BenevolentAI, a leading British artificial intelligence company, has been valued at more than $2bn following its latest funding round where the company secured $115mn in financing.
BenevolentAI is working to use AI as a way of discovering new medicines and treatments for difficult and stubborn diseases. Within the pharmaceutical industry, Benevolent AI is the only company using AI as a means to discover and develop clinical capabilities.
“We are very pleased with the response to the fundraising,” said Ken Mulvany, Founder and Chairman of BenevolentAI. “It reflects the rapidly growing global interest in the AI pharmaceutical sector and the recognition of our place as the dominant player within it.”
The company’s current drug development portfolio has proven that it can cut drug discovery by up to four years and deliver increased efficiencies of 60% in the development process compared to the averages displayed in the pharmaceutical industry. For an industry that spends $180bn on research and development annually, this technology offers significant potential.
“The capabilities of our technology didn't exist six years ago,” Mulvany continued. “We are pioneering this sector and have evolved into a fully integrated, AI enabled drug development company with the ability to deliver better medicines at previously unimaginable speeds - this ultimately means patients will receive the right medicines, at a lower cost, in less time.”
The funds raised will be used to help the company diversify its offerings into a number of different industries such as the energy storage, manufacturing and agricultural sectors, alongside bolstering its current use in pharmaceuticals.