TCV Backs Canadian AI Startup That Accelerates Drug Research
- Toronto’s BenchSci raises $50 million in Series C round
- Firm’s clients include vaccine makers Moderna, AstraZeneca
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TCV and Inovia Capital are leading a $50 million funding round for a Canadian biomedical software startup that has some of the world’s largest pharmaceutical companies as clients.
The investment in BenchSci Analytics Inc. will be used to expand its software platform and hire hundreds of new employees. The Toronto-based company has developed a way to use artificial intelligence to help researchers sort through millions of scientific papers, speeding the process of developing drugs and treatments.