Healx, a Cambridge, UK-based startup specializing in AI-driven drug discovery for rare diseases, has secured $47 million in Series C funding.
Investors
The round was co-led by Atomico and R42, with participation from Ayana Capital, Balderton, Btov, Global Brain, Jonathan Milner, O2h, and VU Venture Partners.
Founded in 2006, Atomico is a venture capital firm based in London, United Kingdom. The firm prefers to invest in business products, business services, consumer products, consumer services, energy, financial services, information technology, materials, and resources sectors based in Europe, Asia, North America, and South America.
R42 is a venture capital firm based in Stanford, California. The firm prefers to invest in seed-stage, early-stage, and later-stage companies. Founded in 2004, R42 seeks to invest in information technology, healthcare, life sciences, big data, the Internet of Things, artificial intelligence, machine learning, and technology-based sectors.
Healx Use of Funds
The company will use the funding to support its Phase 2 clinical trials for a novel treatment for neurofibromatosis Type 1 (NF1), a genetic disorder causing tumor growth on nerves. The company also plans to expand its presence in the U.S. for upcoming clinical trials, with results expected around 2026.
About Healx
Founded in 2014 by Tim Guilliams, Ph.D., and David Brown, Ph.D., Healx provides an artificial intelligence (AI) drug discovery platform for rare disease treatment. The company uses AI to analyze data from various sources to identify potential drug candidates and connections between existing compounds and rare diseases. Healx often repurposes existing drugs, reformulating them for new uses based on its AI-driven findings. Healx is working on several drug candidates, including HLX-1502, for conditions like neurofibromatosis Type 1 (NF1). The company has received regulatory approval to start Phase 2 clinical trials for this candidate in the U.S.
Funding Details
Company: Healx Ltd.
Amount Raised: $47.0M
Round: Series C
Funding Month: August 2024
Lead Investors: Atomico, R42
Additional Investors: Ayana Capital, Balderton, Btov, Global Brain, Jonathan Milner, O2h, VU Venture Partners
Company Website: https://healx.ai/
Software Category: AI Drug Discovery
Source: https://techcrunch.com/2024/08/01/healx-an-ai-enabled-drug-discovery-platform-for-rare-diseases-raises-47m/