GTN Announces £2.1 Million Seed Funding Round
GTN Ltd today announced it has raised £2.1 million ($3 million) of seed funding in the UK, led by Octopus Ventures and Pentech with participation from existing investor Entrepreneur First. This funding will support GTN’s mission to transform drug discovery through interdisciplinary innovation.
“GTN uniquely combines multiple scientific disciplines, including quantum physics, biochemistry and deep learning to revolutionise medicine discovery,” said Professor Noor Shaker, Co-Founder and CEO of GTN. “Interdisciplinary solutions are key to solving some of the most fundamental challenges in one of the world’s most important and commercially valuable targets for scientific R&D. We can see early indications that drug discovery will be transformed in the coming years and we are proud to be working with world-leading advisors, partners and investors at the forefront of these transformative changes”.
On average, it takes 15 years and $2.9 billion to bring a new drug to market. GTN is approaching the problem with fresh eyes. The company’s patented technology, Generative Tensorial Networks, facilitates the search for novel small molecule drugs from within huge but until now unexplored domains. This will create substantial efficiencies in the whole drug development cycle, bringing much-needed medicines to patients with cancer, autoimmune and infectious diseases
Luke Hakes, Partner at Octopus Ventures has said “GTN is on a mission to revolutionise drug discovery and we are thrilled to support them on their journey. This is exactly the kind of innovative early-stage business Octopus Ventures wants to invest in. GTN has already established their capabilities by demonstrating their novel approach and we are excited to see what they will achieve.”
The London-based company’s technology already outperforms state of the art machine learning models in predicting molecular properties such as binding energy and toxicity. GTN is currently running collaborations with global Pharmaceutical companies and also has strong partnerships with world-leading research bodies including the Francis Crick Institute.
Sandy McKinnon, Partner at Pentech has said “GTN is turning serendipitous drug discovery into engineered drug design through advancing the state of the art in computational chemistry. They could be hugely enabling and disruptive to the Pharma industry.”
GTN is currently recruiting for a number of roles within the Machine Learning, Computational Chemistry and Drug Discovery fields.
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