New funding will help Variational AI advance its AI-powered programs in various clinical areas by improving its AI offerings and accelerating its existing programs for various areas.
Fremont, CA: Capital investment for health tech innovators is frequently regarded as a key sign of their value propositions and long-term viability. Variational AI has secured an amount of $US3.5 million in seed funding. Flying Fish Ventures, Alliance of Angels, and A&E Investments led the financing round, which included Silicon Valley entrepreneurs, investors, and consultants Lip-Bu Tan and Amarjit Gill.
The Enki algorithm from Variational AI learns from a training set of molecules screened against drug targets from both experimental and computational sources, then creates new chemical structures with numerous pre-defined parameters/properties designed to minimize typical drug attrition reasons. This optimization is done in parallel and can produce results in months rather than years, requiring far less data than competing AI solutions.
"The Variational AI team is excited to welcome our investors in sharing our vision for redefining the economics of drug development," said Handol Kim, Co-founder and CEO, Variational AI. "We look forward to accelerating our current programs and identifying new drug targets that Enkiis uniquely suited to tackle to rapidly address unmet medical needs."
Variational AI will use the seed funding to speed up existing discovery projects for COVID-19, cancer, and other diseases. The extra funds will also be used to hire more experts in medicinal chemistry, cheminformatics, and machine learning, as well as to form a Scientific Advisory Board.
“The pandemic has demonstrated the importance of accelerating drug discovery and reducing the cost and risk to developing therapeutics,” said Frank Chang, Managing Partner, Flying Fish. “We are thrilled to invest in Variational AI’s machine learning approach to discovering new molecules, which has the potential to dramatically impact the biopharma industry.”