TrueBinding Valuation, Funding & Investors

TrueBinding is valued at $109M as of October 2019.

Last TrueBinding valuation

$109M

Undisclosed stage · Oct 2019

Last TrueBinding funding round

$58M

Undisclosed stage · Jul 2023

Cumulative funding TrueBinding raised

$247M

across 5 funding rounds

Key investors in TrueBinding

  • ChinaNetCenter

TrueBinding Overview

About TrueBinding

TrueBinding is a biotherapeutics developer targeting immuno-oncology and other unmet medical needs. The Cambridge, United Kingdom-based company employs its proprietary Truebinding platform to identify novel ligands for checkpoint inhibitor receptors, resulting in six previously uncharacterized molecules.


Founded

2015

HQ

United StatesSan Jose, CA

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Valuation

$109M (Oct 2019)

TrueBinding Valuation

TrueBinding is currently valued at $109M, based on its undisclosed-stage round in October 2019.

TrueBinding valuation by funding round

TrueBinding valuation by funding round
DateStageValuation
Oct 2019Undisclosed stage$109M

TrueBinding Funding History

TrueBinding has raised a total of $247M across 5 funding rounds.

TrueBinding's first fundraising round was a $20M undisclosed-stage round in October 2019. The most recent completed round was a $58M undisclosed-stage round in July 2023.

TrueBinding funding rounds

TrueBinding funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2023Undisclosed stage-$58M-TrueBinding is a Foster City, California-based clinical-stage biotherapeutic company formerly known as Immutics, focused on developing novel antibody therapies targeting Galectin-3 for neurodegenerative diseases including Alzheimer's disease and Parkinson's disease, as well as acute ischemic stroke. The company secured FDA Investigational New Drug clearance for its lead candidate TB006 and has been conducting clinical trials, including a Phase II study for Alzheimer's enrolling 140 patients with results expected soon after mid-2023 announcements. TrueBinding's latest reported funding was an Unattributed - V round of $57.71M on July 5, 2023, from undisclosed investors, bringing total funding to $229.06M across 7 rounds; earlier rounds include a Series D with Shangbay Capital and prior unattributed rounds. TrueBinding operates in a competitive Alzheimer's funding landscape with peers like Insilico Medicine, Cognito Therapeutics, Alzheon, and Neuron23 raising tens to hundreds of millions amid growing investor interest in disease-modifying therapies. Post-2023 developments include FDA IND approval for TB006 in Parkinson's in November 2024, advancing to Phase II trials, highlighting ongoing progress in Galectin-3 targeted therapies discovered in-house.
Mar 2023Strategic investmentChinaNetCenter (lead)$20M-TrueBinding is a clinical-stage biotherapeutic company focused on developing novel therapies. It has raised a total of $229.06M across 7 funding rounds, with the latest being an Unattributed - V round of $57.71M on July 5, 2023 from undisclosed investors. Investors include Shangbay Capital in the Series D and Paycheck Protection Program in another round.
Jul 2022Series C-$100M-TrueBinding is a clinical-stage biotech company founded in 2016 (formerly known as Immutics) based in Foster City, California, focused on developing treatments for neurodegenerative diseases including Alzheimer's disease and stroke. The company developed TB006, an experimental antibody drug for which the FDA granted Investigational New Drug clearance in October 2021, allowing expedited multi-state drug transportation. By July 2022, TrueBinding had initiated a Phase II clinical trial for Alzheimer's disease enrolling 140 patients with results expected in the following months.
Jul 2020Undisclosed stage-$50M-TrueBinding, a biotech company founded in 2016 (previously known as Immutics) and based in Foster City, California, develops a proprietary drug discovery platform for novel monoclonal antibody therapeutics targeting neurodegenerative diseases like Alzheimer's, Parkinson's, stroke, and Autism Spectrum Disorder, focusing on neuroinflammation and protein aggregation. The company has raised a total of $229.06M across 7 funding rounds from 2 investors including Shangbay Capital, Aethan Capital, R3i Capital, and Wangsu, with cumulative funding reported as $175.1M in some sources. Later rounds include a Series D in 2022, Unattributed - III on July 6, 2022, Unattributed - IV on November 3, 2022, $20.1M on November 3, 2022, and Unattributed - V for $57.71M on July 5, 2023. TrueBinding secured FDA Investigational New Drug clearance for its lead drug TB006 and has been conducting a Phase II Alzheimer's clinical trial enrolling 140 patients, with results expected soon after 2022 announcements.
Oct 2019Undisclosed stage-$20M$109MTrueBinding is a clinical-stage biotherapeutic company, previously known as Immutics, focused on developing experimental antibody drugs such as TB006 for Alzheimer's disease and stroke. Founded in 2016, it secured an IND for its lead drug and conducted a Phase II Alzheimer's study enrolling 140 patients, with results anticipated shortly after announcements in March and May 2022. The company maintains a secretive profile, issuing terse press releases without disclosing investor identities. TrueBinding has raised significant funding across multiple rounds, totaling approximately $229.06M over 7 rounds as of its latest Unattributed - V round of $57.71M on July 5, 2023. Earlier rounds include a Series B on October 10, 2019, raising $5.37M at a post-money valuation of $108.9 million, and a Series D involving Shangbay Capital around August 1, 2022. Other notable raises include $100M announced on July 12, 2022, for its antibody drug development, $20.1M on November 3, 2022, and additional unattributed rounds in 2020 and 2022. Investors include Shangbay Capital and participants in the Paycheck Protection Program, with a total of 2 known investors. The company has not publicly disclosed revenue, ARR, EBITDA, or valuation multiples for the 2019 round or surrounding periods. No competitive or market context details are provided in the sources, and financial metrics like revenue remain at zero or undefined in available funding tables.

Who has invested in TrueBinding?

1 investor has backed TrueBinding across its funding rounds, including ChinaNetCenter.

Lead investors include ChinaNetCenter.


TrueBinding Investors

Investors in TrueBinding by funding rounds participated
InvestorHQRoundsRoleFirst check

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TrueBinding Competitors

TrueBinding competitors include listed companies like Medivir and PMV Pharma, and private ones like Neowise, New Radiomedicine Technology, J2H Biotech and Pharmazz.

Public and private companies comparable to TrueBinding
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NeowiseChinaSuzhouPrivate--$109M-
MedivirSwedenSwedenPublicly listed$868K($6M)$109M135.7x
PMV PharmaUnited StatesUnited StatesPublicly listed-($86M)$110M-
New Radiomedicine TechnologyChinaChengduPrivate--$110M-
J2H BiotechSouth KoreaSeongnamPrivate--$108M-
PharmazzUnited StatesChicago, ILPrivate$3M-$110M36.7x

TrueBinding Public Comps

TrueBinding is still privately-owned, but its public comps include Medivir, PMV Pharma, Cumberland, Black Diamond Therapeutics, Guerbet, Bioceltix, Paradigm Biopharma, Polaryx Therapeutics, Easywell Biomedicals and Coya Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Medivir$868K($6M)96.4x135.7x(13.8x)(12.9x)
PMV Pharma-($86M)--(0.4x)-
Cumberland$45M$2M2.4x-43.4x-
Black Diamond Therapeutics$70M$19M0.2x0.7x0.9x(0.6x)
Guerbet$920M($34M)0.5x0.5x(13.1x)5.5x
Bioceltix-($4M)--(24.6x)(23.9x)
Paradigm Biopharma$57K($39M)1853.1x23.2x(2.7x)(3.6x)
Polaryx Therapeutics-($9M)--(10.6x)-

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Common questions about TrueBinding

When was TrueBinding founded?TrueBinding was founded in 2015.
Where is TrueBinding headquartered?TrueBinding is headquartered in San Jose, CA, United States.
Is TrueBinding publicly listed?No, TrueBinding is a private, VC-backed company.
What is TrueBinding's valuation?TrueBinding was last valued at $109M in its undisclosed-stage round in October 2019.
How much funding has TrueBinding raised?TrueBinding has raised $247M across 5 funding rounds.
What was TrueBinding's last funding round?TrueBinding's last funding round was a $58M undisclosed-stage round in July 2023.
Who are TrueBinding's investors?TrueBinding's investors include ChinaNetCenter.
Which companies are comparable to TrueBinding?Companies comparable to TrueBinding include Neowise, Medivir, PMV Pharma, New Radiomedicine Technology, J2H Biotech and Pharmazz.

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