UCD Spin-out company receives €595k in funding

The novel software developed by BioSimulytics uses artificial intelligence to help improve the success rates of the development of new drugs.

The company, headquartered in NovaUCD, received their €595k in initial seed funding comes from a number of strategic angel investors and Enterprise Ireland. 

Their software utilises a combination of Artificial Intelligence, machine learning, computational chemistry, quantum physics and high-performance computing in its process. This allows for more productive and cost-effective research and development in the processing of new drugs. This software would allow for an advancement of potential molecules to approved medicines on a much quicker basis, with a much higher chance for success. 

Having already signed a commercial contract within Europe, BioSimulytics will use the funding to boost its product development team and clientele base, and hopes to complete a Series A funding round within the next two years. 

Speaking on the importance of new tech in drug development, from NovaUCD, Peter Doyle, CEO, BioSimulytics, noted that “The successful development of COVID-19 vaccines over the last 18-months demonstrates the powerful role that new digital AI and HPC-based technologies play in dramatically transforming the pharma value chain. BioSimulytics’ goal is to be a key player in this rapidly expanding global market within the next few years.”

BioSimulytics was founded in 2019 by Professor Niall English, Dr Christian Burnham and Peter Doyle, spinning out from the UCD School of Chemical and Bioprocess Engineering following the completion of Enterprise Ireland Commercialisation Funding. They were the overall winner of NovaUCD’s VentureLaunch Accelerator Programme in 2019. They were also a finalist in the 2020 Institution of Chemical Engineers (IChemE) Global Awards, which are renowned as being one of the world’s most prestigious chemical-engineering awards.