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news Oct 17, 2014

BenevolentAI raises £40 million financing; receives support of Woodford Investment Management

London, 17 October 2014 – BenevolentAI, a London-based company which uses artificial intelligence technology to transform the process of pharmaceutical R&D, announced today that it has raised a further £40 million in funding from both existing investors and incoming investor, Woodford Investment Management LLP.

Ken Mulvany, Co-Founder and Director commented: “We’re incredibly proud and excited to receive the support of Neil Woodford, whose vision and trust is respected around the world. Having such strong backing shows the great potential of our approach, which combines cutting-edge artificial intelligence technology with brilliant minds to achieve advances in medical research better and faster than ever before.”

BenevolentAI intends to use the funds to grow its team and further develop its ‘self-learning’ artificial intelligence technology. The latest round of funding makes the company one of the best-funded start-ups in Europe, paving the way for fast-paced growth and groundbreaking achievements in both artificial intelligence and the development of new medicines.

About BenevolentAI
BenevolentAI was founded in 2013 by the management team of Proximagen which was sold to Upsher-Smith Laboratories in 2012 for $553 million. The company is focused on harnessing the power of artificial intelligence (AI) for the advancement of scientific discovery and using technology as a force for good by applying it to real world problems. 

BenevolentAI’s technology is currently being used to accelerate drug discovery by using AI to process and analyse the vast amount of highly fragmented scientific research data to discover meaningful, intelligible results that will enable faster medical breakthroughs, drug discovery and development. Originally called Stratified Medical, the company changed its name in 2016 to better reflect the wider applications for its technology outside of the healthcare and drug discovery sectors.

About Woodford Investment Management LLP

Woodford Investment Management LLP is the fast-growing asset management company in the UK, built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £8bn assets under management. Further information can be found at: https://woodfordfunds.com