TL;DR:
- Toronto-based BenchSci secures $95 million CAD in Series D funding for its AI-powered drug-discovery platform.
- The funding will be used to expand BenchSci’s platform, which accelerates research and development in the pharmaceutical industry.
- BenchSci’s software, utilizing machine learning models, enhances the success rate of pre-clinical drug development.
- The funding round was led by Al Gore’s Generation Investment Management and supported by existing BenchSci backers.
- BenchSci’s total funding now stands at $218 million, following a previous Series C financing of $63 million.
- BenchSci’s platform has gained traction with large pharmaceutical and biotech firms globally.
- BenchSci’s customer base includes 16 of the top 20 pharma companies and over 4,500 research centers.
- The AI-powered models offered by BenchSci significantly reduce the time and cost of drug discovery.
- BenchSci is recognized as a valuable tool for scientists working at various organizations.
- The success of the Series D round validates BenchSci’s pioneering work in the industry.
Main AI News:
Toronto-based BenchSci, a leading player in the pharmaceutical industry, has successfully secured an impressive $95 million CAD in Series D funding. This substantial investment will be directed towards the expansion of BenchSci’s cutting-edge AI-powered drug-discovery platform. Leveraging proprietary text and image-based machine learning models, BenchSci empowers scientists to expedite the research process during pre-clinical drug development, ultimately bolstering the success rate of their endeavors.
The recent funding round, spearheaded by Al Gore’s Generation Investment Management and supported by esteemed BenchSci backers, including Inovia Capital, TCV, Golden Ventures, and F-Prime Capital, has catapulted BenchSci’s total funding to an impressive $218 million. Notably, this influx of capital comes just over a year after BenchSci raised $63 million in Series C financing, highlighting the continued confidence and support from investors.
Liran Belenzon, co-founder and CEO of BenchSci, expressed his delight at the success of the Series D round, emphasizing that it serves as a validation of the company’s groundbreaking work and the widespread recognition it has garnered within the global pharmaceutical and biotechnology sectors. BenchSci’s unrivaled traction with prominent pharma and biotech firms worldwide further solidifies its position as an industry leader in harnessing the power of AI for accelerated research and development.
While Canada is home to several noteworthy tech companies utilizing AI in drug discovery, such as AbCellera and Deep Genomics, BenchSci stands apart by offering its platform as a tool for scientists working at various organizations. In contrast to Deep Genomics, which utilizes AI directly to uncover potential drug candidates, BenchSci’s platform serves as a catalyst for scientific breakthroughs across the industry.
BenchSci’s remarkable success is underscored by an impressive customer base, which boasts 16 of the world’s top 20 pharmaceutical companies, including industry giants like Eli Lilly, Sanofi, Moderna, and AstraZeneca. Moreover, the company’s influence extends across more than 4,500 research centers globally, further reinforcing its significant impact on the scientific community.
Anthony Woolf, a growth equity partner at Generation Investment Management, commended BenchSci’s transformative models, highlighting the paradigm shift they offer to scientists. Formerly, researchers would spend countless hours deciphering existing experiments and conclusions. However, with BenchSci’s AI-driven models, scientists can now access the same insights in a matter of minutes. This revolutionary approach not only expedites the drug discovery process but also significantly reduces the time and cost associated with developing potentially life-saving medications.
Conlcusion:
BenchSci’s successful $95 million CAD Series D funding and the expansion of its AI-powered drug-discovery platform signify a significant development in the market. This achievement not only demonstrates the growing investor confidence in the potential of AI in the pharmaceutical industry but also highlights the increasing recognition of BenchSci as a leading player in this space.
With its ability to accelerate research and development, increase the success rate of drug discovery, and reduce time and costs, BenchSci’s platform is poised to reshape the market landscape. Moreover, the company’s strong traction with top pharmaceutical and biotech firms globally further solidifies its position as a key enabler for scientific breakthroughs. As the demand for efficient and effective drug development solutions continues to rise, BenchSci’s continued growth and innovation are likely to drive further advancements in the market, ultimately benefiting the entire industry.
