Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

BenevolentAI raises £82m, soars to £1.4bn valuation

Benevolent AI is using Artificial Intelligence to discover drugs

Benevolent AI, the London-based company working on developing new drugs and treatments by harnessing artificial intelligence, has raised £82 million ($115 million) from a number of investors; the company is now valued at around £1.4 billion (or $2 billion.)

Most of the cash reportedly came from undisclosed US investors , but the balance of raised funds came from previous backers, including Woodford Investment Management. The company has raised To date, the company has raised over $140 million of funding since its launch.

Founded in 2013 and originally based in the so-called King’s Cross Knowledge Quarter, the company had launched a New York office last summer. The company has built a “bioscience machine brain” designed to find new medicines and cures. The algorithm is fuelled “over 50 billion ingested and contextualised facts to extract knowledge and generate complex insights into the cause of diseases.”

Benevolent AI’s founder and chairman Ken Mulvany said in a statement: “We are very pleased with the response to the fundraising. It reflects the rapidly growing global interest in the AI pharmaceutical sector and the recognition of our place as the dominant player within it.”

“We have come a very long way since we founded the business in 2013. The capabilities of our technology didn’t 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,” Mulvany added.

The fresh injection of cash will be used to further develop BenevolentAI’s drug discovery efforts, expand the range of diseases it tries to cure, and power up its AI platform’s capabilities.

Image via bit.ly/2JbKo7s

 

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