San Diego-based life science company Erasca has secured $22 million in Series A funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced March 5 and led by Reneo Capital Management.
According to its Crunchbase profile, "Erasca is embedded in their name: To erase cancer in patients by creating a new generation of oncology drugs that they hope will not just treat, but actually cure. Energized by recent scientific discoveries and advances in drugging various biological drivers of cancer, they are committed to solving oncology’s hardest problems."
The one-year-old startup also raised a $42 million Series A round in 2018.
The round brings total funding raised by San Diego companies in health care over the past 90 days to $60 million. The local health care industry has produced 57 funding rounds over the past year, yielding a total of $2.1 billion in venture funding.
In other local funding news, transportation and company Achates Power announced a $2 million grant on March 7, financed by ARPA-E.
According to Crunchbase, "Achates Power has developed radically improved internal combustion engines that increase fuel efficiency, reduce greenhouse gas emissions AND are lower cost. Founded in 2004 with the mission to build better, more efficient engines, the company has over 50 employees, almost all in-house engineers and scientists focused on applying their proven technical know-how and expertise, coupled with the industry's leading-edge testing, simulation and analysis tools. The Achates Power opposed-piston, two-stroke, compression-ignition engine is key for the future of clean, efficient and cost-effective passenger- and commercial-vehicle transportation."
Founded in 2004, the company has raised four previous rounds, including a $29 million Series D round in 2017.