Novo has led a $60m series C round for University of Dundee’s Exscientia that also attracted Evotec, Bristol-Myers Squibb, and GT Healthcare Capital.

Exscientia, a UK-based drug discovery technology spinout of University of Dundee, obtained $60m in a series C round today led by pharmaceutical firm Novo Holdings.
Drug discovery and development company Evotec, pharmaceutical firm Bristol-Myers Squibb and private equity firm GT Healthcare Capital, through unnamed limited partners, also took part in the round.
Incorporated in 2012, Exscientia exploits artificial intelligence technology for a drug discovery platform that taps into the outcomes of historic research to design compounds and rapidly progress them towards the clinic.
The company recently entered a potential therapy for obsessive-compulsive disorder into a phase 1 trial, having developed the candidate in partnership with pharmaceutical firm Sumitomo Dainippon Pharma in under a year.
The funding will allow Exscientia to expand its portfolio and pipeline, allow it to progress several assets to the clinic and double down on its artificial intelligence capabilities. The company also plans to accelerate its international expansion, including in the US.
Robert Ghenchev, senior partner and head of Novo’s growth equity arm Novo Growth, is joining Exscientia’s board of directors.
GT Healthcare’s participation in the series C round follows a collaboration agreement between its drug discovery company GT Apeiron Therapeutics and Exscientia in June 2019.
Exscientia already secured a commitment from GT Healthcare for a $26m series B round in January 2019 that was also backed Evotec and pharmaceutical developer Celgene.
Evotec had also injected $17.7m in funding in 2017.
Commercialisation firm Frontier IP owns a 2.4% stake in Exscientia following the series C round.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.