Insilico Medicine Announces New Investment Led by Aramco-backed Prosperity7 Ventures, bringing the total Series D Financing to $95 Million
Insilico Medicine, a clinical-stage end-to-end artificial intelligence (AI)-driven drug discovery company, announced the second closing of Series D funding, led by Prosperity7 Ventures, the diversified growth fund of Aramco Ventures, bringing the total Series D financing to $95 million.
Other global investors with expertise in investing in the biopharmaceutical and life sciences sectors also participated.
Insilico Medicine, connects biology, chemistry, and clinical trial analysis using next-generation AI systems. The company has developed AI platforms that utilize deep generative models, reinforcement learning, transformers, and other modern machine learning techniques to discover novel targets and to design novel molecular structures with desired properties. Insilico Medicine is delivering breakthrough solutions to discover and develop innovative drugs for cancer, fibrosis, immunity, central nervous system diseases and aging-related diseases.
Previous achievements: The company has rapidly transformed its pipeline into a robust portfolio of novel, innovative drug candidates, targeting areas with highly unmet needs. Seven programs in its internal pipeline have progressed to IND-enabling studies, including a novel 3CL protease inhibitor for COVID-19 treatment, and two synthetic lethality programs targeting MAT2A and USP1 for oncology indications. It also successfully completed a Phase 0 microdose study in Australia and entered Phase I clinical trials with its first internally developed program targeting fibrosis in both New Zealand and China.
Insilico also has co-development and software licensing deals with a number of major pharmaceutical companies. Since the launch of its PandaOmics™ and Chemistry42™ platforms in late 2020, nine out of the top 20 pharmaceutical companies, as measured by 2020 revenue, have used Insilico’s AI platforms. In 2022, Insilico signed multi-asset partnerships with Fosun Pharma and EQRX in January and March, respectively. Notably, Insilico achieved its first major milestone and nominated a preclinical candidate for the QPCTL program for cancer immunotherapy less than 40 days into the strategic collaboration with Fosun Pharma.
The new Series D capital will support the continued advancement of Insilico’s pipeline, including its lead program which is currently in a Phase 1 study in New Zealand and in China, as well as several pipeline programs in IND-enabling studies. The proceeds will also fund other key strategic initiatives, including further development of its end-to-end Pharma-AI platform, the launch of a fully automated, AI-driven robotic drug discovery laboratory and biological data factory, and the establishment of regional centers. Relying on Prosperity7’s global network and generous resources, Insilico will also expand its AI capabilities from drug R&D to multiple areas, including sustainable chemistry, green energy, and agriculture to actively support sustainable development.
The financing brought in Prosperity7 as a new investor, alongside current investors in the Series D round, including a large, diversified asset management firm from the US West Coast, B Capital Group, Warburg Pincus, BHR Partners, Qiming Venture Partners, Deerfield, Pavilion Capital, BOLD Capital Partners and WS Investment Company. Insilico’s founder and CEO, Alex Zhavoronkov, PhD, also invested in the Series D round. The investment from Prosperity7 further diversifies the Company’s investor base globally and brings a potential strategic partner with deep expertise in high-performance and environmentally friendly energy R&D. “In 2022 Aramco became the world’s most valuable company, and we are deeply honored to receive the investment from their venture capital arm, Prosperity7 which focuses on investment in ‘disruptive technology’,” said Zhavoronkov.
“I am certain that the upcoming collaborations with Prosperity7 in the field of sustainable and environmentally friendly chemistry and clean energy solutions will further expand our artificial intelligence capabilities. In addition, after spending time in Saudi Arabia, it is clear that the country is making a giant leap in technology, and we would like to be part of it and help the country realize its vision faster using the latest advances in artificial intelligence.” Zhavoronkov continues.
Aysar Tayeb, Executive Managing Director of Prosperity7 Ventures, said: “The deepening application of AI and machine learning for drug discovery has demonstrated a transformative positive impact on the pharmaceutical industry and we are delighted to embark on this partnership with Insilico Medicine, a frontrunner in this innovation. Backed by the breadth of Aramco’s ecosystem across geographies and sectors, we look to support the company to scale up and expand its footprint globally, to drive biotechnology excellence, and to bring positive impact for greater wellbeing.”
About Insilico Medicine
Insilico Medicine, a clinical stage end-to-end artificial intelligence (AI)-driven drug discovery company, is connecting biology, chemistry, and clinical trials analysis using next-generation AI systems. The company has developed AI platforms that utilize deep generative models, reinforcement learning, transformers, and other modern machine learning techniques to discover novel targets and to design novel molecular structures with desired properties. Insilico Medicine is delivering breakthrough solutions to discover and develop innovative drugs for cancer, fibrosis, immunity, central nervous system diseases and aging-related diseases.