This morning nference, maker of a software platform that helps to synthesize biomedical information, scored $60 million in Series C funding.
Matrix Capital Management led the round with participation from Matrix Partners, Mayo Clinic Ventures and NTTVC.
WHAT IT DOES
The company has developed a software that makes it easy for researchers, doctors and industry players to search for biomedical information. Users can tap into the tool to find scientific literature, clinical regulatory filings, genomic data and molecular data from the public domain, according to the release.
The company inked a deal with the Mayo Clinic to collaborate on a clinical data analytics platform aimed at using de-identified data to improve patient care. The two will also be working on efforts to speed up drug discovery. According to the company’s website, it will zero in on targets and biomarkers for patient-therapy matching and real-world evidence applications.
WHAT IT’S FOR
The company said it will put the new funds towards growing its product line.
"nference – a science-first software company – continues to push the boundaries of augmented intelligence to accelerate the work of our expert scientists and technologists in making biomedical knowledge computable via our nferXsoftware platform," Murali Aravamudan, cofounder and chief executive officer, said in a statement.
"This funding enables expansion of our portfolio, which is catalyzing development of meaningful diagnostics and therapeutics. We have built a transformative company, led by a world-class team, addressing complex problems in the life sciences that promise to ultimately improve patient outcomes and the lives of people on a global scale."
As more and more data becomes available, researchers and doctors are struggling to put it into an order. Drug discovery in particular has become a big focus for the pharma industry and investors. For example, in May alone we saw over $200 million invested into AI drug-discovery companies, between Exscientia’s $60 million raise and insitro’s $143 million round.
We’ve seen big names in pharma team up with big tech, including a deal between Novartis and Microsoft on a new AI initiative focused on drug discovery and development.
ON THE RECORD
"Thousands of identified medical disorders and diseases have no approved treatments," Aravamudan said. "The disruptive technologies created by nference make sense of billions of pieces of siloed, disconnected biomedical data. Collaborations with biopharmaceutical companies, academic medical centers and health systems keep the focus on patients by advancing the development and delivery of therapies and diagnostics."