BenevolentAI, a UK-based, healthcare-focused artificial intelligence technology developer backed by pharmaceutical companies Lundbeck and Upsher-Smith Laboratories, raised $115m today from unnamed new and existing investors at a $2bn pre-money valuation.
The only participant named in the round, which the company said increased its overall funding to more than $200m, was fund manager Woodford Investment Management.
Founded in 2013, BenevolentAI is using AI technology to discover drug molecules that can be developed into drugs for diseases that are difficult to treat, such as motor neuron disease, Parkinson’s disease, glioblastoma and sarcopenia.
The technology could also be utilised to discover the molecular process of diseases and link them to disease signatures in patients to ensure they receive the most applicable treatment.
BenevolentAI has so far initiated more than 20 drug programs, and will invest the latest funds in expanding the range of drugs it is developing, together with its AI technology. It also intends to broaden the technology into sectors such as agriculture, advanced materials and energy storage.
The company had previously raised approximately $100m in funding as of September 2016, according to Fierce Biotech, which listed Lundbeck, Upsher-Smith, Woodford and investment management partnership Lansdowne Partners as investors.
Ken Mulvany, BenevolentAI’s founder and chairman, said: “We have come a very long way since we founded the business in 2013. The capabilities of our technology did not exist six years ago.
“We are pioneering this sector and have evolved into a fully integrated, AI enabled drug development company with the ability to deliver better medicines at previously unimaginable speeds – this ultimately means patients will receive the right medicines, at a lower cost, in less time.”