Recursion, a next-generation biopharma company just got new funding to forward development of machine learning enabled treatment of rare diseases.
The Salt Lake City based startup announced it has raised $121 million in Series C financing. The round was raised by Baillie Gifford’s flagship investment trust, which led the round, Scottish Mortgage Investment Trust PLC, with participation by new investors Intermountain Ventures, Regents of the University of Minnesota, Texas Tech University System, and unnamed angel investors. Incumbent investors joining in this round are Lux Capital, Data Collective, Mubadala Ventures, Two Sigma Ventures, Obvious Ventures, Felicis Ventures, Epic Ventures, Menlo Ventures, AME Cloud Ventures, and CRV.
Recursion’s new financing will support its continued build-out of its machine learning-enabled drug discovery platform alongside new capabilities designed to radically accelerate new chemical entity chemistry and predict safety pharmacology. In addition, the Recursion will continue to advance its growing pipeline of pre-clinical and clinical assets.
“In under two years since closing our Series B round, we have put two drugs discovered on our platform into clinical trials, had our first discoveries with Takeda optioned, grown our automated experimental bandwidth by an order of magnitude, expanded beyond rare diseases into new therapeutic areas like inflammation, infectious disease and immuno-oncology, grown our team from 64 to 150-plus and added all-stars from the biotech and tech worlds, and opened a state-of-the-art, 100,000 square-foot headquarters in downtown Salt Lake City,” said Chris Gibson, PhD., CEO, Recursion, in a statement.
While Recursion plans to prioritize the advancement of treatments for rare diseases within its own pipeline, it will keep builidng strong partnerships with industry-leading pharmaceutical companies in a variety of therapeutic areas, including immuno-oncology, oncology, aging, and inflammation.
“We’re very excited to see companies bringing innovation from different fields together to try to radically change healthcare,” said Marina Record, Investment Manager at Baillie Gifford, one of several investors in Recursion. “Recursion impressed us with its multidisciplinary effort and ambitious vision to improve our understanding of biology and discover new drugs in a way that is faster and cheaper. We are proud to support Chris and his team as they continue to build out their technology and take their programs through clinical development.”