Aramco’s venture capital fund Prosperity7 led drug discovery and development company Insilico Medicine’s new investment round
Saudi Arabia’s national oil and gas company Aramco ‘s venture capital fund Prosperity7 led the new investment round of drug discovery and development company Insilico Medicine . The company received an investment of 95 million dollars . Other participants in the investment included BHR Partners, Warburg Pincus, B Capital Group, Qiming Venture Partners, Deerfield, Wilson Sonsini Goodrich & Rosati, BOLD Capital Partners and Pavilion Capital. The new investment comes after a $35 million Series D investment round at the end of June.
Founded in 2014, Insilico Medicine; offers 3 different services in the fields of biology, chemistry and analytics. The Hong Kong-based company accelerates the production of drugs with the help of artificial intelligence. It facilitates drug research. He works with pharmaceutical and biotech companies. Founded by Alex Zhavoronkov, the company operates outside of Hong Kong in strategic cities such as Shanghai and New York. Insilico Medicine works on cancer, fibrosis, immunity, central nervous system diseases and age-related diseases.
Developing drugs is a process that takes years to reach a conclusion, in which studies are carried out in many interdisciplinary and interdependent phases. The emergence of the Covid-19 pandemic has prompted newly launched drug research into the treatment of the coronavirus. In particular, startups with artificial intelligence-assisted drug discovery gained importance.
In August 2021, Canadian Deep Genomics announced that it had received a $180 million investment for AI-assisted RNA therapy. CPP Investments, Fidelity Management & Research Company LLC, Alexandria Venture Investments, Amplitude Ventures, Khosla Ventures, Magnetic Ventures and SoftBank Vision Fund 2 invested in the company, which was founded by Brendan Frey in 2015 and is among the companies that started a new era in drug discovery. The company’s total investment reached $236.4 million.