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Biotech startup Generate Biomedicines, which uses artificial intelligence to find new drugs, raised $273 million in a Series C funding round from investors including pharma company Amgen and the VC arm of AI giant NVIDIA.
Generate was founded in 2018 by venture-creation firm Flagship Pioneering to use machine learning algorithms to identify antibodies, peptides, cell therapies, and other medicines. It launched its first clinical trial in July for a Covid monoclonal antibody, and is working on starting another clinical trial for an asthma treatment.
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The biotech, which is based in Somerville, Mass., has big plans for the next couple of years: It has another 15 drug candidates in the works and plans to introduce 10 more annually, CEO Mike Nally told STAT.
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