Causaly, a company that uses AI for biomedical research, has closed a $60m Series B round led by ICONIQ Growth, with participation from Index Ventures, Marathon Venture Capital, EBRD, Pentech Ventures and Visionaries Club.
Alex Gorsky, former chairman and CEO of Johnson & Johnson, and Olivier Pomel, CEO and co-founder of Datadog, also participated.
Serving 12 of the top 20 pharmaceutical companies, Causaly reports it has tripled its revenue and customers. The company has now raised $93 million in total, which will be used to extend its product lead and expand commercial relationships.
The UK-based company is aiming to accelerate the drug discovery process for complex diseases such as Parkinson’s, cancer, and multiple sclerosis.
The technology uses a hybrid approach combining a knowledge graph with the latest advances in generative AI. The platform is being used at scale for diverse workflows, from target identification to biomarker discovery.
Causaly’s customers include Gilead, Novo Nordisk, Regeneron, the US Food and Drug Administration and the National Institute of Environmental Health Sciences.
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“The sciences are at a turning point driven by the adoption of AI, and we believe Causaly is a leader in delivering this power to scientists in a highly trusted and verifiable manner,” said Caroline Xie, general partner at ICONIQ Growth which led the Series B round.
In May 2021, Causaly raised $17m. Venture capital firm Index Ventures led the Series A investment, joined by Marathon, Pentech and EBRD. Carlos Gonzalez-Cadenas, partner at Index also joined the board.