M&G Investments (M&G) announces that it has led a US$50 million Series C funding round for bit.bio, the Cambridge-based biotech company pioneering next-generation human cell programming technology. The investment of patient capital into a fast-growing private UK company, spun out from the University of Cambridge, marks a major vote of confidence in innovation and the future of drug development in the UK.

The funding will enable bit.bio to accelerate the development of, and access to, its products, scale its operations globally, expand into the multi-billion toxicology market, bolster its manufacturing operations and generate industry-leading datasets for AI model training.

The company's ioCells™ human cell products are used by leading pharmaceutical and biotech companies and academic institutions globally. Through the creation of human cells and models for research, drug discovery, and toxicology, bit.bio is leading the global transition towards human-relevant New Approach Methodologies (NAMs), which use advanced cell-based and computational models instead of animal testing, and are reshaping how medicines are developed with greater predictiveness.

M&G has invested through its Crossover strategy within its public equity business on behalf of M&G Life's £130 billion With Profits Fund and its 4.5 million UK policyholders. Crossover provides patient growth equity to high-quality, fast-growing private companies, enabling their eventual crossover into public markets.

In addition, bit.bio and M&G are pleased to announce that Lord David Prior - who has held distinguished leadership roles in UK Life Sciences innovation, health policy and governance for more than two decades - joins as an independent director and new Board Chair.

Przemek Obloj, Chief Executive of bit.bio, said: "By providing reliable human cells for research and safety testing, we're helping to accelerate drug development and build a world class life sciences business in the UK. Our technology reduces reliance on animal testing while improving the relevance and accuracy of pre-clinical research. With fresh backing from M&G and our wider investor base, we can accelerate development, from in silico model training through our most established in vitro discovery models and towards safety testing."

Cornel Chiriac, Investment Director of Crossover, M&G Investments, said:

"The investment of patient capital into a fast-growing private UK company, spun out from the University of Cambridge, marks a major vote of confidence in innovation and the future of drug development in the UK. bit.bio's platform makes cell programming reliable, scalable, and commercially ready in a rapidly evolving field. As a long-term investor, M&G is committed to backing the next generation of UK businesses and driving economic progress. With a growing global footprint, bit.bio is a UK success story poised for international growth."

Lord David Prior concluded: "bit.bio's technology is world class and the opportunity is now converting that advantage into sustained commercial performance. I look forward to supporting the team as it expands its customer reach and becomes a key partner for pharmaceutical, biotech and research organisations worldwide."