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Largest Psychedelics Company In The World Just Raised Record $157 Million

by : Julia Banim on : 14 Mar 2021 16:53
Largest Psychedelics Company In The World Just Raised Record $157 MillionP K/Flickr/Ирина Печкарёва/CC3.0

The world’s largest psychedelics company has just raised a record-breaking $157 million.

Atai Life Sciences is a Berlin based biotech firm with a focus on psychedelic treatments for those suffering with mental health disorders.

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Atai is reportedly currently pursuing various treatments for mental health conditions – including for depression, anxiety and post-traumatic stress disorder (PTSD) – using drugs like DMT, arketamine and psilocybin (the psychoactive ingredient found in magic mushrooms).

Canada Is Allowing People With Depression To Do Psychedelic MushroomsWikimedia Commons

The company is understood to be a significant player in the business of global psychedelics. As reported by Sifted, the market has expanded substantially over the past year, with European companies emerging as clear leaders.

As per Sifted, CEO and cofounder of Atai, Florian Brand, said:

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We continue on our mission challenging the current way mental health conditions are treated. We have become better equipped than ever to accelerate the development of more efficacious treatments.

Atai’s Series D raise comes after a $125m funding round in November 202, at a time when the company is rumoured to be preparing an initial public offering (IPO). Although Wednesday’s valuation has not been disclosed, Bloomberg has reported it to be $2 Billion.

Canada Is Allowing People With Depression To Do Psychedelic MushroomsWikimedia Commons

Acai reportedly operates with a decentralised drug development strategy, owning 10 companies which each concentrate on a different compound for the treatment of mental health issues.

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Towards the end of 202, one of these companies, Compass Pathways – which is said to have patented a synthetic version of psilocybin – was reportedly listed on the US stock market with a valuation of $1.6 Billion.

A recent report from the CFN Media Group found that the ‘global behavioural health market where psychedelics have shown tremendous potential’ could well hit a valuation of $240 billion by the year 2026.

If you want friendly, confidential advice about drugs, you can talk to FRANK. You can call 0300 123 6600, text 82111 or email via http://www.talktofrank.com/contact 24 hours a day, 365 days a year, or livechat at http://www.talktofrank.com/livechat from 2pm-6pm any day of the week.

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Julia Banim

Jules studied English Literature with Creative Writing at Lancaster University before earning her masters in International Relations at Leiden University in The Netherlands (Hoi!). She then trained as a journalist through News Associates in Manchester. Jules has previously worked as a mental health blogger, copywriter and freelancer for various publications.

Topics: News, Berlin, Magic mushrooms

Credits

Sifted and 2 others
  1. Sifted

    Thiel-backed psychedelic startup Atai raises another $157m

  2. Bloomberg

    Thiel-backed Magic Mushroom Firm Atai Hits $2 Billion Valuation

  3. CFN

    Just How Large is the Psychedelics Market?