Aramco-backed fund Prosperity7 leads $95m investment in AI HealthTech Insilico – The National
- Date: 12-Aug-2022
- Source: The National
- Sector:Oil & Gas
- Country:Saudi Arabia
Aramco-backed fund Prosperity7 leads $95m investment in AI HealthTech Insilico – The National
Insilico Medicine, a Hong Kong-based health technology company, has received $95 million in a funding round led by Saudi Aramco-backed Prosperity7, as it prepares to scale up operations in the Middle East with a new research and development base in the UAE.
The new capital will be used to support the company's pipeline of projects, including further development of its online platform, the establishment of a fully automated drug discovery laboratory and biological data factory, as well as the setting up of regional centres, Insilico said.
Insilico uses artificial intelligence systems to connect the analysis of biology, chemistry and clinical trials, and helps in discovering and developing drugs for diseases.
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