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Silicon Valley continues pushing the boundaries of mental health treatment, with Google (NASDAQ:GOOG) co-founder Sergey Brin now financing the development of a hallucinogen derived from a West African shrub.
Brin is leveraging part of the profits from his 2021 Tesla (NASDAQ:TSLA) stake sale to fund Catalyst4, a non-profit investment vehicle dedicated to innovative treatments and technologies. Catalyst4 has pledged approximately $15 million of a $25 million funding round for the psychedelic start-up Soneira, reported Financial Times citing sources familiar with the issue. Soneira is launching clinical trials to explore ibogaine, a substance present in an African shrub, as a potential treatment for traumatic brain injury (TBI).
Ibogaine, traditionally used in spiritual rituals by tribes in Gabon, recently garnered interest from western mental health researchers and psychedelic advocates for its mind-altering effects. Earlier this year, a Stanford University study funded by Brin's charitable foundation reported that ibogaine therapy improved mental health and cognitive function in 30 U.S. military veterans with TBI. Stanford psychiatrist Nolan Williams, involved in the study, is now advising Soneira.
Soneira is focusing on combining ibogaine with heart medications to reduce the risk of fatal cardiac arrhythmia, a known side effect of the plant. The biotech company is also developing a synthetic version of the compound, aiming to launch early-stage clinical trials with the new funding.
Brin's Catalyst4 represents the latest example of Silicon Valley's growing interest in psychedelics, both for personal use and as lucrative investments. Catalyst4 was funded by the $366 million from Brin's sale of his entire Tesla stake. Notably, Tesla founder Elon Musk has openly discussed using ketamine for depression, while tech investor Peter Thiel was an early supporter of Atai Life Sciences, which is also researching ibogaine for opioid-use disorder treatment. Venture capitalists have invested nearly $180 million in psychedelic biotechs this year alone, with a record $528 million raised in 2021.
Through the Sergey Brin Family Foundation, Brin has invested hundreds of millions into research on neurodegenerative and psychological conditions. The Google co-founder, who discovered a genetic mutation heightening his risk of Parkinson's disease, uses Catalyst4 to fund breakthrough treatments for neurological disorders and climate change technologies. Catalyst4 had total assets of $430 million at the end of 2022.
Around half a dozen parties have shown interest in investing in Soneira, including Helena Special Investments and LifeForce Capital. Helena Special Investments is behind Lykos Therapeutics, which awaits regulatory approval for MDMA as a treatment for PTSD. Soneira's funding round is expected to close after the summer.
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