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5 October 2017

Recursion racks up $60m series B

The money will be used to expand Recursion’s drug discovery program, which uses machine-learning to rapidly collect data for a diverse range of diseases.

Author: Callum Cyrus, reporter

Recursion Pharmaceuticals, a US-based biotech spinout from University of Utah, obtained $60m in an oversubscribed series B round on Tuesday featuring Abu Dhabi’s sovereign wealth fund Mubadala Investment.

The round was led by venture capital fund Data Collective, and was backed by Lead Lux Capital, Obvious Ventures, Advantage Capital, Felicis Ventures, Epic Ventures, AME Ventures, Menlo Ventures, CRV, Two Sigma Investments and High-Value Angel Investors.

Recursion hopes its machine-learning based drug discovery technology will dramatically increase the number of remedies developed for a wide range of ailments. Researchers will be able to access data on millions of cells collected by the Recursion system each week.

The company had initially focused on drug repurposing for rare genetic diseases, but has since expanded its platform to also identify potential therapies for inflammation, immuno-oncology, infectious disease and aging.

The money will be used to adapt the platform for more therapeutic disciplines and to develop more of Recursion’s own discoveries, including a lead asset set for clinical development in 2018.

Recursion’s funding now stands at more than $80m, including $15m secured in a February 2017 series A round led by Lead Lux that also featured Obvious, Epic, Data Collective, AME, Wild Basin and an assortment of angel investors.

The series A was complemented by $4m in debt from Square 1 Bank, a division of financial services firm Pacific Western Bank.

An earlier two-tranche seed round had raised $3.5m in debt in 2015, according to securities filings, with a December 2015 close led by venture capital firm Advantage Capital Partners raising $2.7m.

Chris Gibson, chief executive of Recursion, said: “Drug repurposing is at a tipping point in pharma right now. We are leveraging our innovative platform to systematically evaluate existing drugs against thousands of diseases for which efficacious treatments currently do not exist."

– This story first appeared on our sister site, Global Government Venturing.

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