According to informed sources, Isomorphic Labs, an AI-driven drug discovery company spun off from Alphabet's Google DeepMind division, is engaged in advanced negotiations to raise over $2 billion in a new funding round.
The sources indicate that venture capital firm Thrive Capital, which led Isomorphic Labs' initial funding round last year, is set to lead this new financing. As the information is not yet public, the individuals requested anonymity. One source mentioned that Alphabet will also participate, although the financing terms have not been finalized.
Isomorphic Labs aims to apply advancements in artificial intelligence to accelerate drug discovery and reduce research and development costs. This effort is part of a growing trend among companies attempting such applications, despite Silicon Valley's historical challenges in successfully entering the healthcare and life sciences sectors. OpenAI, a competitor to Google and also backed by Thrive, recently introduced an AI model designed to expedite drug development.
This new funding round represents another step in Alphabet's long-term strategy to transform its cutting-edge ventures into independent business units. Earlier this year, Alphabet's autonomous driving subsidiary Waymo raised $16 billion at a valuation of $126 billion.
The sources revealed that Isomorphic Labs plans to allocate the new capital towards enhancing its drug design engine and expanding its global operations.
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