DeepCure, an Israeli medtech startup that uses an artificial intelligence AI drug discovery engine to develop novel, small molecule therapeutics, has raised $40 million in a Series A financing round led by Morningside Ventures. The latest round brings DeepCure’s total funding to date to $47 million.
A drug discovery platform is basically a tech platform that is used in the development of new medications. These technologies are an important tool for ensuring the quality and efficiency in drug development.
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According to Sciencedirect.com, Drug development comprises all the activities involved in transforming a compound from drug candidate (the end-product of the discovery phase) to a product approved for marketing by the appropriate regulatory authorities. The website adds that it is an enterprise characterized “predominantly by failure punctuated by occasional successes, rather than the other way around.”
So if DeepCure truly has a new and efficient system for drug development then it is propably worth every penny of the $40 million.
And Israeli medtech startups are in high demand these days. illumigyn, an Israeli medtech, or femtech, startup that offers first remote gynecological imaging platform, has raised $33 million to date. illumigyn focuses on women’s health and making it “accessible and affordable for every woman worldwide.” illumigyn has the first FDA-cleared remote gynecological platform, the Gynescope.
In September, Aviv Scientific, an Israeli medtech company that conducts research and clinical treatment of age-related cognitive and functional decline to maximize human performance, brought in $40 million in an oversubscribed Series B funding round. Aviv Scientific develops age-related cognitive and functional decline and novel applications of hyperbaric oxygen therapy (HBOT) to maximize human performance.
And what about DeepCure?
Well, the company declares that it is charting a “new frontier in drug development using its AI-driven drug discovery platform and automated, robotic laboratory.” DeepCure boasts that it is developing several novel preclinical candidates across different “undruggable” classes, ranging from polypharmacology programs to protein-protein interactions and previously “impossible” specificity challenges critical in various indications in areas of high unmet medical need. And, it says, this means shorter timelines to develop the “highest-quality” drug candidate and boasts that its technology “ensures the discovery and development of novel, small molecule drugs that were previously undiscoverable using conventional methods.”
“We are delighted to welcome a top-tier syndicate of leading healthcare investors led by Morningside Ventures that support our vision of developing an end-to-end drug discovery pipeline designed, optimized, synthesized, and analyzed by AI,” said Kfir Schreiber, CEO, and Co-Founder, DeepCure. “We have made tremendous progress since founding DeepCure a few years ago, and this financing reflects strong support for our technology platform, people, strategy, and most importantly, our mission to accelerate the discovery of novel targets and therapies which were previously undruggable.”