BenevolentAI raises $115 million to extend its leading global position in the field of AI enabled drug development
BenevolentAI raises $115 million to significantly scale drug development activities, broaden the disease areas on which it focuses, and extend its AI platform capabilities.
The majority of investors are from the United States, expanding the Company’s global investor footprint. The balance of raised funds came from existing investors, including Woodford Investment Management. To date, the company has raised more than $200m of funding since 2013. Credit Suisse acted as the sole placement agent.
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. BenevolentAI’s technology aims to accelerate the journey from inventive ideas to medicines, lower costs and decrease failure rates associated with traditional drug discovery.
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.
BenevolentAI currently employs 165 people who work in a unique, cross functional environment that incorporates leading edge data scientists, computer scientists, mathematicians and drug development R&D scientists working side by side. The company is headquartered in London with further offices in New York and Belgium. BenevolentAI’s research facility is located in Babraham Science Park, Cambridge (UK).
Use of Funds
BenevolentAI has already made progress in accelerating drug development, including the initiation of a number of research and development programmes. 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.
Ken Mulvany, Founder and Chairman of BenevolentAI commented:
“We are very pleased with the response to the fundraising. It reflects the rapidly growing global interest in the AI pharmaceutical sector and the recognition of our place as the dominant player within it. We have come a very long way since we founded the business in 2013. The capabilities of our technology didn’t exist 6 years ago. We have evolved into a fully integrated, AI enabled drug development company with the ability to deliver better medicines more quickly - this ultimately means patients will receive the right medicines, at a lower cost, in less time.”
>>> Read Ken Mulvany’s blog titled Funding Fundamental Change
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