Microsoft’s founder, Bill Gates, has long been working on a number of humane causes. Gates is very well known as a global philanthropist and in the past, has funded a number of excellent projects based on developing countries. Gates has now expressed interest in biotech, specifically in the efforts of Medicine Foundation Inc.
Foundation Medicine Inc. recently got done with its Series B Financing round. In this financing round, Bill Gates invested rather heavily into the company, furnishing a total capital of $13.5 million. Evidently, what piqued Gates’ interest in the organization was the fact that Foundation Medicine has recently pioneered a new cancer diagnostic test.
Gates first expressed his interest in biotechnology back in September when he sent an email to the CEO of Foundation Medicine Inc, Michael Pellini. In that email, Gates didn’t exactly speak about investing any money in the organization, rather expressed his general curiosity in knowing more about the company and the health services it was offering.
The correspondences between the two is what apparently led Gates to invest a rather substantial sum in the company during its Series 8 of funding. It also goes on to show that Bill Gates may have focused his philanthropic endeavors on biotechnology for now, which is indeed good to note. Given his own technological background, Gates can furnish not only capital but also other resources to help a biotech company bolster the quality and breadth of its services.
Courtesy: All Things D