Alloy Therapeutics just raised $40M in Series E funding at a $1B valuation, with 8VC, JIC Venture Growth Investments, and Echo Capital Group among the investors. What stands out is that Alloy is not selling AI as another thin discovery layer. It is building shared biotech infrastructure that combines AI/ML, real-world data, and wet-lab execution so virtual biotechs and lean pharma teams can run discovery, preclinical work, and development without owning the full stack themselves. That model looks more consequential than another biotech AI software pitch. Alloy says it now supports more than 200 partners, more than 100 licensed therapeutic programs, and 22 clinical-stage assets. If that operating layer keeps compounding, biotech may start to look less like a collection of standalone drug companies and more like a market built on shared development infrastructure. Quick facts👇 ● founders: Errik Anderson ● total capital raised: ≈$174M ● HQ: Waltham, Massachusetts ● Investors: 8VC; JIC Venture Growth Investments; Echo Capital Group; Mubadala Capital; Presight Capital; Thiel Capital; Founders Fund; Alexandria Venture Investments; Gaingels; Ulysses Diversified Holdings