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Greek ML Startup Causaly Raises $60M Series B to Advance Biomedical Research

Greek ML startup Causaly raised $60M Series B round led by Iconiq Growth together Index Ventures, Pentech, and EBRD among others.
Image credit: Marathon Ventures
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Greek ML startup Causaly raised $60M Series B round led by Iconiq Growth together Index Ventures, Pentech, and EBRD among others

The company’s solution aims to shorten and simplify the R&D process of finding new drugs and prep them for commercial use

Causaly recently tripled its revenue and customers, serving twelve out of the top 20 global pharma companies

Causaly’s platform maps the correlations across vast amounts of scientific data, which in turn helps medical professionals, experts, and innovators to focus on developing novel medicine instead of spending months looking for data correlations.

By using ML and AI to go through existing scientific literature and clinical trial documents, the platform goes through the publications, identifies cause and effect relationships, and then transforms that data and insights into material that allows researchers to come up with questions.

Throughout the last couple of years, the aim and vision of co-founders Yiannis Kiachopoulos and Artur Saudabayev to leverage the latest developments in AI and advance biomedical research resulted with the company tripling its revenue and customers, while serving pharma giants such as Gilead, Novo Nordisk, Regeneron, the FDA, and the NIEHS.

The Greek startup will now look to expand across geographies and functions and accelerate its platform investments, while partnering with new customers as it seeks to transform the way research is done.

According to the Greek company, developing a new drug is an arduous process that typically spans over a decade, involving extensive research, development and rigorous clinical trials – and there is real urgency to expedite this process for the most complex and unsolved diseases such as Parkinson’s, lung cancer or multiple sclerosis.

“Recent advances in AI open completely new possibilities, and there is a great need for transparent AI systems that science leaders can trust,” the company’s CEO Kiachopoulos said in a statement.

Two years ago, the company raised $17M in Series A in a round led by Greek VC Marathon Ventures as its first institutional investor, together with Index Ventures.

Read more:  6 Major Health Tech Trends in 2024 According to VCs

“As AI is taking the world by storm, Causaly is pioneering some of its most tangible and demanding use cases, helping already, as we speak, many of the leading pharma and life sciences institutions to achieve preclinical discoveries at a pace never experienced before. From the outset, we have witnessed the remarkable caliber and ambition of the Causaly team,” Marathon Ventures added.

 

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https://therecursive.com/author/bojanstojkovski/

Bojan is The Recursive’s Western Balkans Editor, covering tech, innovation, and business for more than a decade. He’s currently exploring blockchain, Industry 4.0, AI, and is always open to covering diverse and exciting topics in the Western Balkans countries. His work has been featured in global media outlets such as Foreign Policy, WSJ, ZDNet, and Balkan Insight.