Venture Capital News: Atomwise Raises $45M Series A
SAN FRANCISCO, CA, Atomwise Inc. today announced it has raised $45 million of growth funding, led by Monsanto Growth Ventures, DCVC (Data Collective), and B Capital Group.
Atomwise Inc. today announced it has raised $45 million of growth funding, led by Monsanto Growth Ventures, DCVC (Data Collective), and B Capital Group, in support of its mission to become the preferred artificial intelligence partner for the world's leading pharmaceutical, biotech, and agrochemical companies. Prior investors Y Combinator, Khosla Ventures, and DFJ also participated in this Series A financing, along with new investors Baidu Ventures, Tencent, and Dolby Family Ventures. The oversubscribed round brings Atomwise's total capital raised to more than $51 million.
Atomwise is ready to help hundreds of organizations discover compounds that could become tomorrow's blockbusters
"With our initial work in 2012, Atomwise became the first startup to commercialize deep neural networks for drug discovery," said Dr. Abraham Heifets, Co-founder and CEO of Atomwise. "It seemed to many like science fiction then, but now in 2018, Atomwise has the commercial traction with a host of customers to demonstrate our leadership in AI for drug discovery."
Atomwise's Series A marks the culmination of two years of unprecedented business growth. Atomwise has struck partnerships with four of the top-ten U.S. pharma companies, multiple biotech firms, and over forty major research universities. All told, Atomwise has over fifty distinct molecular discovery programs. The Atomwise approach demonstrates a new model for a pharmaceutical industry that is facing a crisis of declining productivity, spending more on research each year, yet achieving fewer breakthroughs per dollar.
"With our partners, Atomwise has brought the power of artificial intelligence to breakthrough research on deadly viruses, several forms of cancer, neurodegenerative diseases, metabolic diseases, life-threatening bacteria, endemic parasites, and crop-blighting fungi in agriculture," said Dr. Izhar Wallach, Co-Founder and CTO of Atomwise. "With this funding, Atomwise is ready to help hundreds of organizations discover compounds that could become tomorrow's blockbusters."
Like software used to design airplanes and computer chips in simulation, Atomwise can help make predictions about new potential medicines before they are made, reducing the need for costly and time-consuming physical synthesis and testing. Its groundbreaking AtomNet drug research technology learns like a human chemist, using powerful deep learning algorithms and elastic supercompute platforms to analyze millions of potential medicines each day.
"DCVC led Atomwise's seed and has continued to double down on this great team because they have combined breakthrough AI-driven productivity with disciplined execution and delivery for some of the world's most demanding life science companies," said Matt Ocko, Managing Partner of DCVC. "We're excited that traditional life sciences is only the start for Atomwise, with the company demonstrating transformational results in attacking problems in agriculture and other global industries as well."
Atomwise has delivered significant research results since its seed funding in 2015. Dozens of its discovery programs have achieved success in the hands of its partners, contrasting with an industry that typically has extremely high rates of failure for comparable work. AtomNet has dramatically outperformed status quo technologies, identifying "active" hit compounds at a rate up to 10,000X higher than the physical high-throughput screening methods it augments. Today, Atomwise screens more than 10 million compounds every day.
"We chose to invest based on the impressive results we saw from Atomwise in our own hands," added Dr. Kiersten Stead, Partner at Monsanto Growth Ventures. "Atomwise was able to find promising compounds against crop protection targets that are important areas of focus for agrochemical R&D."
Aside from a massive increase in discovery productivity, AtomNet also provides greater understanding of the toxicity, side effects, mechanism of action, and efficacy of a drug, far earlier than typical in a drug pipeline. This ability provides Atomwise customers an exponential reduction in the cost and risk of drug discovery. In that context, Atomwise's choice of strategic investors with deep industry ties is critical for achieving its vision of transforming the way medicines are discovered.
"The one-trillion dollar global pharmaceutical industry is rapidly shifting toward AI-driven R&D productivity and Atomwise is clearly leading this charge," said Gavin Teo, Partner at B Capital Group. "B Capital, built in partnership with the Boston Consulting Group, is excited to support Atomwise to expand and deepen relationships with biopharma corporates seeking transformative technology to grow their R&D pipeline."
"We thank long-time investors DCVC, and welcome Monsanto Growth Ventures, and B Capital Group," concluded Abraham Heifets. "Atomwise's new board members Kiersten Stead, Matt Ocko, and Gavin Teo combine the very best of deep tech, life science, and corporate experience. We can't wait to work with them."
Atomwise uses artificial intelligence to help discover new medicines and agricultural compounds. Its groundbreaking AtomNet technology reasons like a human chemist, using powerful deep learning algorithms and supercomputers to analyze millions of potential molecules each day. Atomwise has launched more than 50 discovery projects in partnership with the world's top research companies and universities. Now, through its many partnering programs and robust venture funding, Atomwise is actively seeking new collaborators to address the global health challenges of our time using the power of artificial intelligence.
About Monsanto Growth Ventures
Monsanto Growth Ventures, the venture capital arm of Monsanto Company, is growth-stage agnostic and will invest in companies from Seed stage, through Series A and beyond. Its robust program for partnering with early-stage companies leads to stronger partnerships, collaborations that accelerate development and, sometimes, according to strategic goals, mergers and acquisitions. As one of more than a dozen active companies in the MGV portfolio, the investment in Atomwise complements Monsanto's approach to integrating plant breeding, plant biotechnology, crop protection, ag biologicals and data science platforms to give growers better tools and technologies for producing better harvests, protecting crops and conserving resources in the face of mounting environmental challenges such as climate change and water scarcity. For more information on Monsanto Growth Ventures, visit https://monsanto.com/company/monsanto-growth-ventures/
About Data Collective (DCVC)
Data Collective (DCVC) is a venture capital fund that backs entrepreneurs applying deep tech to transform giant industries. DCVC and its principals have supported brilliant people changing global-scale businesses for over twenty years, helping create tens of billions of dollars of wealth while also making the world a markedly better place. DCVC brings to bear a unique model that unites a team of experienced venture capitalists with more than 50 technology executives and experts (CTOs, CIOs, Chief Scientists, Principal Engineers, Professors at Stanford, Berkeley, and major technical universities) with significant tenures at top 100 technology companies and research institutions worldwide. DCVC focuses on Seed and Series A companies, and growth stage opportunities within its own portfolio. For more information on DCVC, visit www.dcvc.com or follow @dcvc on Twitter.
About B Capital Group
B Capital Group is a global venture capital firm that invests in groundbreaking healthcare, fintech, industrial logistics and consumer enablement companies that are primed to scale across the global stage. Founded in partnership with The Boston Consulting Group, B Capital Group delivers unique access to top corporations, matching cutting-edge start-ups with the world's leading CEOs, platforms, and brands. Existing portfolio companies include AImotive, Bright.md, Capital Match, CXA, Evidation Health, Icertis, INTURN, Lanetix, Mswipe, Ninja Van and SilverCloud Health. For more information, visit http://www.bcapgroup.com/.
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