AI drug discovery platform secures £10m
AI powered drug discovery platform LabGenis has secured €11.5m in funding.
The company, founded in 2012, has developed what it calls a ‘robot scientist’ called EVA, which is capable of designing, conducting, and learning from its own experiments.
The machine learning aspects of the technology mean that EVA gets smarter as it conducts research on genetics, offering the potential of creating new medical treatments.
It employs a range of technology including robotic automation and synthetic biology in the process of discovering new proteins.
The Series A investment round was led by Lux Capital and Obvious Ventures, with participation from Felicis Ventures, Inovia Capital, Gigafund, Air Street Capital and existing investors.
It will use the capital to scale its team, expand the scope of its discovery platform, and initiate an internal asset development program.
Its Founder and CEO, Dr. James Field, said protein therapeutics has a potential to treat disease and alleviate human suffering.
“By transforming how these drugs are discovered, we have a shot at improving the lives of countless people.”
“Being able to robustly engineer novel therapeutic proteins has immense commercial and societal value.
“The discovery of protein therapeutics has historically been highly artisanal, relying heavily on humans for both experimental design and execution. This dependence has proved limiting because, as a species, we’re cognitively incapable of fully grasping the complexity of biological systems.”
Zavain Dar, Partner at Lux Capital and Nan Li, Managing Director at Obvious Ventures, will join the company’s board of directors.
“We have high conviction that computational approaches to protein engineering hold tremendous promise. After researching the space and meeting many companies, we believe that LabGenius is the clear breakout leader,” said Li.
Dar added: “We’ve seen this playbook before. Bringing to bear multiple technologies to remove human bias from the pursuit of human health. We’re thrilled to co-lead the Series A with Obvious Ventures and back a truly bold vision with the potential for massive impact.”