Google-backed AI drug discovery startup raises $600 million

(Reuters) - Isomorphic Labs, which uses artificial intelligence technologies for drug discovery, has raised $600 million in its first ever external funding round led by Thrive Capital, the startup said on Monday.

Google Ventures and Alphabet, an existing investor, also participated in the round.

WHY IT'S IMPORTANT

Top tech companies are racing to position AI-powered offerings as central to their products and services.

Startups catering to the surge in demand for generative AI and machine learning have been a bright spot in the private funding market.

CONTEXT

Isomorphic was founded in 2021 as a spin-off from Alphabet's AI research subsidiary Google Deepmind, which it acquired in 2014.

Last May, the company unveiled the third major version of its Nobel-winning "AlphaFold" artificial intelligence model, which is able to predict almost all known proteins structures.

WHAT'S NEXT

The London-based company said funds raised will be used to accelerate research and development as well as talent acquisition.

Founder and Chief Executive Officer Demis Hassabis, who also leads Deepmind, suggested in January that Isomorphic Labs will have AI-designed drugs in clinical trials by the end of 2025.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Sahal Muhammed)

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