A new company has emerged from New York City’s growing startup biotech scene. Gotham Therapeutics launched today with a $54 million Series A round, becoming the second startup since May to form with a plan to alter RNA molecules with chemical drugs.

The funding was co-led by Versant Ventures, a venture firm that formed an outpost in New York in 2015 and has since started multiple Manhattan-based biotechs. Gotham doesn’t hail from Versant’s Big Apple biotech incubator, Highline Therapeutics. But it is nonetheless based in New York City, whose life sciences startup ecosystem has historically lagged behind more established hubs elsewhere.

Gotham being based in New York is noteworthy. Over the last several years, the city has made a concerted effort to bolster its startup biotech scene. City and state governments have committed more than $1 billion to growing New York’s biotech industry. Several startup incubators have sprouted up, and startup creators like Versant and Flagship Pioneering have arrived.

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