Colossal Biosciences, the biotech company on a mission to bring back extinct species, has raised a staggering $200 million in Series C funding at a valuation of $10.2 billion. The investment comes from TWG Global, the investment company of Guggenheim Partners co-founder Mark Walter, and billionaire Thomas Tull. This significant funding round marks a substantial jump from the company's previous valuation of $1.5 billion just two years ago.

Despite not generating any revenue yet, investors have poured capital into Colossal Biosciences due to the company's impressive progress in developing new technologies. According to Ben Lamm, co-founder and CEO, the company has made significant breakthroughs on all three of its main projects, including the resurrection of the woolly mammoth, Tasmanian tiger, and dodo bird. These projects are expected to be completed by 2028.

Colossal's approach to de-extinction involves mapping the entire genome of the species and comparing it to their closest living relative. For the mammoth, this means using the Asian elephant as a reference. The company's scientists are now using the gene-editing tool CRISPR to edit the Asian elephant's cells, which will eventually be implanted into an elephant to give birth to a baby mammoth.

The company's ultimate goal is to restore extinct species and enhance biodiversity. However, the primary value for investors likely lies in the potential of its technologies, which could have far-reaching applications in human healthcare, agtech, and other categories. For instance, Colossal's artificial womb technology could revolutionize fertility treatment.

Colossal plans to spin off three businesses over the next two years, including one focused on its artificial womb technology. The company has already spun out two businesses: Breaking, which helps break down plastics, and Form Bio, a computational biology platform. These spin-offs have secured significant funding, with Breaking raising $10.5 million in seed funding and Form Bio securing $30 million.

Government collaborations are another potential source of revenue for Colossal. While the company offers its conservation technology to governments at no cost, some countries are seeking its help in preserving endangered species. Additionally, some governments are exploring de-extinction projects for animals that hold cultural and spiritual value for their people.

If Colossal successfully resurrects and reintroduces any of the species into their respective ecosystems, the company anticipates generating revenue through the sale of biodiversity credits, a market-based mechanism similar to carbon credits. According to Lamm, all three of its revenue streams – tech, government collaboration, and biodiversity credits – could bring in billions of dollars in annual recurring revenue, showcasing the company's "short-term, mid-term, and long-term economic" potential.

The implications of Colossal Biosciences' work extend far beyond the resurrection of extinct species. The company's technologies have the potential to transform industries and improve human lives. As the biotech industry continues to evolve, Colossal's ambitious mission is poised to have a lasting impact on the world.