The startup Isomorphic Labs, which employs artificial intelligence technologies for drug discovery, announced on Monday that it has raised $600 million in its inaugural external funding round led by Thrive Capital.
The round also saw participation from Google Ventures and Alphabet (GOOGL.O), which is an existing investor.
WHY IT MATTERS
Leading technology firms are competing to establish AI-enhanced offerings as core components of their products and services.
Private funding has seen a bright spot in startups that cater to the surge in demand for generative AI and machine learning.
BACKGROUND
Founded in 2021, Isomorphic is a spin-off from Alphabet’s AI research subsidiary, Google DeepMind, which was acquired in 2014.
In May of last year, the firm presented the third significant iteration of its Nobel-winning “AlphaFold” AI model, which can predict the structures of nearly all known proteins.
WHAT COMES NEXT
The company, which is based in London, stated that the funds raised will be directed toward speeding up research and development as well as acquiring talent.
