New York-based biotechnology company Black Diamond Therapeutics Inc. has raised $85 million in an oversubscribed Series B financing round.

Black Diamond intends to use the proceeds to advance the development of its pipeline and to extend its mutation, allostery and pharmacology computational and discovery platform.

The round was co-led by New Enterprise Associates and RA Capital Management with participation from new backers NexTech Invest, The Invus Group, Perceptive Advisors and founding backer Versant Ventures.

Additionally, Black Diamond will also use the funds to set up its new corporate headquarters in Cambridge, Massachusetts.