The financing was co-led by Breakout Ventures and the Perceptive Xontogeny Venture Fund ("PXV Fund"). The company will use the funds to advance its polymer-based drug delivery platform and accelerate the development of an ultra-rapid insulin for treatment of diabetes.

Surf Bio is a preclinical biopharmaceutical company leveraging a novel biotechnology platform to develop enhanced therapeutic solutions for diabetes, oncology, infectious diseases, gene therapy, and other therapeutic areas. Surf Bio was launched by the founders of Bigfoot Biomedical and Mode AGC to commercialize a breakthrough drug stabilization technology developed in the Appel Lab. Commercially, the technology is designed to enable reduction of refrigeration requirements, transition from IV to subcutaneous therapy, and novel pharmaceutical formulations across a range of therapeutic areas.