You only have a minute? Here are 3 takeaways from this article:
• Greek ML startup Causaly has raised a $60 million Series B round led by Iconiq Growth jointly with Index Ventures, Pentech and the EBRD, among others.
• The company’s solution aims to shorten and simplify the R&D process of finding new drugs and preparing them for commercial use.
• Causaly recently tripled its revenue and customer base, serving twelve of the world’s top 20 pharmaceutical companies.
Causaly’s platform maps correlations between large amounts of scientific data, helping healthcare professionals, experts and innovators focus on developing new medicines instead of spending months searching for data correlations .
Using ML and AI to search existing scientific literature and clinical trial documents, the platform searches publications, identifies cause-and-effect relationships, and then transforms this data and information into material that allows researchers to ask questions. questions.
Over the past two years, co-founders Yiannis Kiachopoulos and Artur Saudabayev’s goal and vision to leverage the latest developments in AI and advance biomedical research has enabled the company to triple its revenue business and its customers, while serving pharmaceutical giants such as Gilead, Novo. Nordisk, Regeneron, the FDA and the NIEHS.
The Greek startup will now look to expand across multiple geographies and functions and accelerate its investments in the platform, while partnering with new clients in a bid to transform the way search is done.
According to the Greek company, developing a new drug is an arduous process that typically spans a decade, involving extensive research, development and rigorous clinical trials – and there is a real urgency to accelerate this process for most complex and unresolved diseases such as Parkinson’s disease. , lung cancer or multiple sclerosis.
“Recent advances in AI open up completely new possibilities, and there is a great need for transparent AI systems that scientific leaders can trust,” said Kiachopoulos, CEO of the company. said in a report.
Two years ago, the company raised $17 million Series A round led by Greek VC Marathon Ventures as the first institutional investor, in collaboration with Index Ventures.
“As AI takes the world by storm, Causaly is pioneering some of its most tangible and demanding use cases, already helping many pharmaceutical and health science institutions as we speak. leading life in making preclinical discoveries at a pace never before experienced. From the beginning, we have witnessed the remarkable caliber and ambition of the Causaly team,” Marathon Ventures added.