Quick take:
- Binance Labs did not disclose the investment amount and stricture of the funding.
- Its investment in BIO Protocol marks its first foreign into the decentralised scrince sector.
- BIO’s token generation event, BIO Genesis held earlier this year saw the project raise $6 million in its first round.
Binance Labs has joined a growing list of Web3 companies and investors making their foray into the descentralised science sector, including A16z and Coinbase CEO Brian Armstrong.
The company revealed on Friday that it has invested in BIO Protocol, a DeSci project that wants to wants to use blockchain technology to organise fundraisings and the commercialisation of early-stage scientific research.
Explaining its decision to invest in BIO, Binance Labs, which managers $10 billion said: “BIO can be thought of as a Y Combinator for onchain Science,” adding that the project is designed to change how early-stage scientific research is financed and commercialized using blockchain technology.
This announcement comes on the heels of BIO’s token generation event dubbed BIO Genesis, which generated $6 million in its first round. Crypto VC 1kx, Boost VC and Northpond Ventures, which manages a $3 billion biotech fund participated in the round.
The company is currently conducting its second auction with the likes of Zee Prime Capital, Kosmos Ventures and Panga Capital participating. The latest round brings BIO’s total funding to $13 million, according to a BIO spokesperson.
BIO’s system allows researchers, investors and patients to fund early-stage science projects granting them ownership via a descentralised autonomous organisations (DAOs). The company’s network currently condsists of seven DAOs on the Ethereum blockchain, focused on a diverese range of research areas including researching cryopreservation, women’s health and psychedelics for mental health.
“We are also using blockchain to develop decentralized AI Research Agents that are integrated with BioDAOs and autonomously coordinate around-the-clock research efforts throughout the network and across the network’s specialized scientific fields,” the spokesperson added.
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