Protai, a Tel Aviv, Israel-based proteomics and AI-powered drug discovery startup revolutionizing the way new drugs are discovered, announced that it raised an additional $12 million in a seed round, bringing the total amount to $20 million.
The round includes existing investors Grove Ventures and Pitango HealthTech and was joined by Maj Invest Equity Fund.
The additional funds will be used to build Protai's oncology drug discovery pipeline, expand data acquisition as well as increase its discovery activities via pharma partnerships.
"We are excited to announce this funding that supports our mission to enhance the drug development pathway from discovery through commercialization," said Eran Seger, CEO and co-founder of Protai. "I am extremely proud of our talented team and the achievements we have made to date. We look forward to scaling our organization and its important work towards revolutionizing the drug development landscape."
The company has developed a proteomics AI-based platform that completely maps the course of a disease on the protein level to take advantage of the potential of protein-level data.
Since its initial funding last year, Protai has opened laboratories at its Israel R&D center for data acquisition, biological validation, and drug discovery activities and recruited an experienced drug discovery team with significant experience in successfully bringing drugs to the clinic.
Protai also established collaborations with several leading hospitals, and now has access to over 100k well-defined banked samples for its comprehensive tumor mapping process, focused on gyno-oncology and lung cancer indications.
Company: Protei Bio Ltd.
Round: Seed Round
Funding Month: March 2023
Additional Investors: Grove Ventures, Pitango HealthTech, and Maj Invest Equity Fund
Company Website: https://www.protai.bio/
Software Category: Proteomics and Drug Discovery
About the Company: Founded by Eran Seger and Kirill Pevzner, Protai empowers drug discovery and development with proteomic response biomarkers and artificial intelligence to unlock new layers of biological insights and combat complex diseases. Protai's platform has made a leap in solving how drug candidates are created and validated, facilitating quicker and more advanced drug discovery, specifically through its internal oncology pipeline. Protai is supported by leading oncology experts, including Prof. Giulio Draetta, Chief Scientific Officer at MD Anderson and former Pharma executive; Prof. Bradley J. Monk, Director of Gynecologic Oncology at the University of Arizona College of Medicine; Prof. Funda Meric-Bernstam, Chair of the Department of Investigational Cancer Therapeutics at MD Anderson Cancer Center, and Dr. Jurgen Moll, former Head Molecular Oncology, Sanofi Vitry.