Biotech firm Elucidata said that it has raised $16 million in a Series A round. The round was led by global investment firm Eight Roads Ventures, with participation from F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital.
As per an official statement, these funds will be used to deepen product capabilities in the fields of translational drug research and allied markets, scale go-to-market initiatives and accelerate global expansion of operations.
Currently, it is working on research and development (R&D) through its data-centric Machine Learning Operations (ML-Ops) platform Polly. This platform allows R&D teams of firms to access clean, curated biomolecular data that can be queried and analyzed over a graphical user interface (GUI) or through a program.
Polly has been used by leading several life sciences companies on over 2.5 million biomolecular datasets. Top companies like Genentech, Pfizer and Janssen, as well as institutes like Stanford and Bill & Melinda Gates Foundation, all use Polly to shorten drug discovery cycles.
“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,” said Nihal Sinha, MD, Partner at F-Prime Capital.
“Organisations 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, Elucidata.
Start your day, the smart way!
1 Mail | 2 Minutes | 3 Stories