London-based business Causaly raised $60M in a Series B fundraising round

 

London-based business Causaly raised $60M in a Series B fundraising round organized by ICONIQ Growth, with participation from previous backers Index Ventures, Marathon Venture Capital, the EBRD, Pentech Ventures, and Visionaries Club.  The business's AI platform for drug discovery and biomedical research, used by 12 significant pharmaceutical firms and agencies like Gilead, Novo Nordisk, and the FDA, promises to speed up the discovery and testing of new drugs for researchers. The platform developed by Causaly shortens the time it takes to create new pharmaceuticals from 10-15 years to "several" years, saving a large amount of money. The platform seeks to lower the 90% high failure rate and $1B to $2B per drug expense of medical development. The company has raised $93M and plans to use that money for R&D and staff growth. Instead of creating its treatments, Causaly differentiates itself by giving biomedical teams access to tools.