A recently established venture capital fund in Chicago, Palo Santo announced having raised $35 million which it will be using to back startups which engage in psychedelic and psychedelic-assisted therapies.
The venture capital said the $35 million it raised in capital it has invested it in 20 psychedelics companies among them including Atai Life Sciences (ATAI) which got listed on Nasdaq last month with a market valuation of $3.2 billion.
Palo Santo was founded last year by Daniel Goldenberg, Tony Eisenberg, and Tim Sclidt and it aims to back funding startups in the psychedelics sector which are specializing on developing psychedelics therapies for mental illnesses.
The company said the companies it backs are using psychedelics to treat anxiety, OCD, chronic pain, post-traumatic stress disorder (PTSD), depression among other conditions.
Pale Santo has been poaching notable scientific advisors to its team, among them include; John Greden, chairman of the University of Michigan Department of Psychiatry and David Sherman, the head of the University of Michigan psychedelic collective.