US-based biotechnology company Numerate closed an $8m round series C financing round on Tuesday co-led by Lilly Ventures, the corporate venturing arm of pharmaceutical company Eli Lilly, and venture capital firm Atlas Venture.
Founded in 2007, Numerate has developed a drug discovery platform that applies machine-learning algorithms at cloud scale.
Lilly and Atlas were joined in the round by undisclosed investors. Numerate raised about $8m across two rounds in 2008 and 2009, and its past backers include Lanza TechVentures and Foundation Capital.
Steve Hall, a venture partner at Lilly Ventures, and Bruce Booth, a partner at Atlas Venture, joined Numerate’s board of directors in conjunction with the funding.