Drug discovery firm Atomwise lands $123M in Sequence B funding

Drug discovery company Atomwise lands $123M in Series B funding

This morning synthetic intelligence-based drug discovery platform Atomwise scored a whopping $123 million in Sequence B funding led by B Capital Group and Sanabil Investments. DCVC, BV, Tencent, Y Combinator, Dolby Household Enterprise and AME Cloud Ventures additionally participated within the funding spherical. 

WHAT IT DOES

The corporate makes use of synthetic intelligence, particularly “convolution neural networks,” with a purpose to help with drug discovery efforts. Its platform, referred to as AtomNet, was designed to undergo information and statistics with a purpose to pull out insights.

The startup developed the software to assist researchers reply questions on totally different medicine potentials and targets. The tech can comb by means of information and discover patterns. 

Primarily the corporate caters to pharma firms and analysis establishments. Its accomplice record contains Bayer, Merck and Abbvie. 

WHAT ITS FOR 

The corporate mentioned that the brand new funds are going to be put towards its inner drug improvement efforts and used to develop its partnership applications.

“Over the previous three years, our platform, AtomNet, has tackled – and succeeded – find small molecule hits for extra undruggable targets than another AI drug discovery platform,” Abraham Heifets, CEO and cofounder of Atomwise, mentioned in an announcement. “With help from our new and present funding companions, we will leverage this to develop our personal pipeline of small molecule drug applications, additional develop our portfolio of joint-venture investments, and understand our imaginative and prescient to create higher medicines that may enhance the lives of billions of individuals.”

MARKET SNAPSHOT 

It’s no secret that the pharmaceutical world is all for tapping AI for drug discovery. In Could, insitro and Exscientia, each startups centered on utilizing synthetic intelligence to drive the invention of latest medicine, raised giant sums of cash. Insitro scored $143 million and Exscientia landed $60 million. 

One other within the house is BenevolentAI, a U.Okay. firm that additionally makes use of AI tech for R&D, which scored $115 million in funds in 2018. 

ON THE RECORD 

“New applied sciences are enabling higher and sooner R&D for the life science business,” Raj Ganguly, cofounder and managing accomplice at B Capital Group, mentioned in an announcement. “The developments Atomwise has made with its computational drug discovery platform have successfully lower months and even years off of the R&D lifecycle. Extra importantly, nonetheless, they’re fixing biology issues beforehand believed to be unsolvable by researchers and delivering that functionality to everybody from teachers to huge pharma. We’re excited to proceed to accomplice with the Atomwise group on its mission to develop new, simpler therapies.”

 



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