THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Friday, August 28, 2020
The pharmaceutical technology investment fund is partnering with and financing Atomwise, a company that provides AI solutions for drug discovery
FREMONT, CA: Colorcon Ventures, a $50m venture fund of Colorcon Inc., is investing in Atomwise, a company that offers artificial intelligence (AI) solutions for drug discovery efforts. The firm reportedly has invented the first deep-learning AI technology for structure-based drug design.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Atomwise's technology, AtomNet, reportedly eliminates physical screening barriers, limiting the effectiveness of traditional methods in small-molecule drug discovery. According to Atomwise, the technology can screen libraries of more than 16b molecules in under two days.
Martti Hedman, Colorcon CEO, said that Atomwise's technology fits with the Colorcon Venture fund's strategic focus, which is developing transformational pharma technology solutions. R&D productivity is a significant pain point for the pharmaceutical industry. Atomwise is the leading company using AI for small molecule drug discovery, helping in significantly saving time and cost for the company's global customer base; they embrace Atomwise's approach to partnering with leading pharmaceutical companies in their research and development efforts and are open to strategic alignment with our customers where appropriate.
Abraham Heifets, Atomwise's co-founder and CEO, said that his staff is fortunate to have the backing of Colorcon Venture. He further says with the support of Colorcon Ventures, and they will be able to further their mission to make better medicines faster and improve the lives of billions of people.
According to a Colorcon spokesperson, Colorcon Ventures has collaborated with its partners at Touchdown Ventures and tracked the AI sector for the past twelve months. Company representatives first met the Atomwise team at a health conference earlier this year, and Colorcon felt Atomwise's expertise in small molecule drug discovery aligns well with their organization.
Colorcon Ventures launched its $50m venture capital fund last year to invest in innovative companies and solutions transforming the pharmaceutical industry. Focus areas include technologies in R&D, manufacturing, supply chain, and new dosage forms for drug delivery.
More in News