Google (GOOGL.US) AI pharmaceutical company Isomorphic Labs launches new financing: Raised $2.1 billions five months ago, current round aims for a $50 billions valuation
Isomorphic Labs, a DeepMind spin-off, is in talks for new financing, with its valuation potentially reaching up to $50 billions. This comes only five months after its $2.1 billions Series B funding round.
According to Golden Ten Data APP, sources reveal that Isomorphic Labs, an AI drug development startup spun out from Google DeepMind under Alphabet (GOOGL.US), is holding preliminary discussions for a new funding round, targeting a valuation of at least $40 billion.
One of the sources stated that the valuation for this round could be as high as $50 billion. The sources indicated that the fundraising is not yet complete and details may still change. Isomorphic has not responded to requests for comment.
Just five months ago, Isomorphic Labs completed a $2.1 billion Series B funding round. At that time, the company's CEO Demis Hassabis (also serving as DeepMind chairman) said that Alphabet provided "a substantial portion" of the round’s financing but declined to disclose Alphabet's stake or the company’s valuation.
Hassabis previously served as head of DeepMind. In August this year, he announced his transition to chairman, took up the role of chief scientist at Alphabet, and continued as CEO of Isomorphic.
Headquartered in London, Isomorphic Labs was founded in 2021, originating from DeepMind, and aims to advance further on the laboratory’s groundbreaking AlphaFold protein folding model. It is competing with numerous companies seeking to apply the latest AI technologies to the pharmaceutical sector, including OpenAI, which released a life sciences research model this year.
Although AI developers have promised to significantly reduce the time and cost of drug development, few companies have advanced to the clinical trial stage, and none have yet brought a drug to market. Hassabis has stated his goal is to reduce the new drug development cycle from several years to just a few months.
Isomorphic Labs has announced collaborations with major pharmaceutical companies such as Eli Lilly (LLY.US) and Novartis (NVS.US), stating it will focus on the treatment of cancer and immune diseases. In addition to working with pharmaceutical companies and providing its AI drug discovery model, Isomorphic also plans to independently design and develop drugs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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