Thiel Backs Psychedelic-Drug Startup in Latest Funding Round
- German biotech ATAI raises about $24 million from investors
- Company is said to be working toward an IPO within 12 months
Magic mushrooms.
Photographer: Peter Dejong/AP
This article is for subscribers only.
Billionaire investor Peter Thiel made his first investment in ATAI Life Sciences, a German startup that’s looking into ways of using magic mushrooms and other psychedelics to treat mental-health disorders.
Thiel was among several participants in a $24 million convertible-note sale that closed in March, ATAI said in a statement. Thiel Capital LLC Chief Medical Officer Jason Camm will become a director of the Munich-based biotech which, according to a person with knowledge of the situation, is working toward an initial public offering within 12 months.