BenevolentAI secures $2bn valuation after raising $115mn in funding
BenevolentAI, a leading British artificial intelligence company, has been valued at more than $2bn following its latest funding round where the company secured $115mn in financing.
BenevolentAI is working to use AI as a way of discovering new medicines and treatments for difficult and stubborn diseases. Within the pharmaceutical industry, Benevolent AI is the only company using AI as a means to discover and develop clinical capabilities.
“We are very pleased with the response to the fundraising,” said Ken Mulvany, Founder and Chairman of BenevolentAI. “It reflects the rapidly growing global interest in the AI pharmaceutical sector and the recognition of our place as the dominant player within it.”
The company’s current drug development portfolio has proven that it can cut drug discovery by up to four years and deliver increased efficiencies of 60% in the development process compared to the averages displayed in the pharmaceutical industry. For an industry that spends $180bn on research and development annually, this technology offers significant potential.
“The capabilities of our technology didn't exist six years ago,” Mulvany continued. “We are pioneering this sector and have evolved into a fully integrated, AI enabled drug development company with the ability to deliver better medicines at previously unimaginable speeds - this ultimately means patients will receive the right medicines, at a lower cost, in less time.”
The funds raised will be used to help the company diversify its offerings into a number of different industries such as the energy storage, manufacturing and agricultural sectors, alongside bolstering its current use in pharmaceuticals.
Searching for the Top 100 Leaders in Technology
The search is on for the Top 100 Leaders in Technology 2021 – nominated by readers of Technology magazine and open to all.
The initiative has been launched and nominations are now open, with the final, prestigious Top 100 due to be announced during Technology and AI LIVE running 14-16 September, beamed from London to the world.
This latest, definitive list of the leading executives and influencers in the industry will be announced at the event and shared across social media channels, this website, and presented in a special supplement that honours all of those named in our annual list.
The Top 100 Leaders follows on from the well-received Top 100 Women in Technology that BizClik Media Group (BMG) – publishers of Technology magazine, AI magazine and a growing portfolio of industry-leading titles – produced in March this year to coincide with International Women’s Day.
“The Top 100 Women recognised the incredible and influential women driving our industry,” says Scott Birch, editorial director, BMG. “The success of that initiative encouraged us to recognise the Top 100 Leaders – individuals championing everything that we love about technology and embracing best practice that’s good for business.”
Nominations are already coming in, with some notable highlights including:
Rhonda Vetere - Herbalife
Bryan Smith - Expedient
Nominate your Top 100 Leader HERE
The deadline for nominations closes on Sunday 1 August 2021, and it is free to nominate. The Top 100 Leaders will be announced across our platforms and at the LIVE event.