A $16 million series A round led by international investment firm Eight Roads Ventures has been completed by biotech company Elucidata.
F-Prime Capital joined current investors IvyCap Ventures and Hyperplane Venture Capital in the round as well.
According to a release, the company intends to use the cash to scale go-to-market strategies, expedite worldwide operation expansion, and improve product abilities in translational drug research and related areas, as reported by VCCircle.
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Elucidata is a biotech platform that focuses on life sciences research and development (R&D) using its machine learning (ML) platform, Polly. It was founded in 2015 by Abhishek Jha, Swetabh Pathak, and Richard Kibbey.
“Organizations often underestimate the importance of data quality, and as a result, a lot of AI/ML initiatives are compromised. We de-risk such initiatives in life sciences R&D by empowering them with high-quality biomedical data at every stage of the R&D process,” said Jha, co-founder and chief executive officer, Elucidata.
It provides access to biomolecular data that can be utilised to advance healthcare artificial intelligence (AI) initiatives for pharmaceutical and diagnostic industries.
“Deciphering insights from biomedical data is at the heart of addressing the world’s most important breakthroughs in biopharmaceuticals, Elucidata’s technology platform seeks to democratise access to curated biomedical data at scale, allowing biopharmaceutical companies to accelerate the discovery and development of novel therapies,” said Ashish Venkataramani, Partner, Eight Roads Ventures.
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More than 30 life science businesses, including Genentech, Pfizer, and Janssen, as well as research institutions like Stanford and the Bill & Melinda Gates Foundation, are using Polly to speed up their drug discovery cycles, the company claims in a statement.
Elucidata is a pioneering life sciences MLOps company for the future that transforms biological discovery by integrating different forms of biomedical data. They support discovery programs at Pfizer, Bristol Myers Squibb, Genentech, Stanford and Yale and have 35+ research partners from premier biopharma companies and research labs.
They are a 150+ multi-disciplinary team of experts based across the US, Canada, and India. In December 2020, raised $5mn in a pre-series A round led by IvyCap Ventures.
They have developed Polly, an industry-leading data-centric MLOps platform for life sciences. Its technology cleans and links 26 types of biomedical data at scale into an ML-ready form. Polly delivers 45 TB of ML-ready biomedical data from ~30 different sources to customers. The platform helps data science teams to scale up by providing them with curated ML-ready biomolecular data from public and proprietary sources.