As one of the founders and the sole funder for Jounce Therapeutics' $47 million Series A venture funding round, Third Rock Ventures has placed a big bet on cancer immunotherapies, but the firm is working with a group of clinicians and researchers hand-picked to ensure that at least some of Jounce's wagers pay off.

The latest in a string of investments to boost biotechnology innovation in San Diego is a $110 million proposal to build a "Center for Innovative Therapeutics" on the University of California's local campus.

Each month, Start-Up presents a comprehensive review of young, private life science companies that have received venture funding during the month, including companies in the pharmaceutical, medical device, diagnostic and research instrumentation & reagent sectors.