January 24, 2022 -- BenchSci, a developer of machine-learning applications for novel medicine development, has obtained $63 million Canadian dollars ($50 million) through a series C funding round. The funding will allow the company to expedite the expansion of its artificial intelligence (AI)-powered software platform.
The company's platform accelerates research in 16 top-20 pharmaceutical companies and over 4,500 leading research centers worldwide. Leveraging over 100 proprietary machine-learning models, the platform empowers 49,000 scientists globally to optimize their experiment designs and hence research productivity, the firm said. The company is evolving its technology to provide a comprehensive platform with capabilities that help pharmaceutical companies solve their biggest R&D challenges.
BenchSci's proprietary machine-learning models extract critical insights from published scientific data sources and pharmaceutical organizations' internal databases. The models understand the biomedical significance of extracted data and establish relationships between biological entities, according to the company. This technology is the foundation of all of BenchSci's applications, which surface the appropriate information and insights to assist scientists at pharmaceutical companies in various stages of R&D.
The funding round was led by Inovia Capital and TCV, with participation from existing investors. The total investment for BenchSci is $123 million Canadian dollars ($97 million).