Bloomberg News reports that the European biotech startup Cradle has raised as much as $24 million. The proceeds will be used for artificial intelligence that will aid scientists in designing and engineering proteins more rapidly. It will also be much more cost-effective.
Participants in Fundraising
Index Ventures and Kindred Capital were participants in the Series A round. The other participants were Tom Glacer, the former Chief Executive Officer of Thomson Reuters Corp., and Chris Gibson, the co-founder of Recurson Pharmaceuticals Inc, along with a member of the company Merck & Co, as stated by Cradle Tuesday. So far, a total amount of $33 million has been raised, which also includes a seed round from the last year.
Cradle and Generative Artificial Intelligence
Cradle uses generative artificial intelligence to help create proteins beyond what exists in nature. More than a dozen projects are currently being worked on. The project aims to engineer a broad spectrum of protein sequences, vaccines, lab-grown food, 3D structures for enzymes, and other materials.
When was the Startup Set Up?
The startup was established in 2021, and its client base includes Novozymes A/S, Johnson & Johnson, and Twist Bioscience Corp. It operates from various offices in Zurich, Netherlands, and Delft.
Generative AI
Generative AI, popularized by Open AI’s ChatGPT chatbot, can change drug development. As Stef van Grieken, the co-founder and chief executive officer, explains, results have shown that Cradle’s technology has led to fewer but more successful experiments, which has made rapid progress. Grieken previously spearheaded product development at Google Brain.
Bloomberg News reports that Cradle said that generative artificial intelligence can enhance the chances of overcoming the challenges associated with protein engineering. Such engineering must be handled with a different tool. An example can help explain this: Companies engaged in biopharma incur expenses of as much as $22 million on average. Also, 42 months of research are spent preparing a potential product following a clinical trial. Even then, just a third of these head to the clinical trial phase. Cradle revealed the same.
Cradle’s web-based software has made it easier for biotech companies to make data available for use in machine learning tools and generative AI. As many as 20 machine learning engineers and biotech researchers work there. The company plans to use the proceeds to expand its team, build lab facilities, and offer additional engineering options.
According to Sofie Dolfe, a partner associated with Index Ventures, artificial intelligence applications are slated to be transformational.
