Deep Genomics will use the money to advance drug candidates created through its AI drug development model, based on research by Toronto faculty.
Deep Genomics, a Canada-based genetic medicine developer based on research at University of Toronto, has completed a $40m series B round led by venture capital firm Future Ventures.
Amplitude Ventures, Khosla Ventures, Magnetic Ventures and True Ventures also participated in the round, which boosted the company’s overall funding to nearly $57m.
Deep Genomics uses artificial intelligence-focused model to develop treatments for diseases with high unmet need, utilising AI in a range of areas including the identification of drug candidates and the creation of animal models.
The company is currently concentrating on a metabolic disease known as Wilson disease and a treatment for an ophthalmologic disorder associated with retinopathy – damage to the eye.
Deep Genomics was founded by chief executive Brendran Frey, professor of engineering and medicine at University of Toronto. Frey said: “We have found that the more we explore the universe of genetic therapies using AI, the more we discover dark regions that can be illuminated only with the development of new technology.
“This financing will enable us to expand our AI technology in the pursuit of new therapeutic opportunities, to advance our Wilson program into the clinic, and to strategically partner assets emerging from our overflowing preclinical pipeline.”
Venture capital firm True Ventures led True Genomics’ $3.8m seed round in 2015, participating with media group Bloomberg’s AI-focused VC firm, Bloomberg Beta, and unnamed angel investors. It added $13m in a series A round led by Khosla Ventures and backed by True Ventures in 2017.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
