Ahren Innovation Capital has led a $16m initial series A tranche for Mogrify, co-founded by researchers from Bristol, Monash and Duke universities.

Mogrify, a UK-based cell conversion technology developer with links to Bristol, Monash and Duke universities, today raised a $16m first series A tranche led by patient capital fund Ahren Innovation Capital.
Parkwalk Advisors, the fund management subsidiary of commercialisation firm IP Group, contributed to the round both directly and through its University of Bristol Enterprise Fund III. Private equity firm 24Haymarket also took part.
Incorporated in 2016, Mogrify is working on direct cellular conversion technology that enables any mature human cell type to be transformed into any other without the need for pluripotent stem cells.
The platform relies on big data analytics to identify the optimal parameters needed for conversion. Mogrify expects to develop cell therapies for musculoskeletal, auto-immune, ocular and respiratory diseases as well as for cancer immunotherapy.
Mogrify was co-founded by Julian Gough, honorary professor at University of Bristol, Jose Polo, professor of biochemistry and molecular biology at Monash University, and Owen Rackham, assistant professor at Duke University-NUS Medical School.
The series A funding has been allocated to internal cell therapy programs and the development of intellectual property that can be licensed out for a wide range of therapeutic areas. The money is also driving recruitment, with headcount set to increase to 60 from a current 20.
Alice Newcombe-Ellis, founder and managing partner of Ahren, and Alastair Kilgour, chief investment officer of Parkwalk, will join the board of directors together with Karin Schmitt, the chief business officer of Mogrify.
Mogrify has now received $20m altogether, it said, though some of this appears to be grant funding. It previously obtained $3.7m in seed funding in February 2019 led by Ahren, with participation from 24Haymarket and chief executive Darrin Disley.
Kilgour said: “We are delighted to be supporting the team at Mogrify, many of whom have been involved successfully with companies we have previously invested in, in this investment round.
“The science and technology base Mogrify are building is truly unique and disruptive. If successful, the positive effect on patient outcomes across a wide range of diseases will be staggering.”

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.