The leading artificial intelligence (AI) therapeutics company Deep Genomics has raised $180 million in its Series C funding round.
The investment round was led by SoftBank Vision Fund 2 along with the participation of Alexandria Venture Investments, True Ventures, Magnetic Ventures, Khosla Ventures, Amplitude Ventures, Fidelity Management & Research Company LLC, and the Canadian Pension Plan Investment Board (CPP Investments).
Deep Genomics programs and prioritizes transformational RNA therapeutics for almost any gene in any genetic condition via AI and machine learning.
Founded in 2015, the company has developed the predictive systems AI Workbench platform which has made billions of predictions across the entire human genome, decoded vast amounts of data on RNA biology, and identified targets for genetically defined diseases.
Such a high level of productivity has been impossible if only using traditional non-AI approaches. The company now operates in Toronto, Ontario, Canada and Cambridge, Massachusetts, USA.
Brendan Frey, Ph.D., FRSC, Founder & CEO of Deep Genomics stated,
“RNA therapeutics is a digital sequence of nucleotides, which means medicines have become digital information. Our AI Workbench enables us to precisely program RNA therapeutics, much like computer code, to perform a wide range of functions. This AI Workbench, paired with terabytes of proprietary data, enables us to tackle the enormous complexity of RNA biology and identify novel targets, mechanisms, and RNA therapeutics, which cannot be found without AI. We believe this will have a tremendous positive impact on patients’ lives.”
The Series C Funds will help the company to expand its first AI-discovered programs from 10 to 30 programs.
While planning to advance four programs by 2023 and further establish its clinical development capabilities, Deep Genomics will continue to leverage partnerships with biopharmaceutical companies to expand its clinical development capacity.
Elena Viboch, the Investment Director of the SoftBank Investment Advisers, will also participate in the Board of Directors at Deep Genomic.