UTEST 2017 company, Phenomic AI, which aims to help researchers spot the differences between cells that could be early signs of disease and identify promising drugs, has raised $7.97 million CAD ($6 million USD) in financingThis latest round, which the Phenomic AI classified as seed financing, brings the company’s total raised to date to approximately $10.6 million CAD ($8 million USD). The round was led by CTI Life Sciences Fund and joined by AV8 Ventures, Luminous Ventures, and Viva BioInnovator. Current investors Garage Capital, Hike Ventures, and Cantos Ventures, also participated in the round.
The funding comes as the company has chosen to apply its technology in the field of oncology after years of research. The new capital will be used to support preclinical studies for two validated cancer drug targets discovered with Phenomic AI’s platform, as well as discover and advance additional drug targets into the company’s pipeline.
“With the support of our new and current investors … we are launching the company with significant momentum to advance novel antibodies into preclinical studies that could improve the effectiveness of cancer treatment,” said Sam Cooper, CEO of Phenomic AI.