BioSimulytics, a University College Dublin spin-out company, has announced that it has secured €595k in seed funding from a number of investors.
Dublin-based company, BioSimulytics, has announced that it has secured €595k in initial seed funding from a number of angel investors and Enterprise Ireland.
The NovaUCD-headquartered company is focused on using artificial intelligence to digitise key steps in how new drug molecules are designed and developed.
BioSimulytics has developed a novel software solution, using al combination of AI, machine learning, computational chemistry, quantum physics and high-performance computing (HPC), to drive smarter, faster, and more cost-effective R&D processes in the design and development of new drugs.
The company’s software enables the pharma industry to advance potential molecules to approved medicines quicker and with a much greater probability of success.
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BioSimulytics, which has already secured its first commercial contract with a major pharma company in Europe, and signed evaluation agreements with several others for industrial evaluation, will use the funding to support the growth of its product development team and client base and plans to complete a Series A funding round within the next 18-24 months.
BioSimulytics’ provides pharma companies with far greater accuracy and certainty in the development process of new drugs, avoiding potentially very costly mistakes such as those cases in recent decades where polymorph problems have forced the pharma companies involved to pull their drugs from the market resulting in multi-million US dollar losses.
Speaking from NovaUCD Peter Doyle, CEO of BioSimulytics said: “The successful development of COVID-19 vaccines over the last 18-months demonstrates the powerful role that new digital AI and HPC-based technologies play in dramatically transforming the pharma value chain.”
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Mr.Doyle continued: “As a follow-on to this seed round we plan to complete a multi-million euro Series A funding round within the next 18 to 24 months following the full industrial validation of our technology.”
BioSimulytics was founded in 2019 by Professor Niall English, Dr Christian Burnham, and Peter Doyle as a spin-out from the UCD School of Chemical and Bioprocess Engineering following the completion of Enterprise Ireland Commercialisation Funding.
Source: Written from press release.
