Data science company Elucidata raises $16M in Series A led by Eight Roads Ventures
As per the official release, the newly infused capital will be used to deepen product capabilities in translational drug research and allied markets, scale go-to-market initiatives and accelerate global expansion of operations.
Biotech firm said that it has raised $16 million in a Series A round. The round was led by global investment firm Eight Roads Ventures, with participation from F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital.
As per an official statement, these funds will be used to deepen product capabilities in the fields of translational drug research and allied markets, scale go-to-market initiatives and accelerate global expansion of operations.
Currently, it is working on research and development (R&D) through its data-centric Machine Learning Operations (ML-Ops) platform Polly. This platform allows R&D teams of firms to access clean, curated biomolecular data that can be queried and analyzed over a graphical user interface (GUI) or through a program.
Polly has been used by leading several life sciences companies on over 2.5 million biomolecular datasets. Top companies like Genentech, Pfizer and Janssen, as well as institutes like Stanford and Bill & Melinda Gates Foundation, all use Polly to shorten drug discovery cycles.
“Elucidata is providing life science companies access to high-quality datasets and, as a result, effectively accelerating their R&D efforts towards developing innovative solutions that can improve human health,” said Nihal Sinha, MD, Partner at F-Prime Capital.
Edited by Akanksha Sarma