Evotec has injected $17.7m into Exscientia, becoming the first strategic shareholder in the drug discovery spinout based on research at University of Dundee.
Exscientia, a Scotland-based drug developer spun out from University of Dundee, raised €15m ($17.7m) in funding yesterday from drug discovery company Evotec.
The investment marks the first time that Exscientia has secured strategic funding, though its external shareholders also include commercialisation firm Frontier IP that gained a stake when it helped set up the spinout through its agreement with Dundee.
Founded in 2012 as Ex Scientia, the spinout uses artificial intelligence (AI) technology to automate the drug discovery process. The platform learns from existing data resources and experimental data collected during each drug design cycle.
Essentially, the AI system emulates the approach a human researcher would use but at a much faster rate and with more complex models.
The technology is based on research conducted by Andrew Hopkins, chair of medicinal informatics and Scottish Universities Life Sciences Alliance research professor of translational biology at Dundee’s School of Life Sciences.
The money will go towards the further development of the spinout’s platform and towards boosting the value of its partnership programs.
Evotec’s investment follows a collaboration agreement signed by the two companies in early 2016 to develop immuno-oncology candidates. Mario Polywka, chief operating officer of Evotec, will join Exscientia’s board of directors.
Exscientia also has ongoing agreements with a range of pharmaceutical firms, including Sanofi, for metabolic disease, Sumitomo Dainippon Pharma and Sunovion Pharmaceuticals, for central nervous system conditions, and GlaxoSmithKline, for a range of therapeutic areas.
Andrew Hopkins, chief executive of Exscientia, said: “Exscientia and Evotec have built a close relationship over the past year sharing mutual interest in agile innovation.
“We are delighted that Evotec has made this investment for a minority equity stake, allowing Exscientia to deliver more drug discovery projects in a rapid and capital efficient manner.”
