Insilico Medicine Raises $60 Million in Series D Financing to Advance Pipeline and Launch AI-powered Drug Discovery Robotics Laboratory
Insilico Medicine, a clinical-stage end-to-end artificial intelligence (AI)-driven drug discovery company, announced today that it has completed a $60 million Series D financing from a syndicate of global investors with expertise in investing in the biopharmaceutical and life sciences sectors.
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New investors, including a large, diversified asset management firm on the US West Coast and BHR Partners joined the round, along with current investors, including lead investor of Series C financing round Warburg Pincus, B Capital Group, Qiming Venture Partners, BOLD Capital Partners and Pavilion Capital. Insilico’s founder and CEO, Alex Zhavoronkov, PhD, also invested in the Series D round.
Capital raised in the round will further bolster Insilico’s financial position and fuel the growth of its advancing pipeline, including its lead program which is currently in a Phase I study, and continued development of its Pharma.AI platform. The proceeds will also fund ongoing global expansion and planned strategic initiatives, including a fully automated, AI-driven robotic drug discovery laboratory, and fully robotic biological data factory to complement Insilico’s vast curated data assets.
“Despite unprecedented market conditions in the biotechnology sector, we raised this Series D round from several of the most reputable US-based and global investors,” said Alex Zhavoronkov, PhD, Founder and CEO of Insilico Medicine. “It is a testament to the strength of our end-to-end AI platform, which has been validated by many partners, and produced our first novel antifibrotic program discovered using AI and aging research, and designed using our generative AI chemistry engine. This unique program completed a first-in-human Phase 0 study in healthy volunteers and has entered Phase I clinical trials. We have also nominated seven preclinical candidates across a number of other disease indications since 2021. I am very excited about this progress and have decided to personally invest in this round.”
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“The application of artificial intelligence and machine learning for drug discovery has incredible potential to transform the way new therapies are developed,” said Min Fang, Managing Director, Head of China Healthcare at Warburg Pincus. “For Insilico, 2022 is a year of incredible growth and progress. They have demonstrated the value of combining deep scientific expertise with cutting-edge technology capabilities to significantly accelerate drug discovery. We’re delighted to continue to partner with the Insilico team and support a company that is at the forefront of this innovation.”
Since the previous round of financing, Insilico has developed a growing portfolio in frontier areas empowered by its proprietary AI platform. Seven programs in its internal pipeline have progressed to the IND-enabling stage, including a novel 3CL protease inhibitor for COVID-19 treatment, and two synthetic lethality programs targeting MAT2A and USP1 for oncology. It also successfully completed a Phase 0 microdose study and entered a Phase I clinical trial with its first internally developed program targeting fibrosis.
“With the power of cutting-edge AI platforms developed fully in house and validated by many global pharmaceutical companies and our innovative, highly parallel, fully distributed drug discovery model, we nominated seven preclinical candidates since I joined the company in 2021,” said Feng Ren, PhD, Insilico’s Chief Scientific Officer and Head of Global Research and Development. “I have 15 years of experience working in large pharmaceutical companies and CROs and I am impressed by the speed and quality of our discovery programs. We plan to continue expanding the breadth of the pipeline and enhance our AI and robotics capabilities globally. Our rapidly growing team is composed of talented and experienced scientists in drug discovery with diverse backgrounds and relentless passion for novelty and innovation, and fully committed to developing novel drugs with a sense of urgency for the waiting patients.”
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