BenchSci Secures $95 Million Series D Funding for Drug Discovery Innovation with AI Platform ASCEND

WHO

BenchSci, a prominent player in the field of AI solutions for preclinical life sciences research and development (R&D), has raised $95 million in a Series D funding round. The Canadian-based company aims to empower scientists and researchers by leveraging their proprietary AI platform, ASCEND™, to drive more efficient and successful drug discovery processes. BenchSci caters to leading pharmaceutical and biotech companies globally, with over 50,000 scientists benefiting from their software.

WHAT

BenchSci's latest funding round, led by Generation Investment Management, has raised a total of $218 million to date. The funds will be utilized to expand the ASCEND platform, which enables scientists to uncover biological connections, accelerate drug discovery, and reduce trial-and-error experimentation. ASCEND's advanced machine learning models convert unstructured and unstandardized experimental evidence from diverse sources into actionable insights, providing scientists with an unbiased map of the underlying biology of disease. This comprehensive approach saves time, improves experimental success rates, and expedites the translation of discoveries to clinical trials.

WHY

The objective of BenchSci's ASCEND platform is to address the productivity crisis and increase the efficiency of pharmaceutical R&D. By applying AI-driven solutions, BenchSci aims to overcome the high failure rate (98%) in advancing medicines to patients. The platform empowers scientists to focus their research on the most promising areas by reducing the time and cost associated with understanding existing experiments and conclusions. By accelerating the drug discovery process, BenchSci aims to bring novel medicines to patients years faster and contribute to a sustainable healthcare system.

HOW IT WORKS

ASCEND utilizes proprietary text and image-based machine learning algorithms to decode and connect extensive biomedical research, experimental data, and procurement information. By transforming inaccessible data into actionable insights, ASCEND provides scientists with a holistic understanding of disease biology, assesses the feasibility of research pursuits, and enhances the translation to clinical trials. This comprehensive platform enables scientists to save significant time, avoid failed experiments, and accelerate critical scientific conclusions.

FUNDING

BenchSci's Series D funding round raised $95 million, with Generation Investment Management leading the investment. Existing investors, including iNovia Capital, TCV, Golden Ventures, and F-Prime Capital, also participated in the funding round. With a total of $218 million raised, BenchSci's impressive funding validates the market traction they have gained, especially among leading pharmaceutical and biotech companies.

KEY TAKEAWAY

BenchSci's recent $95 million funding round emphasizes the growing significance of AI in the drug discovery process. Their ASCEND platform, powered by advanced machine learning models, enables scientists to accelerate research, reduce trial-and-error experimentation, and uncover novel targets and disease indications. By leveraging BenchSci's innovative AI solutions, pharmaceutical companies can focus their efforts on the most promising areas of drug development, ultimately leading to faster and more efficient delivery of life-saving medicines to patients in need.