The start-up, which is developing AI-powered software for drug researchers, received investment from Enterprise Ireland.
University College Dublin (UCD) spin-out BioSimulytics has closed a seed funding round worth €595,000.
The start-up is based in NovaUCD and is developing AI-based software to aid in drug development. The round saw participation from a number of angel investors as well as Enterprise Ireland.
BioSimulytics was founded in 2019 by Prof Niall English, Dr Christian Burnham and Peter Doyle out of work done in the UCD School of Chemical and Bioprocess Engineering.
The company’s software is intended to help pharmaceutical researchers to predict how a drug molecule will behave in all of its possible crystalline states. Most such molecules are complex and capable of changing significantly over short or long periods of time. Being able to predict this information in advance using AI should, BioSimulytics says, save cost, time and potential mistakes in the process of bringing new drugs to market.
Doyle, who serves as the start-up’s CEO, commented: “We are delighted to have secured this seed funding which will help us to expand our team here in Ireland and grow our client base in the EU and US markets.
“The successful development of Covid-19 vaccines over the last 18 months demonstrates the powerful role that new digital AI and high-performance computing-based technologies play in dramatically transforming the pharma value chain.
“BioSimulytics’ goal is to be a key player in this rapidly expanding global market within the next few years.”
The company plans to follow up with a Series A funding round within the next two years.
In 2019, BioSimulytics was the winner of UCD’s VentureLaunch accelerator, bagging a €32,000 cash prize.
Alan Hobbs, who manages high-potential start-ups in the industrial and life sciences sectors at Enterprise Ireland, added: “BioSimulytics is a great example of a world-class high-potential start-up driving innovative solutions to support the design and development of new drugs, and we are delighted to support the company and to be part of this investment round.”
“We wish Peter and all the team every success with this exciting new phase of development for the company and look forward to continuing to work with them to achieve their ambitious plans for the future.”
Previously, BioSimulytics co-founder English spoke to Siliconrepublic.com about his passion for invention.