AI platform for drug development Insilico Medicine raises $60 million in its recently held series D funding round. Several global investors such as US West Coast, BHR Partners, Warburg Pincus, BOLD Capital Partners, B Capital Group, Qiming Venture Partners, and Pavilion Capital participated in the company funding round.
According to Insilico Medicine, it intends to use the new capital to accelerate the development of its advanced pipeline, which includes its lead product, which is presently in Phase I testing, along with the continuous development of its Pharma.AI platform.
Founder and CEO of Insilico Medicine, Alex Zhavoronkov, said, “It is a testament to the strength of our end-to-end AI platform, which has been validated by many partners, and produced our first novel antifibrotic program discovered using AI and aging research and designed using our generative AI chemistry engine.”
Read More: Adani Group buys 50% stake in agriculture drone startup General Aeronautics
He further added that this groundbreaking program has moved on to Phase I clinical trials after completing a first-in-human Phase 0 investigation in healthy volunteers.
Moreover, Insilico Medicine has also nominated seven preclinical candidates across several other disease indications since 2021.
The funds will also be used to support Insilico’s continued worldwide expansion and strategic projects. The projects include a fully automated, AI-driven robotic drug discovery laboratory and a completely robotic biological data factory to supplement the company’s significant, curated data assets.
Hong Kong-based AI drug development platform Insilico Medicine was founded by Alex Zhavoronkov in 2014. The firm specializes in providing a platform for drug development to treat cancer and age-related diseases. To date, Insilico Medicine has raised more than $366 million from multiple investors over eleven funding rounds.
“For Insilico, 2022 is a year of incredible growth and progress. They have demonstrated the value of combining deep scientific expertise with cutting-edge technology capabilities to significantly accelerate drug discovery,” said Head of China Healthcare at Warburg Pincus, Min Fang.
