BenevolentAI announced that it has raised $115 million from new and existing investors at a pre-money valuation of $2 billion in one of the largest funding rounds in the AI pharmaceutical sector.
BenevolentAI is applying artificial intelligence to develop new medicines for hard to treat diseases. It is the first fully integrated AI company with pharmaceutical discovery and clinical development capabilities. Its current drug development portfolio demonstrates that it can cut early stage drug discovery by four years and potentially deliver efficiencies in the entire drug development process of 60% against pharmaceutical industry averages – significantly disrupting an industry that spends $180 billion a year on R&D.
To achieve this, BenevolentAI has created a bioscience machine brain, purpose-built to discover new medicines and cures for disease. Proprietary algorithms perform sophisticated reasoning on over 50 billion ingested and contextualised facts to extract knowledge and generate complex insights into the cause of diseases that have, until now, eluded human understanding.
The company will use the funds to significantly scale its drug development activities, broaden the disease areas on which it focuses, and extend its AI platform capabilities even further. A portion of the funds will be used to extend BenevolentAI’s capabilities into other science-based industries underpinning many of the world’s most valuable markets such as advanced materials, agriculture, and energy storage.
The company’s AI technology is being used to develop treatments to unmet patients’ needs across a wide range of diseases, including Motor Neuron Disease, Parkinson’s Disease, Glioblastoma and Sarcopenia. Semi-automatic novel drug molecules are generated and then advanced in BenevolentAI’s newly acquired Cambridge (UK) research facility.
BenevolentAI is headquartered in London with further offices in New York and Belgium. Its research facility is located in Babraham Science Park, Cambridge (UK).