BenchSci, a Canada-based developer of drug-discovery analysis software, secured $22m on Tuesday in a series B round featuring Gradient Ventures, internet technology provider Google’s artificial intelligence fund.
The round was led by F-Prime Capital, a venture capital subsidiary of investment and financial services firm Fidelity, and included Northleaf Capital Partners, Inovia Capital, Golden Ventures and Real Ventures.
BenchSci’s software utilises artificial intelligence to locate inefficiencies in the drug development process and help researchers conduct more effective experiments.
F-Prime senior vice-president Shervin Ghaemmaghami will join the company’s board of directors in connection with the round, the proceeds of which will fund product development. BenchSci said it has now raised $45m since it was founded in 2015.
Liran Belenzon, co-founder and CEO of BenchSci, said: “The pharmaceutical industry is facing a productivity crisis. R&D costs per drug keep rising while revenue is stagnant. Without major change, this crisis will affect everyone. Low or negative returns will reduce investment in new drugs.
“Artificial intelligence promises to reverse the trend. But most AI in drug discovery is unproven. BenchSci’s products, on the other hand, have immediate, quantifiable impact.”
The company received an undisclosed amount from Gradient Ventures in July 2019 having joined Inovia, Golden Ventures, Real Ventures, Afore Capital and Radical Ventures in an $8m series A the previous year.
BenchSci’s earlier funding was supplied by Golden Ventures, Afore Capital, Real Ventures, Radical Ventures and 500 Startups.
