Insilico Medicine, a biotech start-up, has amassed $255 million in series C funding. This injection of capital will be used to advance its AI-designed drug into clinical trials. The drug, designed to treat idiopathic pulmonary fibrosis, was created using artificial intelligence in less than 18 months, a process that typically takes up to seven years.
The Baltimore-based company has developed an end-to-end drug discovery pipeline, which utilises AI to design novel molecules and validate their potential efficacy. This innovative approach significantly reduces the time and cost associated with traditional drug development.
The series C round was led by Warburg Pincus, with participation from Qiming Venture Partners, Pavilion Capital, Eight Roads Ventures, Lilly Asia Ventures, Sinovation Ventures, BOLD Capital Partners, Formic Ventures, and others. The funds will also be used to expand Insilico’s AI capabilities and progress other preclinical programmes.
Insilico’s success in securing this funding is a testament to the increasing recognition of AI’s potential in the pharmaceutical industry. This technology could revolutionise the drug discovery process, speeding up the development of new treatments and potentially saving countless lives.
Go to source article: https://www.forbes.com/sites/aayushipratap/2021/06/22/this-biotech-startup-just-raised-255-million-to-make-its-ai-designed-drug-a-reality/?sh=2533f3cc620e