On September 2, 2021, Disc Medicine, Inc. closed the transaction. The series B round of funding led by new investor, OrbiMed Advisors LLC. The transaction also included participation from other new investors, Arix Bioscience plc for $11,000,000, Janus Henderson Group plc, 5AM Venture Management, LLC, Rock Springs Capital Management LP, Nantahala Capital Management, LLC, Willett Advisors LLC, Alexandria Venture Investments, LLC, returning investors including Atlas Venture L.P., Novo Holdings A/S, and Access Biotechnology.

Mona Ashiya of OrbiMed Advisors LLC and Mark Chin of Arix Bioscience plc join the company's board of directors as a part of the transaction.