TORONTO—A USD 70 million Series D funding round led by Generation Investment Management and including current investors iNovia Capital, TCV, Golden Ventures, and F-Prime Capital has been announced by BenchSci, a global leader in AI solutions for preclinical life sciences research and development (R&D). With the most recent fundraising, BenchSci has now raised a total of about USD 170 million US).
The money will be used to develop ASCENDTM by BenchSci, the organization’s ground-breaking AI drug discovery platform, which helps researchers find biological linkages, drastically cut down on trial-and-error experimentation, and identify hazards early. In 22% of critical projects, ASCEND users from BenchSci’s top 10 clients were able to identify novel targets and disease indications and cut down on pointless experimentation by 40%, ushering in a new age of more effective, AI-driven drug development.
Liran Belenzon, CEO and Co-Founder of BenchSci, a Canadian company, stated, “our focus will always be on what will drive the greatest impact for our customers.” “Thousands of scientists use our platform daily to advance their most promising drug discovery projects. The outstanding work of our team and the market traction we have with the biggest pharmaceutical and biotech businesses in the world are validated by this investment. With a 98% failure rate in the industry, we’re grateful to partner with Generation, who agrees with our thesis that pharmaceutical R&D needs to deploy purpose-built, innovative AI at scale to solve the productivity crisis and deliver novel medicines to patients years sooner.
Regardless of the therapeutic field, BenchSci’s ASCEND platform helps scientists by transforming inaccessible, unstructured, and unstandardized experimental evidence from external and internal data sources into valuable insights. ASCEND links and decodes the complete history of biomedical research that is currently available, along with customer experimentation and procurement data, to produce an unbiased and objective picture of the underlying biology of disease. This is done using a proprietary text- and image-based machine learning approach. This method offers insights on how to successfully evaluate new or ongoing endeavors, enhance translation to clinical trials, in addition to aiding scientists in understanding their viability.
BenchSci is a market leader in AI-based drug discovery systems. By exposing the underlying biology of every disease, we assist pharmaceutical companies in transforming their R&D portfolio, revolutionizing research, and accelerating the development of better treatments for patients. Our platform accelerates science at 16 top-20 pharmaceutical firms and more than 4,500 top research institutions globally, with the support of prestigious investors such as Generation Investment Management, iNovia Capital, TCV, F-Prime, Gradient Ventures (Google’s AI fund), and Golden Ventures. We’re a top-ranked firm on Glassdoor, a Deloitte Technology Fast 50TM and Fast 500TM winner, and a Great Place to Work.
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