Causaly raises $5m in Series A round led by Pentech Ventures
by Yiannis Kiachopoulos
London, November 19 – Causaly, the AI company that is teaching computers to read, understand and interpret all biomedical knowledge ever published, is pleased to announce its series A funding round, which saw new and existing investors commit $4.8m into the company. Pentech Ventures led the round together with EBRD Venture Capital, with participation from existing investors Marathon Venture Capital as well as existing angel investors.
Over 30 million biomedical articles have been published to date, and 100,000 new articles are added every month. The insights needed to e.g. make the right drug development and treatment choices can be found within these texts – but to decipher all relationships is time-consuming and inefficient, and key discoveries can easily be missed.
Causaly’s natural language processing AI is reading and understanding biomedical literature similarly to how humans do – but unlike a human reader, Causaly has read everything ever written in biomedicine and can visualise relevant relationships within seconds. Important evidence-based decisions can quickly be supported by the system where previously time-consuming literature reviews took weeks or even months to perform.
Causaly is working with several pharma and biotech companies, including Novartis, as well as with hospitals and academia. The platform is currently being used by R&D and commercial functions to enable faster, higher quality and more transparent decision-making based on evidence, e.g. in Drug Discovery, Drug Safety, Clinical Trials, Epidemiology, Health Economics, Market Access, Pharmacovigilance and IP departments. To make all this possible, Causaly has partnered with leading publishers and content brokers, such as Copyright Clearance Center, Wiley and Sage.
“At Causaly our aim is to help researchers, doctors and decision-makers from industry and academia find the pivotal insights that are currently hidden in millions of biomedical documents. We believe that Causaly can transform how people find, visualise and interpret knowledge, and contribute to solving the most difficult and systemic problems in biomedicine and human health”, explained Yiannis Kiachopoulos, Causaly’s co-founder & CEO. Artur Saudabayev, co-founder & CTO, added: “We have assembled a stellar team of engineers which tackles a number of unsolved problems in Natural Language Understanding including the goal of reaching and in certain aspects surpassing human reading performance for linguistic causality comprehension. This investment will help us to substantially grow our technology development and customer success teams.”
Marc Moens, partner at Pentech, said: “We like to invest in category-leading companies. We believe that Causaly is building a unique product whose ability to interpret unprecedented amounts of complex information and accelerate time-to-insight can create tremendous value in the biomedical field and beyond. We are very excited about their growth potential moving forward.”
For more information or to request a demo, see www.causaly.com
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Causaly’s mission is to transform how humans can find, visualise and interpret biomedical knowledge, and contribute to accelerating solutions to some of the greatest challenges we face.
Causaly’s artificial intelligence platform builds on in-house proprietary machine-reading technology, which understands evidence by semantics and temporal occurrence. It can in seconds visualise relevant cause- and effect relationships from all published biomedical evidence to date and has broad applications across various functions– e.g. Drug Discovery, Drug Safety, Clinical Trials, Epidemiology, HEOR, Market Access, Medical Affairs, Pharmacovigilance, Business Development and IP & Patents departments.
Causaly is working with industry, governments and academia in healthcare and life sciences to enable faster, higher quality and more transparent decision-making based on evidence. To make all this possible, we have partnered with leading publishers and content brokers, such as Copyright Clearance Center, Wiley, Sage etc. Causaly is headquartered in Angel, London, and has a technology development hub in Athens. See www.causaly.com
Pentech is a leading UK venture capital investor, having been actively investing in early stage software companies since 2001. Its latest fund – the £88m Pentech Fund III – was launched in May 2017 and will invest in early stage software companies throughout the UK. Prior investments include FanDuel, Maxymiser, Nutmeg and Outplay. See pentech.vc