Deep Genomics has secured $180m in Series C funding round to advance its artificial intelligence (AI)-discovered drug programmes for genetic diseases into the clinic.
The financing round was led by SoftBank Vision Fund 2. New investors, Canadian Pension Plan Investment Board, Fidelity Management & Research Company and Alexandria Venture Investments also took part.
Deep Genomics’ current investors, Amplitude Ventures, Khosla Ventures, Magnetic Ventures and True Ventures participated in the funding round.
Leveraging AI and machine learning, Deep Genomics programmes innovative ribonucleic acid (RNA) treatments for genetic diseases.
The company has developed a set of predictive systems called the AI Workbench, which made numerous predictions throughout the complete human genome for genetic variants and new compounds.
Such productivity level is not feasible using standard non-AI methods, Deep Genomics noted.
Deep Genomics founder and CEO Brendan Frey said: “Our AI Workbench enables us to precisely programme RNA therapeutics, much like computer code, to perform a wide range of functions.
“This AI Workbench, paired with terabytes of proprietary data, enables us to tackle the enormous complexity of RNA biology and identify novel targets, mechanisms and RNA therapeutics, which cannot be found without AI.”
The company is working to quickly advance its initial ten AI-discovered programmes into the clinic.
The Series C funds will be used to progress four programmes to the clinic by 2023 while improving Deep Genomics’ clinical development expertise.
Furthermore, the proceeds will aid the company to boost the AI Workbench and expand its pipeline to 30 programmes.
As the platform is being used for more complex and common diseases, Deep Genomics will generate extensive data across 100 genes to detect new targets, mechanisms and preclinical programmes.
The company also plans to utilise alliances with biopharmaceutical firms to bolster its clinical development capacity.
It aims to strengthen its presence in Toronto, Ontario, Canada and Cambridge, Massachusetts, US, and increase its size by two times in two years.
As part of the funding round, SoftBank Investment Advisers investment director Elena Viboch will become part of Deep Genomics’ board of directors.