Elucidata, a Cambridge, MA-based TechBio company that powers life science research and development (R&D) with its data-centric Machine Learning Operations (ML-Ops) platform, Polly, announced that it raised $16 million in Series A funding.
The round was led by leading global investment firm Eight Roads Ventures, with participation from F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital.
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 the global expansion of operations.
"Organizations often underestimate the importance of data quality, and as a result, a lot of AI/ML initiatives are compromised. We're on a mission to derisk such initiatives in life sciences R&D by empowering them with high-quality biomedical data at every stage of the R&D process," said Dr. Abhishek Jha, CEO and Co-Founder of Elucidata. "The new infusion of capital is a testament to how Polly is creating value for its customers by cleaning and linking data at scale. I am thrilled to have world-class investors at the table as we continue to build a category-defining company."
Leading life sciences firms use Polly's Bio-NLP technology to quickly curate biomedical data with human-level accuracy, making it machine learning-ready. Today, 30+ premier life science companies, including Genentech, Pfizer, and Janssen, and research institutes like Stanford and Bill & Melinda Gates Foundation, are leveraging Polly to shorten their drug discovery cycles significantly.
Company: Elucidata Corporation
Raised: $16.0M
Round: Series A
Funding Month: September 2022
Lead Investors: Eight Roads Ventures
Additional Investors: F-Prime Capital, IvyCap Ventures, and Hyperplane Venture Capital
Company Website: https://www.elucidata.io/
Software Category: Machine Learning Operations (ML-Ops) Platform
About the Company: Founded in 2015 by University of Chicago and MIT graduate Dr. Abhishek Jha and IIT Delhi alumnus Swetabh Pathak, Elucidata is a pioneering life science MLOps company for the future that transforms biological discovery by integrating different forms of biomedical data. Polly, the company's cutting-edge platform, cleans and links 26+ R&D data types and serves enterprises in various stages of the drug discovery process. Polly helps pharmaceutical and diagnostic companies develop an AI/ML approach. Polly delivers clean biomolecular data that can be queried and analyzed graphically or programmatically. The platform provides 70 TB of ML-ready biomedical data from 30 public and private sources. Elucidata has 150+ professionals across the US, Canada, and India. Elucidata works with Pfizer, Bristol-Myers Squibb, Genentech, Stanford, and Yale on discovery initiatives and has 35+ research partners from top biopharma firms and research institutes.
Source: https://www.prnewswire.com/news-releases/elucidata-raises-16-million-series-a-to-reimagine-ai-infrastructure-for-the-life-sciences-industry-301634070.html