Third Rock Ventures signs up to $2.16B AI antibody-discovery deal with China's Funnel Biosciences

What's the story? On 10 November 2026, Third Rock Ventures (TRV) announced a collaboration with Funnel Biosciences, a Beijing-based AI biotech founded in February 2026, under which Funnel applies its AI antibody-discovery platform to multiple drug targets nominated by the venture firm. Funnel receives an undisclosed platform access fee and is eligible for total potential fees of up to $2.16 billion.

Why it matters: The deal is striking for TRV, which has historically incubated and built biotech companies rather than directly commissioning drug discovery. It is the second such arrangement for the firm, following its 2025 partnership with Shanghai's Perpetual Medicines, which delivered a first development candidate in under 18 months. Funnel (known as Fangnuo Biotech in China) was co-founded by Dr Liu Jintan, a cancer researcher formerly at MSD, and Dr Mingchen Chen, a computational biophysicist specialising in AI protein design. Its platform couples generative algorithms with physics-based energy calculations to design antibodies from scratch — an approach aimed at targets that are hard to hit with conventional methods, such as multi-pass membrane proteins (proteins that thread through the cell wall several times and are difficult for immune-system-derived antibodies to reach). The company says its candidates can achieve picomolar binding affinities, good developability and low immunogenicity, meaning a low tendency to trigger an unwanted immune response.

Funnel Biosciences is not yet listed in Dealroom; this note is attached to its partner. The financial terms beyond the platform fee were not disclosed.

Read more: Pharmaphorum, 10 November 2026 · Endpoints News, 9 November 2026