OpenAI-backed biotech firm Chai Discovery raises $130M Series B at $1.3B valuation [TechCrunch]
Alphabet Inc. - Class C Capital Stock (GOOG)
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Source: TechCrunch
The round was led by General Catalyst and Oak HC/FT, the company said. Other participants include Menlo Ventures, OpenAI, Dimension, Thrive Capital, Neo, Yosemite venture fund, Lachy Groom, SV Angel, and new investors Glade Brook and Emerson Collective. The firm's total funding now stands at over $225 million. The company is one in a growing industry that sees AI as a faster route towards drug development. In August, Menlo Ventures announced it was leading Chai's $70 million Series A round. The investor described Chai as a startup that was building foundation models tuned for drug discovery, specifically to predict interactions between biochemical molecules so they could be reprogramed for cures. Chai says that its ambition is to “build the “computer aided design suite” for molecules.” Last year, the startup announced the Chai 1 AI model and is now offering Chai 2, it's latest model. The company says Chai 2 is achieving significant improvements in success rates over other methods
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