Insilico Medicine, a clinical-stage end-to-end artificial intelligence (AI)-driven drug discovery company in Hong Kong, has completed a second closing of its Series D round, led by Prosperity7 Ventures, the diversified growth fund of Saudi Aramco Ventures, bringing the total Series D financing to $95 million.
The financing brought in Prosperity7 as a new investor, alongside current investors in the Series D round, including a large, diversified asset management firm on the US West Coast, B Capital Group, Warburg Pincus, BHR Partners, Qiming Venture Partners, Deerfield, Pavilion Capital, BOLD Capital Partners, and WS Investment Company.
The new Series D capital will support the continued advancement of Insilico’s pipeline, including its lead program which is currently in a Phase 1 study in New Zealand and China, as well as several pipeline programs in IND-enabling studies.
The proceeds will also fund other key strategic initiatives, including further development of its end-to-end Pharma.AI platform, the launch of a fully automated, AI-driven robotic drug discovery laboratory and biological data factory, and the establishment of regional centers.
“The deepening application of AI and machine learning for drug discovery has demonstrated a transformative positive impact on the pharmaceutical industry and we are delighted to embark on this partnership with Insilico Medicine, a frontrunner in this innovation. Backed by the breadth of Aramco’s ecosystem across geographies and sectors, we look to support the company to scale up and expand its footprint globally, to drive biotechnology excellence, and to bring positive impact for greater wellbeing.”
The investment from Prosperity7 further diversifies the Company’s investor base globally and brings a potential strategic partner with deep expertise in high-performance and environmentally friendly energy R&D. Relying on Prosperity7’s global network and generous resources, Insilico will expand its AI capabilities from drug R&D to multiple areas, including sustainable chemistry, green energy, and agriculture to actively support sustainable development.
Insilico had already leveraged the power of its platform to accelerate innovation in sustainable agriculture in a multi-year collaboration with Syngenta which validated that the platform’s capabilities in AI-enabled multi-parameter optimization could create substantial value.
“In 2022, Aramco became the world’s most valuable company, and we are deeply honored to receive the investment from their venture capital arm, Prosperity7, which focuses on investment in ‘disruptive technology’,” said Mr. Alex Zhavoronkov, PhD, founder and CEO of Insilico Medicine.
Related: Agritech startup Produze raises $2.6mn in seed funding by Accel