Xaira Therapeutics: Founded in May 2023 in San Francisco, Xaira Therapeutics was co-incubated by ARCH Venture Partners and Foresite Capital. Its core business is leveraging AI technologies to advance drug discovery and development, particularly in the field of proteomics, where its co-founders developed the Rosetta algorithm, which has had a significant impact on protein structure prediction and the design of novel therapeutic proteins.The company closed a seed round of over $1 billion in April 2024, led by ARCH Venture Partners.
Abridge: Pittsburgh-based company focused on developing AI-powered clinical documentation tools. Its core product is an AI platform that automates the creation and upload of medical notes, transcribes doctor-patient conversations in real time to create structured notes, and integrates with EHR systems, "linking evidence" and patient education. Closed $150 million Series C funding round in February 2024, co-led by Lightspeed Venture Partners and Redpoint Ventures, at a valuation of $850 million, with plans to raise an additional $250 million to increase valuation and develop custom AI models.
EvolutionaryScale: Founded in July 2023 in New York City by former Meta AI researchers. Developed the ESM Large Language Model (iterated to ESM-3) to generate novel proteins and reason about their sequence, structure, and function, with a large amount of training data showing biological programming potential, and plans to provide APIs and open models to support academic research and commercial applications. Closed a $142 million seed round on June 25, 2024, led by Nat Friedman, Daniel Gross, and Lux Capital, among others.
Terray Therapeutics: Based in Los Angeles, Terray accelerates small molecule drug development through an AI platform that combines computation and experimentation with its tNova generative AI model that improves the speed, cost and success of drug discovery and builds the world's largest chemical data set. Product pipeline includes therapeutics for immune disorders expected to enter clinical trials in 2026 and has partnerships with several companies. closed a $120 million Series B round led by Bedford Ridge Capital with participation from NVentures on October 17, 2024 to advance the program into clinical trials and enhance the AI platform.
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