Toronto-based AI specialists raise $40M in Series B funding
Deep Genomics, a Toronto-based AI company focused on the development of therapeutic drugs, has closed a Series B round of funding worth $40 million.
The investment is expected to go toward developing new treatments for a variety of genetic diseases and expanding the company’s AI platform. Future Ventures led the funding round, with Amplitude Ventures, Khosla Ventures, Magnetic Ventures and True Ventures also contributing.
“Therapeutically re-engineering the human genome is the final frontier,” Brendan Frey, founder and CEO of Deep Genomics, said in a prepared statement. “Doing so requires systems that can predict information pertaining to the genome, and the best technology we have for prediction is AI. We have found that the more we explore the universe of genetic therapies using AI, the more we discover dark regions that can be illuminated only with the development of new technology.”
“For over twenty years, our team at Future Ventures has backed visionary companies seeking to change the world for the better,” Steve Jurvetson, co-founder of Future Ventures and a board member of both Tesla and SpaceX, said in the same statement. “Deep Genomics has pioneered a better way to systematically discover new therapies with a much higher success rate than traditional pharma methods.”
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.