Dynabind dines on seed financing

Dynabind, a Germany-based drug discovery services provider spun out of Technische Universität Dresden (TU Dresden), closed a seed round of undisclosed size yesterday with investors including TU Dresden-focused tech transfer association Tudag.
The round was also backed by public-private partnership High-Tech Gründerfonds (HTGF) and Saxony government-backed venture fund Technologiegründerfonds Sachsen.
Founded in 2017, Dynabind provides drug discovery services to pharmaceutical, biotechnology and academic research clients based on a library of potential drug molecules indexed according to their unique DNA identifiers.
Dynabind’s platform allows multiple chemicals to be simultaneously screened against a given protein target, theoretically yielding results far quicker than classical methods of drug discovery.
The funding will support a recruitment drive and the development of new lab space for Dynabind’s operations in response to increased demand for its services.
Dynabind was spun out from the lab of Yixin Zhang, a professor for biomolecular interaction at TU Dresden’s B Cube Center for Molecular Bioengineering. Its co-founders include Francesco Reddavide, a former PhD student in the Zhang lab who now acts as Dynabind’s director for research and development.
Tudag was named as an existing backer of Dynabind in the press release, however further details could not be ascertained.
Fabian Mohr, investment manager at HTGF, said: “Dynabind’s technology solves many obstacles of conventional offerings in the current market.
“We are convinced that the patented dynamic library design and the current selection of fragments and small-molecules in a favourable chemical space will strongly enable Dynabind to grow their business and create value for their customers.”