BenchSci raises CA$95M funding for better drug discovery AI

 BenchSci raises CA$95M funding for better drug discovery AI

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Toronto-based BenchSci raises Series D funding of CA$95M to unlock more value for pharmaceutical sector through its drug discovery AI. Founded in 2015, the company specializes in AI-driven research and development (R&D) acceleration for pharmaceutical firms.

Generation Investment Management spearheaded the funding round, while existing investors iNovia Capital, TCV, Golden Ventures, and F-Prime Capital participated. With this latest injection of capital, BenchSci’s has raised a total of CA$218M till date.

Earlier, the company secured CA$63 million in Series C funding in 2021, led by Inovia Capital and TCV. Prior to that it had raised CA$22 million in a Series B funding round in early 2020.

The funds will be used in the expansion of BenchSci’s groundbreaking AI drug discovery platform, ASCEND™. This platform revolutionizes the scientific community by facilitating the discovery of vital biological connections. As a result, it reduces the need for time-consuming trial-and-error experimentation, and enables early identification of potential risks. Notably, ASCEND has already made significant strides, contributing to a more efficient, AI-driven drug discovery era.

“Our focus will always be on what will drive the greatest impact for our customers. Thousands of scientists use our platform every day to move their most promising drug discovery projects forward faster. This investment is validation of the incredible work of our team and the traction we have in the market with the largest pharmaceutical and biotech companies in the world.”

Liran Belenzon, CEO and Co-Founder, BenchSci

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BenchSci raises funds as its drug discovery AI platform gains traction

Ascend, BenchSci’s flagship platform, has gained substantial traction within the scientific community. It is currently utilized by 16 out of the world’s top 20 pharmaceutical companies and over 50,000 scientists across more than 4,500 leading research centers worldwide.

Among BenchSci’s top 10 customers, ASCEND users achieved groundbreaking results, uncovering novel targets and disease indications in 22% of key projects. Furthermore, they were able to slash unnecessary experimentation by a staggering 40%.

“We believe more effective preclinical research is critical to a sustainable healthcare system – drug development is expensive and this cost is only increasing. BenchSci is an example of how AI can support existing drug development by helping scientists focus their research on the most promising areas of science.”

Anthony Woolf, Growth Equity Partner at Generation Investment Management

Tom Leung, David Q. Chen, Elvis Wianda, and Liran Belenzon are BenchSci’s founders, who met at the University of Toronto’s Creative Destruction Lab. Subsequently, they joined forces to address the antibody reproducibility crisis using artificial intelligence (AI) technology.

Over time, BenchSci has emerged as a global leader in AI solutions for drug discovery. With over 400 employees, the company’s rapid growth has earned them recognition as one of the fastest-growing tech companies in North America by Deloitte.

Also read: New healthcare fund set by Ontario government and Korean VC


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