AI drug discovery company MultiOmic Health has closed a £5 million ($6.2 million) seed funding extension round to build a precision therapeutics discovery platform for metabolic syndrome-related medical conditions.
The round was led by London-based Hoxton Ventures, with participation from Ada Ventures, MMC Ventures and Verve Ventures.
Since beginning operations in May 2021, MultiOmic has raised a total of $8.6 million, including an earlier round led by San Francisco-based Fifty Years.
Robert Thong, MultiOmic’s Co-Founder and Chief Executive Officer, said: “Patients’ disease journeys exhibit immense heterogeneity, reflecting potentially hundreds of different disease variants that result not only from inherited genetics, but also diet, lifestyle and other environmental factors. Unlike cancer, however, there are no existing precision medicines to tackle the specific molecular-level drivers of each metabolic syndrome disease variant. We will address this huge unmet medical need by systematically discovering, at scale, unique treatment concepts for these different disease variants.”
The proceeds of this financing round will be used to demonstrate proof-of-concept for MultiOmic’s MOHSAIC platform in diabetic kidney disease. The platform uses machine learning and other AI techniques to analyse multi-omics patient data and corresponding longitudinal clinical information.
“Recent declining omics data generation costs, coupled with accelerating deployment of AI-enabled data science and digital simulation in disease biology, represent a unique opportunity to bring the immense benefits of precision medicine to metabolic syndrome patients,” added Alasdair Thong, Co-Founder and Non-Executive Director.
