Most of the tech giants are in the race to build smartest applications whereas a London-based startup has raised a large round of funding on solving persistent problems in areas like healthcare. Benevolent AI, a London-based startup, announced that has raised $115 million to continue developing its core “AI brain” as well as different arms of the company to break new ground in drug development and more. The company to hire more people to expand its focus on new disease.
The company stated that the latest venture capital investment values the startup at just over $2 billion. Its founder and executive chairman Ken Mulvaney said that investors in this round include previous backer Woodford Investment Management. Further, Ken said as of now the company does not reveal any other information related to other investors. The company does not have any backing from more traditional VCs, which more generally have been doubling down on investments in AI startups.
Company’s AI technology utilizes the algorithm to observe existing information on diseases like Parkinson’s and motor neuron disease that have been difficult to treat up. The AI technology recognizes the molecular signs of a disease to find drug candidate.
BenevolentAI successfully attracting funding and forming collaborations so far. Since 2013, this is only the second fundraising round for the company which has raised more than $200M. Afterward, the company stated that it is partnering with two UK charities to find existing drugs that can help to treat Parkinson’s disease.
Artificial intelligence is changing the several industries and has influence over the biotech industry with new ways of developing the disease and discovering new drugs.