Canadian medical startup DrugBank raises $9m to solve growing biomedical data problem

Canadian medical startup DrugBank raises $9m to solve growing biomedical data problem

Published: 12-04-2022 11:58:00 | By: Pie Kamau | hits: 1086 | Tags:

Canadian future of medicine startup, DrugBank, announced the securing $9 million in seed funding to solve the challenges associated with the world's exponentially-growing biomedical data. This seed round was led by Brightspark Ventures with participation from Amplitude VenturesTheodorus Investment Funds and existing investors including AccelerateFund and BoxOne Ventures who led the pre-seed round.

DrugBank began in Dr. Wishart's lab, at the University of Alberta, as a research project to provide high-quality, structured datasets to academic researchers. Commercial interest surged and, recognizing the potential of AI and machine learning in data-driven medicine, DrugBank began commercialization.

Mike Wilson, CEO, DrugBank: "The demand was already there, so once we commercialized, we had the world's top pharmaceutical companies knocking at our door."

DrugBank's homebase is in Edmonton, Canada. The company is supported by a thriving innovation ecosystem anchored by the University of Alberta, known globally for its AI and machine learning excellence. Further fuelling the growth of AI startups, the Alberta Machine Intelligence Institute (Amii), headquartered in Edmonton, is part of the Pan-Canadian AI Strategy providing support, resources, and talent for AI innovation in research and business.

Eleonore Jarry, Principal, Brightspark: "Data is becoming an essential part of medicine, across both drug development and individual treatment. DrugBank is uniquely positioned to win in this market. The company has accumulated over 160 million data points and has built proprietary AI models that give them a big head start. What got us even more excited about DrugBank is how Mike and Craig gathered a community of 12M passionate users and over 200 paying customers organically."

With this investment, DrugBank will rapidly scale its operations and invest in research and development. They plan to expand their AI-powered technologies to more effectively solve major industry problems.

Craig Knox, CTO, DrugBank: "With over 2 million scientific journals being published each year, the rate at which biomedical data is growing and the speed at which it becomes out of date makes it difficult to rely on and even harder to work with. We successfully solve that problem with our AI and NLU tools paired with our team of medical and scientific experts to ensure not just total coverage, but also accuracy and quality."

DrugBank synthesizes, structures, and interprets the world's biomedical information. By investing in distribution, product, and strategic partnerships, they will be equipping leading researchers and healthcare providers with the tools they need to use the world's biomedical data to its fullest potential.

Mike Wilson, CEO, DrugBank: "DrugBank will become a critical infrastructure for healthcare and change the way medicine is done. Our platform will enable better decision making by researchers, healthcare providers, and regulators than what is possible today."

www.drugbank.com