group uses Converge as its generative lab. That could reshape an industry worth trillions.