When extinction startup Colossal Biosciences revealed last year that it was attempting to “resurrect” the dire wolf from genetic material found in fossils.we discuss that, despite the controversy surrounding the project, the company was building valuable technologies that justify its $10.2 billion valuation.
Now, about 16 months later, the startup is in talks to raise new funding at a valuation of between $20 billion and $30 billion. Axios reported.
It is unclear who is leading the new round or how much capital the five-year-old company is seeking to raise. But we do know, based on the report, that Colossal has started generating revenue over the last year.
Colossal co-founder and CEO Ben Lamm told TechCrunch last year that the company sees three revenue streams for the business.
The company has offered its conservation technology to the US government and the United Arab Emirates, which recently invested 60 million dollars in the company, according to Wired.
Colossal has created three new companies, including Breaking, a company that helps break down plastics; Form Bio, a computational biology platform that raised $30 million in funding; and Astromech, an AI-powered predictive modeling company focused on biology and life sciences, which was valued at $2 billion in March.
Lamm told TechCrunch last year that the company also plans to derive its artificial animal womb technology, which could have applications for human fertility treatment. In May, he said rolling stone The technology is expected to be ready next year.
If the company manages to reintroduce extinct animals, including the woolly mammoth and dodo bird, into their native habitats, it could eventually generate revenue through the sale of biodiversity credits, a market-based mechanism similar to carbon credits, according to Lamm.
The new fundraising effort comes amid a boom in longevity technology, alternative energy and other deep tech sectors.
Colossal did not respond to our request for comment.
