CORRECTING and REPLACING nference Raises $11 Million to Further Develop its Artificial Intelligence Software Platform that Synthesizes the World’s Biomedical Knowledge
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun 6, 2018--The sixth bullet should read: Anthony Sun, M.D., Former Partner, Aisling Capital
The corrected release reads:
N F ERENCE RAISES $11 MILLION TO FURTHER DEVELOP ITS ARTIFICIAL INTELLIGENCE SOFTWARE PLATFORM THAT SYNTHESIZES THE WORLD’S BIOMEDICAL KNOWLEDGE
Company expands operations and introduces world-class advisory board
n , a leader in the emerging field of artificial intelligence (AI)-powered life sciences, today announced the completion of an $11 million Series A financing. The transaction was led by Matrix Partners, with participation from existing investor Matrix Capital Management. The funding will be used to further develop the company’s AI and R&D platforms, expand scientific operations in Cambridge MA and establish nference Labs in Bangalore, India.
“Natural language is the connective fabric across all therapeutic areas and support functions of large pharmaceutical companies,” said Venky Soundararajan, Ph.D., Founder and Chief Scientific Officer of n f erence and Qrativ. “Our AI platform leverages an ensemble of modern neural networks to decode the structure of literature. This kernel helps establish concordance between context-rich unstructured corpora and deep biological insights from structured databases spanning genomics to real world evidence. This presents a paradigm shift toward hypothesis-free scientific research and AI-augmented R&D decision-making.”
The n f erence team, comprised of successful serial tech entrepreneurs and leading clinical, data and research scientists trained at Massachusetts Institute of Technology (MIT) and Harvard Medical School, works closely with pharmaceutical partners to solve some of today’s biggest challenges in drug discovery and clinical research. This includes the identification of emerging targets and signaling pathways for disease processes with unmet need, stratification of patients in clinical trials, and prioritization of life-cycle opportunities for drugs in development. At the heart of these collaborations, the n f erence AI platform plays a central role in augmenting the scientists’ abilities to generate holistic data-driven and unbiased hypotheses in a rapid manner.
“The n f erence AI technology is enabling an important step forward in digitizing biology. n f erence’s approach reimagines big pharma R&D by enabling entirely novel hypotheses to emerge from the triangulation of insights across traditionally siloed structured databases and unstructured text documents,” said Diego Miralles, M.D., scientific advisor to n f erence and former Head of Johnson & Johnson Innovation. “This powerful platform establishes n f erence as a leader in the ongoing development of AI-powered drug discovery.”
“In addition to empowering drug discovery, the n f erence AI technology has the potential to transform both early and late-stage clinical development by allowing trialists and pharmaceutical companies to better guide patient selection and sooner anticipate side effects of novel therapies,” said Michael Gibson, M.D., scientific advisor to n f erence and Chief Executive Officer of the Baim Institute (Formerly Harvard Clinical Research Institute) and PERFUSE Research Institute at Harvard Medical School.
As the first significant move toward AI-powered drug development, n f erence and the Mayo Clinic established the Qrativ joint venture last year to purpose clinically-tested therapeutic programs for more optimal disease processes with significant unmet need. n f erence will continue to selectively establish additional partnerships with eminent healthcare organizations and pharmaceutical companies. These organizations have complementary expertise and rich troves of proprietary longitudinal data sets that amplify the impact of the n f erence AI platform in drugs, diagnostics, and digital solutions.
Newly Established Advisory Board
Dr. Gibson and Dr. Miralles are founding members of n f erence’s Advisory Board. Additional members include:
About n f erence Powered by its artificial intelligence software platform, the n f erence mission is to synthesize the exponentially growing biomedical knowledge. n f erence uses state-of-the-art neural networks (shallow and deep learning models) for real-time, automated extraction of knowledge from the scientific, regulatory and commercial body of literature. The platform enables a diverse set of applications ranging from R&D to commercial strategy and operations in the life sciences ecosystem. n f erence is making biomedical knowledge computable, and building its AI platform to serve as the connective fabric for various silos of information that exist across health care enterprises. Founded by Murali Aravamudan and Venky Soundararajan, Ph.D., n f erence is led by a multidisciplinary team of serial entrepreneurs from the tech and biotech worlds and Ph.D.s in Biology/Genomics from Massachusetts Institute of Technology (MIT) and Harvard Medical School. The investors in n f erence are Matrix Partners and Matrix Capital Management. For more information, visit nference.ai.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180606005309/en/
CONTACT: MacDougal Biomedical Communications
Lauren Arnold, 781-235-3060
Amanda Houlihan, 781-235-3060
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE OTHER TECHNOLOGY HEALTH BIOTECHNOLOGY HOSPITALS PHARMACEUTICAL OTHER HEALTH GENERAL HEALTH
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