SOUTH SAN FRANCISCO – (COMMERCIAL THREAD) – insitro, a machine learning-focused drug discovery and development company, today announced that it has raised $ 400 million in Series C funding. The funding was led by the ‘Canada Pension Plan Investment Board (CPP Investments), with significant participation from current investors Andreessen Horowitz, funds and accounts advised by T. Rowe Price Associates, Inc., Casdin Capital, and funds and accounts managed by BlackRock as well as ARCH Venture Partners, Foresite Capital, GV, Third Rock Ventures, Two Sigma Ventures, HOF Capital and Alexandria Venture Investments. Also joining the round are Temasek, Softbank Investment Advisors, a leading undisclosed global investment group and an undisclosed paid service provider healthcare system in the United States. As part of this funding, Paul McCracken, Ph.D., Senior Portfolio Manager, Thematic Investing, at CPP Investments, will join the board of directors of insitro upon closing of the funding.
“For insitro, 2020 has been a year of incredible growth and progress towards our founding vision to bring the predictive powers of machine learning to drug discovery, ”said Daphne Koller, Ph.D., Founder and CEO of initro. “We have built and demonstrated the capabilities of our target discovery platform in our Gilead collaboration in NASH, receiving the first of our operational milestone payments, and established an exceptional collaboration with Bristol Myers Squibb in ALS; we also took a big step forward in moving from targets to drugs with the acquisition of Haystack Sciences, a high throughput chemistry platform that enables molecular design based on machine learning; and we recruited Dr. Roger Perlmutter to our Board of Directors to guide our drug discovery efforts. This Series C funding, alongside our mid-2020 Series B, provides us with enormous resources from some of the best long-term investors in biotech, and will allow us to continue to expand our work to bring transformative drugs to the patients faster and with fewer failures. We are honored to have the support of this incredible group of investors and to welcome Paul to our Board of Directors. ”
“Since our initial investment in 2020, insitro has become increasingly part of our innovation and healthcare strategy, as the company progresses towards the ambitious vision of redefining drug discovery and development through application of machine learning, ”said Leon Pedersen, Managing Director and Head of Thematic Investment. “As a long-term investor, RPC Investments looks forward to continuing to support insitro in driving future innovations in healthcare.
Proceeds from the funding will be used to further expand the capabilities of the insitro platform and pipeline, providing resources to access enabling datasets, enabling or complementary technologies and platforms, and Potential licensed assets that have been reduced at risk by the company’s unique approach to targeting and discovery of patient biomarkers.
Insitro’s approach to rethinking drug discovery and development is based on three strategic pillars:
statistical genetics based on machine learning on deeply phenotyped human cohorts to discover targets and patient segments likely to inform clinical strategy,
predictive models of cellular diseases to discover targets, patient segments and drugs;
and the design of therapies based on machine learning.
Applying these pillars laid the foundation for the company’s pipeline, which includes efforts in neuroscience and liver disease that are advancing both internally and through strategic partnerships.
“The insitro team has developed a powerful approach to drug discovery based on the global application of machine learning in every phase of the process: identifying targets, discovering leads and developing highly evolved therapeutic candidates, ”said the Dr Perlmutter, member of the board of directors of insitro. “This Series C cycle provides insitro with the means to pursue this vision across multiple therapeutic areas, both independently and with like-minded strategic partners. ”
Funding is expected to close in the first full week of April 2021, subject to customary closing conditions.
About the introduction
insitro is a data-driven drug discovery and development company that uses machine learning and large-scale data generation to transform the way drugs are discovered and delivered to patients. Insitro’s approach focuses on the development of predictive machine learning models to be applied to the main bottlenecks in pharmaceutical R&D. The company has established enabling collaborations with Gilead in NASH and Bristol Myers Squibb in ALS. insitro is located in South San Francisco, California, and has been backed by leading investors in technology, biotechnology and crossover since its inception in 2018. For more information on insitro, please visit the company’s website at www.insitro.com.