The round was led by Catalio Capital Management and ARCH Venture Partners. Alexandria Venture Investments and Risk and Reward (R2) also participated. Pheast plans to use the funds to expand its management, scientific, and administrative teams, as well as towards R&D to advance its pipeline of innate immune checkpoint inhibitors towards the clinic.

Pheast is a pre-clinical stage immuno-oncology company focused on targeting cancer immune evasion pathways to activate the innate immune system in the fight against cancer. Founded in 2020 and led by scientific experts in innate immunity and cancer immunotherapy, Pheast is aiming to develop novel therapies for some of the most difficult-to-treat and aggressive cancers, as well as women's cancers including ovarian cancer and breast cancer.