Google co-founder backs biotech studying psychedelic African shrub from Iboga.
Google Co-founder Sergey Brin Invests in Psychedelic Research for Mental Health
Google co-founder Sergey Brin is stepping into the burgeoning field of psychedelics with a significant investment aimed at exploring the therapeutic potential of a hallucinogenic shrub native to Africa. This move marks a notable expansion of Silicon Valley’s growing interest in psychedelics for mental health treatment.
Catalyst4’s Major Funding Initiative
Through Catalyst4, a non-profit investment vehicle established from Brin’s Tesla stock sale proceeds in 2021, Brin is committing around $15 million of a $25 million funding round for Soneira, a biotech startup. Soneira is set to conduct clinical trials on ibogaine, a naturally occurring psychoactive substance found in the West African shrub Tabernanthe iboga. These trials will focus on its potential to treat traumatic brain injury (TBI).
Ibogaine’s Cultural and Medical Significance
Historically, ibogaine has been used by tribes in Gabon for spiritual rituals due to its mind-altering effects. In recent years, it has garnered attention from both psychedelic advocates and mental health researchers in the West. Earlier this year, a study funded by Brin’s charitable foundation at Stanford University showed promising results: ibogaine therapy improved mental health and cognitive function in 30 US military veterans suffering from TBI.
Innovative Research and Safety Measures
Soneira is collaborating with Stanford psychiatrist Nolan Williams, who was involved in the aforementioned study, to explore ways to safely administer ibogaine. This includes combining it with heart medications to reduce the risk of fatal cardiac arrhythmia, a known side effect. Additionally, the company is developing a synthetic version of ibogaine to ensure consistency and safety in treatments.
Silicon Valley’s Psychedelic Ventures
Brin’s investment in psychedelics is part of a broader trend in Silicon Valley, where interest in these substances is both personal and financial. Catalyst4, funded by Brin’s $366 million windfall from selling his Tesla stake, reflects this trend. Other tech figures like Elon Musk, who has openly discussed using ketamine for depression, and Peter Thiel, an early investor in Atai Life Sciences, are also involved in psychedelic research.
Venture Capital and Psychedelics
According to PitchBook data, venture capitalists have invested nearly $180 million in psychedelic biotech companies this year alone. The sector saw a peak in 2021 with $528 million raised, underscoring the rapid growth and investor confidence in the potential of psychedelics.
Brin’s Broader Philanthropic Goals
Through the Sergey Brin Family Foundation, Brin has channeled substantial resources into researching neurodegenerative and psychological conditions. Brin, ranked as the seventh-richest person in the world by Forbes, has a personal stake in this research due to a genetic mutation that increases his risk of Parkinson’s disease.
Catalyst4’s Broader Mandate
Catalyst4, with assets totaling $430 million at the end of 2022, is dedicated to investing in groundbreaking treatments for neurological disorders and innovative technologies to combat climate change. The foundation operates under a tax-exempt status and involves members from Brin’s family office, Bayshore Global Management, which manages assets exceeding $100 billion.
Future Prospects for Soneira
Soneira is not alone in its quest for funding. Other investors, such as Helena Special Investments and LifeForce Capital, have also shown interest. Helena Special Investments is known for its backing of Lykos Therapeutics, which is awaiting regulatory approval for MDMA to treat PTSD, while LifeForce Capital focuses on digital health startups. Soneira aims to close its funding round by the end of summer.
As the field of psychedelics continues to evolve, Sergey Brin’s investment underscores the potential these substances hold for revolutionizing mental health treatment and the growing support from influential tech leaders.
source: https://www.ft.com/content/5ed7daee-3d03-45d1-876b-52d81f0e2b68
