British artificial intelligence start-up BenevolentAI has bagged $115 million through investors, lifting its pre-money valuation to $2 billion.
The London-based firm, which is usually focused on the pharmaceutical industry, said the latest round of funding will help the idea scale drug development in addition to its AI platform.
The company currently has more than 20 drug programs. the idea said the idea will use the raised capital to expand into some other areas of the market like advanced materials, agriculture in addition to energy storage.
Its AI technology is usually used to decipher the molecular process of disease in addition to match drug treatments to the most applicable patients.
BenevolentAI created a bioscience machine “brain” that will uses algorithms in addition to data to locate the cause of diseases in addition to generate insights into them that will humans otherwise couldn’t. Its platform is usually being used to develop treatments for incurable diseases like motor neurone disease, Parkinson’s disease, glioblastoma in addition to sarcopenia.
Some worry that will the U.K.’s decision to leave the European Union could hamper innovation in addition to scientific research. The EU’s single market lets firms move goods, capital, services in addition to labor freely in addition to the soon-to-be 27-member bloc offers funding schemes for science in addition to research programs.
although Ken Mulvany, founder in addition to chairman of BenevolentAI, said that will Britain remained an attractive hub for science.
“There’s a tremendous heritage of scientific innovation here inside the U.K.,” he told CNBC’s “Street Signs Europe.” “the idea certainly has been batting well above its weight in that will respect.”
The British government launched an initiative last year to boost skills in addition to education in addition to grow the country’s AI industry. Mulvany said the government’s strategy on AI was positive for the sector.
“The U.K. is usually one of the leading sectors for AI innovation,” Mulvany said. “You see the idea in Toronto, you see the idea in Stanford in addition to we’re seeing the idea inside the knowledge quarter here in London.”