Causaly Raises $60 Million in Series B Funding to Catalyze AI-powered Preclinical Discovery
The financing, led by ICONIQ Growth, enables Causaly to accelerate innovation and drive increased adoption of its category-leading AI platform to modernize scientific research.
LONDON, UK and San Francisco, CA – July 13, 2023 – Causaly, the leading AI platform for biomedical research, closed $60m in Series B funding led by ICONIQ Growth, with participation from returning investors Index Ventures, Marathon Venture Capital, EBRD, Pentech Ventures and Visionaries Club. Strategic individuals also participated in the round, including Alex Gorsky (former Chairman and CEO of Johnson & Johnson) and Olivier Pomel (CEO and Co-Founder of Datadog). The latest round comes after the company recently tripled revenue and customers, now serving 12 of the top 20 pharma companies. The investment brings the total funding raised to $93 million, which will be utilized to extend Causaly’s product lead and expand commercial relationships, enabling breakthrough therapeutic innovations faster than ever before.
Developing a new drug is an arduous process that typically spans over a decade, involving extensive research, development and rigorous clinical trials. There is real urgency to expedite this process for the most complex and unsolved diseases of our age, such as Parkinson’s, lung cancer or multiple sclerosis. Causaly’s AI solution is specifically designed to untangle this complexity, empowering scientists to deeply understand the underlying disease biology.
“Recent advances in AI open completely new possibilities, and there is a great need for transparent AI systems that science leaders can trust,” said Yiannis Kiachopoulos, Co-founder and CEO of Causaly.
“We are excited to accelerate our platform investments and partner with our customers in ingesting proprietary data to truly transform the way that research is done today,” added Artur Saudabayev, Co-founder and CTO of Causaly.
Using a hybrid approach that combines a best-in-class knowledge graph with the latest advances in generative AI, Causaly enables researchers to conduct deep, unbiased scientific exploration – with the level of reproducibility and agency that the process of scientific inquiry demands. The technology is being adopted at scale by teams of researchers in diverse workflows from target identification to biomarker discovery, with customers including Gilead, Novo Nordisk, the Food and Drug Administration and the National Institute of Environmental Health Sciences. The result is a 10x productivity gain, novel discoveries, and ultimately, a higher success rate of preclinical programs.
“The sciences are at a turning point driven by the adoption of AI, and we believe Causaly is a leader in delivering this power to scientists in a highly trusted and verifiable manner,” said Caroline Xie, general partner at ICONIQ Growth and newest member of the Causaly board of directors. “Causaly stands out to us as a uniquely powerful and user-oriented platform applying AI to drive significant productivity gains and commercial impact for many major pharmaceutical companies today. We are thrilled to support the entire Causaly team in their mission to revolutionize the way scientists find, visualize, and collaborate on scientific evidence across pharma, life sciences, and beyond.”
“Causaly gives scientists the power to solve the world’s biggest challenges like never before. It is one of the clearest real-life applications of AI today,” said Carlos Gonzalez-Cadenas, Partner at Index Ventures. “Already rolled out by some of the world’s largest pharmaceutical companies, Causaly is actively accelerating biomedical research now. We’ve been truly impressed with the level of adoption by leading research organizations, who continue to rapidly expand spend on Causaly, underlying the impact the technology is already having on R&D.”
Our mission at Causaly is to redefine the boundaries of human discovery by harnessing transformative AI technologies. Founded in 2018, Causaly’s unique AI platform is a powerful catalyst for the modern Life Sciences research organization, reshaping how data is found, analyzed and applied in critical decision-making processes in drug discovery and development. Supporting a broad range of complex knowledge workflows, our platform accelerates the journey from bench research and laboratory insights to the launch of life-changing therapies.
For more information, please visit www.causaly.com
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem helps amplify our portfolio companies’ success from early growth stage to IPO and beyond. Elevated by our global community of founders, pioneers, and leaders, we are entrepreneurs backing entrepreneurs. Our portfolio includes Adyen, Airbnb, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others.
For more information, please visit ICONIQGrowth.com
About Index Ventures
Index Ventures partners with exceptional entrepreneurs from Seed to IPO, helping to turn their bold ideas into global businesses, and through the companies they build, have a long-lasting and positive impact on the world around us.
Index-backed businesses are supported by an experienced team of investors, strategists, and an extensive global network built over three decades of startup investing. Operating as one team, with feet firmly on both sides of the Atlantic – from San Francisco to New York, and London to Tel Aviv – Index is an international team with a global mindset, and experience supporting founders wherever they emerge.
When founders succeed, they generate returns that in turn benefit Index’s investors, including non-profit foundations; education, healthcare and research endowments; and other impact-driven organizations.
For more information, please visit www.indexventures.com
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