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Elucidata Raises $16 Million Series A to Reimagine AI Infrastructure for the Life Sciences Industry

Elucidata, a TechBio company that powers life science research & development (R&D) with its data-centric Machine Learning Operations (ML-Ops) platform, Polly, announced that it has raised $16 million in a Series A fundraising. The round was led by leading global investment firm Eight Roads Ventures, with participation from F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital. The newly infused capital will be used to deepen product capabilities in translational drug research and allied markets, scale go-to-market initiatives, and accelerate global expansion of operations.

Successful AI/ML initiatives are built on high-quality data. Elucidata’s platform Polly, enables pharmaceutical and diagnostic companies to adopt a data-centric approach for successful AI/ML initiatives. Polly provides R&D teams access to clean, curated biomolecular data that can be queried and analyzed over a graphical user interface (GUI) or programmatically.

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Used by leading life sciences companies on over 2.5 million biomolecular datasets, Polly leverages proprietary Bio-NLP technology to rapidly curate biomedical data with human-levels of accuracy, making it machine learning-ready (ML-ready).

“Organizations often underestimate the importance of data quality, and as a result, a lot of AI/ML initiatives are compromised. We’re on a mission to derisk such initiatives in life sciences R&D by empowering them with high-quality biomedical data at every stage of the R&D process,” said Dr. Abhishek Jha, CEO, and Co-Founder of Elucidata. “The new infusion of capital is a testament to how Polly is creating value for its customers by cleaning and linking data at scale. I am thrilled to have world-class investors at the table as we continue to build a category-defining company.

Elucidata sees the era of AI as one in which life sciences companies leverage the benefits of AI. This would require a complete reimagination of the current “model-centric” AI narrative, that has largely been driven by internet companies, but does not apply to niche industries like life sciences R&D.

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“Deciphering insights from biomedical data is at the heart of addressing the world’s most important breakthroughs in biopharmaceuticals. There is an explosion in the generation of these complex, heterogeneous datasets, driven by innovations in sequencing technologies and the proliferation of connected devices. Elucidata’s technology platform seeks to democratize access to curated biomedical data at scale, allowing biopharmaceutical companies to accelerate the discovery and development of novel therapies. We are proud to partner with Abhishek, Swetabh, and the team on their vision to accelerate data-centric drug discovery and development.” said Ashish Venkataramani, Partner, Eight Roads Ventures.

Events of interest in life sciences are rare. Predicting these events is critically dependent on the availability of high-quality data to base the predictive model on, which is a key tenet of the data-centric approach.

“When it comes to AI projects, the quality of labeled data can play a vital role in the difference between success and failure,” said Nihal Sinha, M.D., Partner at F-Prime Capital. “Elucidata is providing life science companies access to high-quality datasets and, as a result, effectively accelerating their R&D efforts towards developing innovative solutions that can improve human health.”

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[To share your insights with us, please write to sghosh@martechseries.com]

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