My Intelligent Machines Inc. (“MIMs”), a leader in artificial intelligence and systems biology, today announced that it has completed an equity financing of $5 million. Capital raised will support the company’s expansion into Canadian, European and U.S. markets, as well as hiring talent to deliver key projects to top pharmaceutical companies and hospitals.
The financing was led by MEDTEQ+ and StandUp Ventures, with participation from Desjardins Capital, Anges Québec, Anges Québec Capital and Real Ventures.
“Our AI-based systems biology approach injects precision medicine very early into the drug discovery process. We can provide a better understanding of patient heterogeneity with respect to both disease and response to treatment. Our platform enables the identification of targets for drugs with increased efficacy, prioritization of indications at pre-clinical stages and reduction of clinical trial failure rate,” said Sarah Jenna, Ph.D., co-founder and CEO of My Intelligent Machines. “Our suite represents a real paradigm shift in how discovery and pre-clinical studies are conducted, and it could save up to $500 million in the development of a given drug, considering a lower drug development failure rate, faster market approval and fewer and less exhaustive clinical trials. In this context, we are privileged to count on a solid base of committed investors who acknowledge the potential of our technology and the relevance of our business model with their involvement in our capital expansion,” completed Dr. Jenna.
“MIMs team is currently firing on all cylinders, being especially well-positioned to serve a wide market with a product that addresses a huge unmet need. Now that their anchor and internationally-respected customer’s product has been delivered, we already witness a growing appetite from many players in Pharma for MIMs’ AI-based solution,” said Robert Ritlop, Director of Investments at MEDTEQ+.
“Identifying subsets within a population is critical for the enablement of personalized medicine, but to do this effectively and at scale requires advanced artificial intelligence techniques – something life scientists often don’t have expertise in. MIMs removes this barrier to entry, paving the way for better and faster drug development,” stated Michelle McBane, Managing Director at StandUp Ventures.
Proceeds of this round will allow MIMs to triple in size and to fulfill contracts worth tens of million dollars over a 24-month period. With capabilities steadily ramping up, MIMs will be in a favourable position to scale up its operations and focus on high-value opportunities in oncology, immunology and COVID-19, in Canada, the United States and Europe.