Newlimit Raises $435M Series C; Valued at $3.1B

Newlimit announced on June 2 that it raised $435 million in a Series C round led by Founders Fund, bringing its post-money valuation to roughly $3.1 billion.

The financing included new investors Thrive Capital, Greenoaks and Quiet Capital. Returning backers Kleiner Perkins, Abstract and Valor Equity Partners increased their stakes. The company raised $130 million in its prior funding round last year.

Newlimit was founded in 2021 by Brian Armstrong, Blake Byers and Mark Kimmel. The company develops medicines using epigenetic reprogramming, a technique intended to reset how genes are expressed in a cell without altering the DNA sequence.

In laboratory tests, a prototype medicine reversed cellular age markers in older human liver cells, a result the company reported as a factor in accelerating its clinical timetable. Newlimit plans to file regulatory paperwork and begin human trials of its first reprogramming therapy next year.

The Series C will support the planned clinical program and further development of Newlimit’s reprogramming platform. Founders Fund led the round to provide capital for trials and continued research.

Armstrong has directed personal funds toward long-term science and infrastructure projects beyond the cryptocurrency sector, and Newlimit’s financing follows the company’s move from laboratory research toward regulated drug development.