Accenture has invested in 1910 Genetics, a biotechnology startup backed by OpenAI CEO Sam Altman and Y Combinator. This funding goals to revolutionize drug discovery utilizing Al-driven options.
Phrases of the funding weren’t disclosed.
For an Al-driven drug discovery, 1910 Genetics makes use of its proprietory multimodal Al platform referred to as Enter-Rework-Output (ITOTM) to boost drug discovery for each small and huge molecule therapies. This platform integrates lots of of Al fashions and employs federated studying to optimize molecule design and goal identification.
The Accenture–1910 collaboration goals to supply biopharma shoppers with a robust Al platform that streamlines the drug discovery course of, reduces prices, and improves affected person outcomes.
Launched in 2021, the biotech startup, 1910 Genetics, is backed by main buyers together with M12 – Microsoft’s Enterprise Fund, Playground International, Sam Altman, Y Combinator, FoundersX Ventures, and Scientia Ventures.
The goal of the investment by Accenture is to collaborate with 1910 Genetics wherein Accenture brings its AI and enterprise scalability expertise to the table, while the biotech startup contributes its comprehensive AI platform. Together, they aim to drive innovation in drug discovery and therapeutic development.
Key figures from both companies will join advisory boards, and 1910 Genetics will join Accenture Ventures’ Project Spotlight for emerging technologies. Dr. Petra Jantzer and Tom Lounibos will join the Business Advisory Board of 1910, and Dr. Kailash Swarna, a managing director in Life Sciences at Accenture, and Dr. Cecil Lynch, Biomedical Informatics lead at Accenture, will join the Technology Advisory Board of 1910.
This partnership is expected to significantly impact the biopharma industry by enhancing efficiency and accelerating the development of new therapies.
The global drug discovery market is projected to reach USD 76.5 billion by 2033, growing at a compound annual growth rate (CAGR) of 14.5% from 2023 to 2033. North America currently dominates the market, but Asia-Pacific is expected to see significant growth due to increasing investments in R&D and the expansion of the pharmaceutical industry.
It may be recalled that, in middle of this year, a CNBC report said that the AI-powered healthcare field is on a path that will see medicines completely generated by Artificial Intelligence (AI) in the near future.
In addition to 1910 Genetics, Accenture has made several other strategic investments and collaborations in the drug discovery space. In August, Accenture announced it has invested in Ocean Genomics to accelerate Al-driven drug discovery and the development of personalized medicines. Ocean Genomics uses advanced computational platforms to assist biopharma companies in discovering and developing more effective diagnostics and Therapeutics.
Accenture has partnered with Exscientia, a leading AI-driven drug discovery company, to leverage its AI platform for accelerating the discovery of new therapeutic compounds. Further, Accenture also collaborated with Schrödinger to enhance its computational platform for drug discovery. Schrödinger’s platform integrates physics-based computational software to design novel molecules with improved accuracy.