Artificial intelligence (AI) is being rapidly integrated by life science companies seeking to reduce costs, become more efficient and enhance their automation, with this process only being spurred on by the COVID-19 pandemic. In this article, we’ve put together a list of companies to keep an eye on, with their operations centered on AI.
Year founded: 2018
Headquarters: Cambridge, Massachusetts, USA
Off the back of a USD 1.9 billion valuation last year, ConcertAI is continuing to thrive, forging partnerships with Bristol Myers Squibb, Janssen and the US Food and Drug Administration. Formerly known as Concerto HealthAI, the Massachusetts-based company utilizes real-world data and AI to collaborate with healthcare and life science organizations, providing data products for companies across the spectrum of regulation, clinical trials and patient experience – with an emphasis on oncology.
2. Evaxion Biotech
Year founded: 2008
Headquarters: Hørsholm, Denmark
Danish organization Evaxion Biotech specializes in developing AI-powered immunotherapies through their proprietary platforms Pioneer, ObsERV, Eden and Raven. Using AI, they simulate the human immune system before creating predictive models to identify and develop targeted immunotherapies. Currently, Evaxion has eight publicized candidates in their pipeline covering oncology and bacterial diseases.
Year founded: 2012
Headquarters: Oxford, England, United Kingdom
Spun off from the University of Dundee in 2012, Exscientia is implementing AI to automate drug discovery, design and development – becoming the first company to have an AI-designed drug enter clinical trials. Bolstered by collaborations with Sumitomo Pharma and Bristol Myers Squibb, they debuted on the NASDAQ in an upsized IPO in the latter half of 2021, garnering proceeds of USD 510 million. Things continue to look up for the Oxford-based organization, closing a USD 20 million deal with Merck KGaA in September 2023 that could reach a value of up to USD 674 million.
Year founded: 2020
Headquarters: Tel Aviv, Israel
The mission of QuantHealth is to improve clinical trial design – reducing risks, optimizing trials and identifying a patient’s potential response to treatment. This is done through their clinical trial simulator, allowing users involved in the trial process to be able to evaluate each parameter of the study based on endpoint success, commercial viability and protocol feasibility.
August 2023 saw QuantHealth net USD 15 million in private funding off the back of their expansion into the US market, appointing David Dornstreich as chief commercial officer – whose previous roles include the aforementioned ConcertAI.
5. Valo Health
Year founded: 2019
Headquarters: Boston, Massachusetts, USA
Valo Health’s goal is to advance therapeutic candidates in a fraction of the time at a fraction of the cost, all the while reducing failures. This is thanks to what they call the “Opal Computational Platform” which covers the discovery, design and development stages.
September 2023 saw Valo enter an agreement with Danish pharma giant Novo Nordisk to use their Opal and Biowire platforms to help discover and develop treatments for cardiometabolic diseases, such as heart attacks, strokes and diabetes. The deal consists of a combined upfront and near-term milestone payment of USD 60 million, with milestone payments for up to 11 programs potentially reaching USD 2.7 billion – omitting royalties.
6. Zephyr AI
Year founded: 2021
Headquarters: Tysons Corner, Virginia, USA
Zephyr AI was founded in 2021 by investor and incubator, Red Cell Partners, raising USD 18.5 million in a seed funding round a few months later. Combining AI and machine learning to generate predictive models, Zephyr initially focused on oncology but has since ventured into patient care, diabetes and other chronic conditions.