Israeli biopharma decision making company CytoReason, which develops AI-based computational disease models for predictive insights, has today announced the completion of an $80 million financing round from OurCrowd, Nvidia, Pfizer, and Thermo Fisher Scientific.
CytoReason says it will use the new funds to expand application of its models into additional indications, grow its proprietary molecular and clinical data, and set up an office in Cambridge, Massachusetts later this year.
CytoReason says it provides therapeutic area leaders with molecular-level insights and valuable AI tools to make data-driven decisions, helping them improve the probability of phase 2 success and optimize their R&D portfolio. Since the company announced the expansion of its Pfizer partnership in 2022, CytoReason has added three major pharma partnerships, expanded its coverage of disease models to central nervous system (CNS)-related diseases, and partnered with leading data organizations. Six of the world’s top 10 pharma companies use CytoReason’s technology to make data-driven decisions in immunology, inflammation, immuno-oncology, metabolism, and other therapeutic areas.
CytoReason cofounder and CEO David Harel said: "CytoReason is grateful for this infusion of new capital from industry technology powerhouses such as NVIDIA, Pfizer, and Thermo Fisher. The world understands that data alone is not enough, and that the future of data-driven insights is in data
OurCrowd CEO Jon Medved added, "We're thrilled to see yet another Israeli company leading the way in healthcare's AI revolution. CytoReason’s strategic partnership with NVIDIA only emphasizes this point. I’m convinced that the involvement of leading asset managers and critical strategic partners in this funding round will further propel CytoReason's journey."
Published by Globes, Israel business news - en.globes.co.il - on July 17, 2024.
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